IRS deferring payments without interest
April 15 is the established day on which your taxes are due. But individuals and businesses will have an extra 90 days to pay the IRS if they owe additional income tax for 2019, Treasury Secretary Steven Mnuchin said Tuesday.
The move is part of the government’s response to the coronavirus and its impact upon individuals and small businesses. For the individuals and small businesses, up to $1 million may be deferred; for corporations, it is up to $10 million—and all without interest or penalties.
Taxpayers should, however, file their federal returns by April 15, Mnuchin said.
“We encourage those Americans who can file their taxes, to continue to file their taxes on April 15 because for many Americans you will get tax refunds. We don’t want you to lose out on those tax refunds,” Mnuchin said. Taxpayers can still request a six-month extension to file returns, just as they could in any other year.
As the Lord Leads, Pray with Us…
- For Americans who will find some relief at having the extension on paying income taxes.
- That the many efforts of the federal government may ameliorate the pain of the coronavirus.
Sources: CNN, Politico
