Payments will not be due until July 15.
Treasury Secretary Steven Mnuchin announced on Friday that U.S. Taxpayers would be offered a three-month extension to file their taxes due to the ongoing COVID-19 pandemic. Under the direction of President Trump, the IRS moved Tax Day from April 15 to July 15. According to the Secretary, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
The provisions allow for a deferral of up to $1 million by individuals and non-corporate entities, and corporate taxes of up to $10 million. The federal government has put many other economic stabilizers in place including foreclosure protections. Currently, Congress is considering a bill that could offer direct cash aid to all Americans.
As the Lord Leads, Pray with Us…
- That God would lead Secretary Mnuchin to the best economic relief during the virus outbreak.
- For President Trump’s Administration to effectively tackle the pandemic.
- For Congress to pass the best legislation to help all Americans.
Sources: NPR, AP, FOX
