With the current coronavirus pandemic, many around the world are struggling. With so many Americans unsure of where their next paycheck will come, the IRS has decided to extended the tax filing deadline to July 15. Here’s everything you need to know!
Claim The Refund
No more need to worry about missing the tax deadline! There will be three more months to file the taxes and not be anxious about the dates, due to the coronavirus outbreak. The US Treasury Secretary Steven Mnuchin officially announced the move via Twitter: “We are moving Tax Day from April 15 to July 15…all taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Mnuchin also mentioned that he was acting at President Donald Trump’s direction.
What about extensions? Well, those are still absolutely in play! Taxpayers can request up to a six-month extension, which would push their filing deadline to December 15, one of the latest filing dates in American tax history.
Of course, waiting longer to file your taxes will also mean a longer wait for your refund. “I encourage all taxpayers who may have tax refunds to file now to get your money,” Mnuchin wrote in a follow-up tweet. This can be a challenging decision for many Americans. Not having to pay taxes, for the time being, is nice, but it also means a delay in refund money, which many could desperately use right now. Thankfully, the current coronavirus stimulus bill would also aim to help Americans immediately. Meanwhile, nearly every governmental agency is stepping up to help the fight…
Reassurance For Americans
Americans want to be sure that they won’t lose their job, money, or health because of the coronavirus, so almost all government workers have been trying to help in any way they can. Quickly, Congress passed a major expanded sick leave bill that helped those diagnosed with COVID-19.
Later, Mnuchin also stated important news for small companies and businesses. This year, small businesses will be able to postpone payments of up to $1 million, while corporations will be able to defer up to $10 million without it impacting their interest or getting a penalty.
Of course, it’s important to remember that these new updates only apply to federal taxes. State taxes may remain the same or change, depending on where you live. Certain states, like California and Oklahoma, already made a change in their tax deadlines following the coronavirus outbreak, extending the deadlines. For more up to date information, check your state’s official tax website.
Sources: MSN, Washington Post