US President Donald Trump announced Wednesday night that he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline. Mnuchin told a House Appropriations subcommittee that the administration could grant the tax delay without having to go to Congress for approval. Mnuchin said the delay would allow individuals to not pay their taxes by the April 15 deadline. Under current IRS rules, taxpayers can get an automatic extension on filing their tax returns but they are required to pay tax on the estimated amount they will owe when they do file. “The American people should not have to worry about filing IRS forms in the middle of a public health emergency,” the two senators wrote.

Source: The Standard March 12, 2020 07:21 UTC