by Cathy Drummond
As the coronavirus continues to impact American consumers, it has been all hands-on deck for the numerous government agencies. And, the Treasury department continues to be one of these agencies, extending both short term and longer-termed relief to the American Consumer.
So, consequently, the IRS, a (hand) of the Treasury department has extended the agency’s hand to help the American Consumer. The Internal Revenue Service (IRS) has decided to extend tax payments deadlines for 90 days, without interest or penalties. Citing usatoday.com, most Americans will receive a 90-day extension if they need to make a tax payment.
And, in as much as the April 15th deadline to file taxes was not change, tax penalties and accruing interest for non-payment will be waived throughout the 90-day extension.
And, in addition, those seeking a six-month extension must still file on time as well. However, these Taxpayers can receive the 90-day extension for payment beyond the six-month extension, if granted.
The 90 days extension is expected to impact individual Taxpayers who (owe) Uncle Sam $1 Million or less. And, those Businesses and Corporations which (owe) $10 Million or less.
In the March 17th announcement, Treasury Secretary Steven Mnuchin says, “We encourage those Americans who file their taxes to continue to file their taxes on April 15th because for many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds.”
So, Mnuchin is encouraging even those who do not owe to file on time. Saying, “We want you to make sure you get them (refunds).” And, Treasury Secretary Mnuchin assuring every one of the process says, “All you have to do is file your taxes.” And, “You’ll automatically not get charged.”
Citing the journalofaccountacney.com, Treasury Secretary Mnuchin’s announcement only impacts tax year 2019. And, as of yet, there are still no formal guideline in place. However, with the announcement being tied to President Trump declaring the coronavirus outbreak in the U.S. a national emergency, the IRS can postpone certain Tax payments and filing deadlines.