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'I'm losing my mind': Chinese depositor loses life savings in bank
Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US treasury secretary said on Friday.
“We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin tweeted. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
The administration has been seeking ways to blunt the economic impact of the coronavirus outbreak, which is expected to cause harm to both major industries and small businesses. Economists have predicted a potentially historic spike in unemployment claims.
He’s already signed a package that would expand paid sick leave for workers to allow them to remain home if they fall ill from the disease.
And he’s endorsed a measure that would send checks directly to certain Americans, saying he wanted to “go big” in his attempts to keep the economy afloat.
Earlier in the week, Mnuchin said that individual and small business filers would be able to defer payments of up to $1 million and corporations can defer up to $10 million without incurring interest or penalties.
Usually both the tax filing and payment is due on April 15.
Taxpayers can still request a six-month extension to file returns, like they could in any other year.
The new deadlines announced by the administration apply to federal tax income payments only. It’s up to states to set their own deadlines.
Some states are making changes due to the coronavirus. In California, individuals will have until June 15 to both file and pay their state taxes.
This story has been updated to include additional reporting.
