The Trump administration is weighing extending this year’s April 15 deadline for filing income taxes to soften the impact of coronavirus on U.S. households and businesses, The Wall Street Journal reported late Tuesday.
Treasury officials are reportedly considering how long the filing extension will be and the logistics of how it will work. No final decision has been made yet.
The move comes after over 1,000 cases of COVID-19 have been reported in the U.S.
Individuals are typically required to pay taxes by April 15 or they face penalties and interest charges. The IRS also grants taxpayers the option to file for a six-month extension.
The Treasury Department could be forced to borrow money following the decision to delay tax payments, the Journal reported. About $333 billion in individual taxes were collected in April last year.
On Tuesday, Democrats on the House Ways and Means Committee wrote a letter to the IRS on the impact of the coronavirus on tax filing season. The lawmakers requested a “continued evaluation” concerning the need for an extension beyond the April 15 deadline.
Tax Season 2020:What changes to expect this tax season
“Specifically, we are concerned about the ability of the IRS to provide taxpayer assistance and process returns, as well as the ability of taxpayers, free tax preparation sites, and tax professionals to meet the filing deadline,” the lawmakers wrote to IRS Commissioner, Charles P. Retting.
The newly identified coronavirus has infected more than 115,000 worldwide and resulted in more than 4,200 deaths.