Trump looking to delay tax day over coronavirus

Free File tax program goes unused by millions who qualify


Treasury Secretary Steve Mnuchin told the House Appropriations Committee on Wednesday he would recommend pushing back the April 15 tax deadline in response to the coronavirus outbreak. 

“We think we can provide over $200 billion of liquidity into the economy by delaying certain tax payments,” Mnuchin told the committee. 

It’s unclear if the delay will be affixed to specific taxpayers. Mnuchin says the extension is intended to help “small and medium-sized businesses and hard-working individuals” heavily impacted by the widespread virus. 

The final decision concerning the extension will be made by President Trump. Mnuchin says the Tax Day extension can be rolled out “on an administrative basis” and doesn’t require Congress.

Details of the plan were first reported by The Wall Street Journal late Tuesday.

The move comes after more than 1,000 cases of COVID-19 have been reported in the U.S.  


Source link

By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.