The mass hysteria surrounding the coronavirus outbreak has people worldwide in a frenzy regarding how to navigate life in the middle of this new normal. One of the most normal things to do this time of year is to file income taxes—but Trump recently announced that the IRS tax deadline will be delayed for those impacted by the virus.
According to reports, some taxpayers, specifically those who have been impacted the most due to the coronavirus, won’t have to file their taxes by the April 15th deadline as part of the Trump administration’s efforts to lessen the economic hardships caused by the coronavirus. In his recent address to the nation earlier this week, Trump stated, “I will be instructing the Treasury Department to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted.”
Although Trump didn’t specify exactly who would receive the tax filing extension or for how long it would be in place, Treasury Secretary Steve Mnuchin told the House Appropriations Committee that any extension would help “small and medium-sized businesses and hard-working individuals” heavily impacted by the widespread virus. He also added that the extension could put billions into the economy by giving businesses and individuals more available cash on hand.
According to the Trump administration, the tax filing extension does not require any congressional approval to go through and Trump said he is using his “emergency authority” in the situation.
Meanwhile, House Democrats previously informed the IRS they’re highly concerned that Americans may need more time to file their taxes because IRS officials and tax preparers may not be as available to assist due to the increasingly spreading coronavirus outbreak.
This tax news is the latest move in response to the virus that has officially been declared a global pandemic by the World Health Organization.