Congress and the Trump Administration have been moving swiftly
to provide income tax relief to workers coping with the COVID-19
outbreak. It is a quickly moving target – here's what we
now know.
Postponement of Annual Tax Payment (but Not Filing)
Deadline
On March 17, Steven Mnuchin, U.S. Secretary of the Treasury,
announced at a press conference that the Internal Revenue Service
will postpone for many taxpayers the normally applicable deadline
of April 15, 2020 for paying 2019 income tax. The postponement
deadline will be available to:
- Individuals owing $1 million or less
in income tax for 2019 and
- Corporations owing $10 million or
less in income tax for 2019
Mr. Mnuchin added that the IRS will waive interest and penalties
for not filing these returns and paying associated taxes by the
normal due date of April 15.
