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Trump announces delay of tax deadline for virus victims

id : 86 International Tax   
posted by : Admin
 DOQ : 2020-03-14 14:15:55
   Admin
  
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WASHINGTON -- President Donald Trump announced Wednesday night that he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline.

In an address from the Oval Office, Trump said he would use his emergency authority to allow individual taxpayers ad businesses to defer paying their taxes by next month’s deadline if they have suffered adverse effects from the spreading virus.

Treasury Secretary Steven Mnuchin told Congress earlier Wednesday that the payment delay would have the effect of putting more than $200 billion back into the economy that would otherwise go to paying taxes next month. He did not indicate what the new deadline would be.


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