(PatriotHeadline.com) – Treasury Secretary Steven Mnuchin announced on Tuesday that Tax Day payments will be deferred as the coronavirus continues to spread across the United States. During the daily White House coronavirus briefing, Mnuchin explained that nobody would be required to make their April 15 tax deadline payment for 90 days.
Anyone who files their tax return by April 15 will not be expected to pay and can defer that payment, interest and penalty-free, for up to one million dollars.
The discussions have been taking place for some days now, with The New York Times reporting on March 11 that the Treasury Department was considering taking the radical move to delay tax payments.
Breaking News: The U.S. Treasury Department is considering delaying tax payments beyond the April 15 deadline, as taxpayers and the Internal Revenue Service brace for economic disruption from the spread of the coronavirus https://t.co/AYAE8i5y1K
— The New York Times (@nytimes) March 11, 2020
Referencing ongoing discussions with the Trump administration, Mnuchin explained how they had “previously talked about deferring IRS payments.”
“The president earlier this morning authorized me to announce this program,” he said.
“I announced we would defer to one hundred billion dollars and the president suggested we increase that to $300 billion,” he added.
See that, Democrats? The president went above and beyond to ensure the American people had access to as much money as possible during the coming months of uncertainty.
Mnuchin did, however, encourage Americans to go ahead and file taxes as normal before the April 15 deadline.
“We encourage the Americans who can file their taxes to continue to file their taxes because you will get tax refunds and we don’t want you to lose out,” he said.
Americans who go ahead and file as normal will not have to pay immediately but will, according to the Treasury Secretary, still receive refunds from the government as normal.
Reassuring the American people that there would be significant relief, he said, “All you have to do is file your taxes. Any American has the right to extend their taxes.”
So, if you’re due to pay your taxes and you’re worried about staying financially afloat while the coronavirus spreads across the country, take heed!