Focus on your business not your tax return.
U.S. Treasury Secretary Steven Mnuchin has announced the deadline for filing tax returns will be postponed three months to July 15 because of the coronavirus outbreak.
The decision comes after widespread complaints over the administration’s previous plan to give people who owed the IRS an additional 90 days to pay, without penalties or interest, yet still required them to file their returns by April 15.
Many called that plan confusing, with lawmakers on both sides urging the administration to synchronize the dates. Senate Republicans unveiled plans yesterday to postpone the filing deadline as part of their stimulus legislation now pending in Congress.
At President Trump’s direction, Mnuchin tweeted, “We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”