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What are the two things they say are always certain?
Death and taxes.
And in the face of death in a pandemic, it looks like taxes aren’t all that certain this year.
In a historic and what is believed to be an unprecedented move, the IRS has delayed the filing deadline by 90 days this year.
Yes, taxes are still due, but the delay is believed by this author to be the longest in the history of the United States.
We certainly are living in perilous times.
Take a look:
CNBC had more:
Taxpayers will get a three-month reprieve to pay the income taxes they owe for 2019, Treasury Secretary Steven Mnuchin said on Tuesday at a news conference.
As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed, Mnuchin said.
During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said.
You should still get your 2019 income tax return in to the federal government as soon as possible, especially if you’re due a refund and need cash.
“We encourage those Americans who can file their taxes to continue to file their taxes on April 15,” Mnuchin said. “Because for many Americans, you will get tax refunds.”
Indeed, the IRS processed more than 65 million income tax returns as of March 6. Of these, 52.7 million filers received tax refunds, averaging $3,012, according to the agency.
While the federal government is granting taxpayers a little more time, you should still check in on your state’s position.
And from Bloomberg:
Treasury Secretary Steven Mnuchin announced that his department is pushing back the April 15 deadline to pay taxes owed, giving individuals and many businesses 90 extra days to send checks to the government.
Individuals can defer up to $1 million of tax liability and corporations get an extension on up to $10 million, Mnuchin said Tuesday at a news conference Tuesday.
“All you have to do is file your taxes,” he said. “You’ll automatically not get charged interest and penalties.”
The payment extension, which affects millions of taxpayers, is part of the Trump administration’s effort to curb the economic effects of the coronavirus pandemic. Mnuchin said the delay will free $300 billion of liquidity in the economy as individuals and businesses have more time to pay their taxes.
Delaying payment requirements will give businesses and individuals nearly three more months to meet their IRS obligations, potentially lessening cash-flow issues that some businesses are facing as many people stay home and spend less money on dining out, entertainment and transportation.
Individuals and businesses will still have to file by April 15, unless they submit paperwork for an automatic six-month extension, Mnuchin told reporters.
“This is a commonsense step to afford individual Americans and businesses access to financial resources they need during this time of economic and social disruption,” Senate Finance Committee Chairman Chuck Grassley said in a statement.
The administration is also considering delaying the estimated quarterly tax payments that self-employed workers and businesses pay the IRS throughout the year, according to two people familiar with the matter. The first payment is typically due April 15.
Wealthier individuals -- ranging from the upper-middle class to the top 1% -- could benefit the most from this move because they are more likely to owe the government money and be able to wait until the filing deadline to submit their returns, said John Koskinen, a former IRS commissioner.
Lower-income workers, especially those who qualify for refundable tax breaks such as the child tax credit and the earned income tax credit, tend to file early because they get a refund check.
And here's even more!
In addition to the tax relief, actual checks may be sent out to Americans very soon, according to Mnunchin.
The White House is seeking a stimulus package worth anywhere from $850 billion to over $1 trillion as the Trump administration looks to battle the economic impact from the coronavirus pandemic, according to a source familiar with the matter.
An administration official said the package could include:
- $500 billion to $550 billion in direct payments or tax cuts
- $200 billion to $300 billion in small business assistance
- $50 billion to $100 billion in airline and industry relief
Potentially $250 billion of the package could go toward making direct payments to Americans, a White House official told The Wall Street Journal on Tuesday. Treasury Secretary Steven Mnuchin said millionaires are unlikely to be among those who receive relief in the form of direct payment.
“Americans need cash now,” Mnuchin said during a White House press briefing on the administration’s latest efforts to combat the disease. “I mean now in the next two weeks.”
“The president has instructed me that we have to do this now,” Mnuchin added.
The White House will now have to negotiate a package with Congress. The measure will need to balance aiding individuals and workers in need, as well as industries it has already said it wants to support. The administration has made clear its view that the airline industry as essential. Trump and Mnuchin have also noted the cruise and hotel industries are facing particular challenges as travel has shut down.
Democrats, though, have made clear that any support to industries must come with significant support to workers. There has already been dispute in Congress about paid time-off in a second coronavirus relief bill, which has yet to pass the Senate.
“Any economic relief should be contingent on the benefits flowing to workers and their families, not CEOs and shareholders,” Sen. Tom Udall, a New Mexico Democrat, told CNBC.
Mnuchin said that an idea of the administration’s plan will come into focus by “the end of the day” Tuesday.