The income tax filing date has been pushed back from April 15, to July 15, the federal government announced at President Trump’s direction on Friday.
All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
President Trump said that if people are expecting refunds, they should go ahead and file now so that they can get their refunds from the IRS more quickly.
The administration used authority under Trump’s national emergency declaration. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less.
It is expected that many states will follow the lead of the federal government and delay their tax filing deadlines as well, but that will be a state by state decision.
The payment delay is expected to provide $300 billion in temporary support to the economy by giving households and businesses the ability to use money they would have paid to the IRS as financial support to meet other needs during the economic emergency created by the efforts to contain the coronavirus.