Posted on 03/17/2020 1:24:08 PM PDT by Oldeconomybuyer
WASHINGTON - The Trump administration says individuals and businesses will be allowed to delay paying their 2019 tax bills for 90 days past the usual April 15 deadline. The extension announced Tuesday is an effort to inject up to $300 billion into the economy at a time when the coronavirus appears on the verge of causing a recession.
Treasury Secretary Steven Mnuchin said individuals will be able to delay paying up to $1 million in payments. Corporations will be able to defer payment on up to $10 million.
Taxpayers will still have to file their tax returns by the April 15 deadline. But they won’t have to pay their tax bill for 90 additional days. During that time, individuals and corporations will not be subject to interest or penalty payments.
“All you have to do is file your taxes,” Mnuchin said.
The Treasury secretary said President Donald Trump had approved the final details of the program, including its expansion to include the potential of allowing taxpayers to keep $300 billion in the economy for now. Last week, Mnuchin had estimated that deferred payments would amount to $200 billion.
Mnuchin had said the delay would apply to all but the “super rich” but did not spell out how the payment delay will work. The IRS has yet to release specific guidelines for the program.
(Excerpt) Read more at apnews.com ...
Treasury Secretary Steven Mnuchin said individuals will be able to delay paying up to $1 million in payments.
This is terrible, I make my Wife write that check to the IRS every year, I hope she isn’t disappointed
Well, that’s something - being able to spread out this year’s tax bill a bit will help.
Be nice if local municipalities would delay paying property tax as well.
I’m very sure HR Block and Jackson Hewitt are very happy... I think this is a great idea.
This may have a devastating impact on those states with income tax (thank god I don’t), they’ll be pressure to match delayed tax deadline...
but high-tax states like NY, NJ and CA and others can eat it.
This is great. I have a sizable Federal tax bill due to unforeseen circumstances. My state owes me a $3 refund, though. LOL.
Tracking my 401K on the Stock Market plunge and hopefully a recovery.
It went down immediately - expect it will not increase at the same speed.
My nest egg hatched all alone;(
/s
If they starve the beast, can PDJT turn the tables on the deep state largess and lay off PERMANENTLY some “non-essential” government workers???
I am wearing a green t-shirt with a smiley face with duct tape over its mouth.
“Silence is Golden. Duct tape is silver.”
LOL
I am sorry that happened to you regarding your nest egg.
Smile...
Sorry about your federal exposure this year.
Damn!
Wish I hadn’t paid so much in my quarterlies!!!
“...individuals and businesses will be allowed to delay paying their 2019 tax bills for 90 days past the usual April 15 deadline...”
And then you have to cough up the vigorish...at gun point if it comes to that.
DeSantis is allowing delays on mortgages, electric and water. Not sure how he can do the mortgage so we’ll see. I’ll pay mind regularly but for those without a job this might be helpful. The delay is 4 months right now.
“All you have to do is file your taxes.”
Well damn it that’s the hardest part.
Wonder still about property taxes.
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