With the coronavirus now at global pandemic status, the Trump administration is now working on a plan to combat the possible impact the outbreak could have on the U.S. economy.
The administration is now considering delaying the April 15th federal tax deadline for some tax players. On Wednesday, Treasury Secretary Steven Mnuchin told Congress the delay would allow individuals to not pay their taxes by the deadline and the IRS would also waive interest payments or other penalties for missing the deadline.
Mnuchin also said the deadline delay will provide relief for most individual taxpayers as well as small businesses by putting more than $200 billion back into the economy instead of having that money go to paying taxes next month.
Although, the deadline extension has not been officially announced Mnuchin says a formal announcement will be coming soon.
He did, however, ensure that the delay would not apply to large corporation or very wealthy taxpayers but did not offer any specifics as to what would be needed to qualify.
Blogged By: Bernie Oh!| @IamBernieOh
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