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IRS May Delay April 15th Tax Deadline; Mnuchin Eyes $200 Billion In Liquidity Through Delayed Payments

Courtesy of ZeroHedge View original post here.

The IRS is considering delaying the April 15th deadline for filing taxes and making payments, according to CBS News' Steven Portnoy.

Treasury Secretary Steven Mnuchin says he's hoping to provide $200 billion or more in liquidity by delaying tax payments. He added that while he isn't looking for broad bailouts, there may be specific industries that are highly impacted which may receive assistance, according to Bloomberg.

Mnuchin added that the Trump administration is looking to increase lending to small and medium businesses.

Democrats on the House Ways and Means Committee sent a letter to the IRS on Tursday asking that the deadline be pushed back.

"We are concerned about the ability of the IRS to provide taxpayer assistance and process returns, as well as the ability of taxpayers, free tax preparation sites, and tax professionals to meet the filing deadline," reads the letter, according to McClatchy. "We are hopeful that the IRS will consider the need for relief from certain filing and payment penalties for taxpayers and communities impacted by COVID-19," it continues.

Separately, The Wall Street Journal reported Tuesday that the Trump administration is likely going to push the tax filing deadline, citing unnamed officials. -McClatchy

"Treasury officials are still considering how far the filing deadline may be pushed back and who would be eligible for the extension," said the Journal, citing a "person familiar with the discussions."


 


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