Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

IRS Moves Tax-Filing-Day From April 15 To July 15, Mnuchin Says

Courtesy of ZeroHedge View original post here.

The full-court-press efforts of the administration to assist Americans’ and American businesses’ cashflow continues with Treasury Secretary Steve Mnuchin confirming in a tweet this morning that the IRS will be moving ‘Tax Day’ back by 3 months…

NOTE – this is the filing day, not just the payment day – which is a notably positive shift.

Mr. Mnuchin told reporters following testimony on Capitol Hill:

“That will have the impact of putting over $200 billion back into the economy, and that will create a very big stimulus.”

On March 17, US Treasury Secretary Steven Mnuchin announced in a press conference that the payment due date has been delayed by 90 days (to July 15) for individual taxpayers. This applies to federal tax up to $1 million owed with tax returns. No interest or penalties apply until after July 15.

This announcement was followed by IRS Notice 2020-17, issued on March 18.

Now the tax-return filing deadline has also been delayed to July 15.

States that have income taxes are expected to make similar coronavirus provisions for their state tax returns. Be sure to check with your state’s tax agency/revenue department.

Delaying tax payments could force the Treasury to borrow more in the near term. April is the largest month for federal tax payments. Last year, the Treasury collected $333 billion in individual income taxes that month.

Mr. Mnuchin said Treasury officials had already looked at funding issues related to the deadline change.

“That shouldn’t be an issue,” he said, suggesting the agency could issue more Treasury bills to make up the temporary revenue delay.


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!