The tax filing deadline in the U.S. is being extended to give citizens more time to complete the process.
The tax filing deadline extended announcement comes directly from Treasury Secretary Steven Mnuchin. He made the announcement via his Twitter (NYSE:TWTR) account on Friday. This extension will push Tax Day back from April 15 to July 15.
According to Mnuchin, the extension to the tax filing deadline is a direct request from President Donald Trump. It will allow all taxpayers and businesses to file and make payments on taxes later without suffering any interest or penalties.
The Internal Revenue Service is backing up Mnuchin’s statements on Twitter. A Tweet from the government organization has it Retweeting Mnuchin own Tweet and confirms the tax filing deadline extension.
Even though the tax deadline is extending, Mnuchin advises taxpayers to file early. He says that doing so will allow the government to get tax returns out to people faster.
It’s worth noting that this only covers federal taxes paid to the IRS. The due dates for state taxes still varying. Some states have pushed the date back, but others have yet to do so. However, that could change over time.
The coronavirus from China is behind the change to Tax Day in the U.S. The effects of the virus have been sweeping the nation. As a result, many businesses have had to close their doors and employees are temporarily losing their jobs. Luckily, there are some companies that are paying employees even as they shut down due to the virus.
As of this writing, William White did not hold a position in any of the aforementioned securities.
