Americans will have until July 15 to file their taxes, the Trump administration announced Friday.
The move was made to give the nation more time to recover from the global coronavirus pandemic.
At a White House briefing, President Donald Trump said the delay on filing and paying taxes until July 15 was done to give taxpayers more time and “hopefully by that time, people will be getting back to their lives.”
Trump said that if people are expecting refunds, they should go ahead and file now so that they can get their refunds from the IRS more quickly.
The administration had announced earlier in the week that it would delay the payments, a move Treasury Secretary Steve Mnuchin said would leave $300 billion in the economy at a critical time.
The administration used authority under Trump’s national emergency declaration. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less.
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It is expected many states will follow the lead of the federal government and delay their tax filing deadlines as well but that will be a state by state decision. .
Mnuchin had said the payment delay could provide $300 billion in temporary support to the economy by giving households and businesses the ability to use money they would have paid to the IRS as financial support to meet other needs during the economic emergency created by the efforts to contain the coronavirus.
On Thursday night, Senate Majority Leader Mitch McConnell unveiled a plan that would send checks up to $1,200 to every American adult in two increments.
Under the plan, individuals making up to $75,000 annually would be eligible for the $1,200 check.
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