The Department of Treasury is giving Americans an extra 90 days past the April 15 deadline to pay their taxes this year. “All you have to do is file your taxes,” Treasury Secretary Steve Mnuchin said on Tuesday. “You’ll automatically not get charged interest and penalties.”
Individuals and some businesses will then have an extra 90 days to get their checks to the government. The payment extension is one effort by the Trump administration to curb the economic impact of the coronavirus pandemic. Individuals will be permitted to defer up to $1 million in tax liability while corporations can defer on up to $10 million. The hope is to lessen cash-flow issues while many people are staying home and spending less money.