After recently telling Americans that they didn’t have to pay their taxes until July 15 due to the coronavirus outbreak, Treasury Secretary Steve Mnuchin has now pushed the April 15 filing deadline back 90 days as well. “We are moving Tax Day from April 15 to July 15,” Mnuchin tweeted on Friday. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
The AP reports that Mnuchin had that 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. Furthermore, the Trump Administration is currently working with Congress to develop a $1 trillion aid package to stimulate the battered economy.