US Treasury likely to push back April 15 tax filing deadline, Report
Posted at FoxBusiness.com
As part of a broader stimulus effort to help combat the economic effects of the spread of the coronavirus, the US Treasury is considering moving the April 15 tax deadline out. This would postpone the required payment of quarterly estimated payments as well as taxes owed for the previous year.
This could be a significant temporary boon for small businesses and individual pass-through business owners who are scraping together the money they owe in preparation for the deadline. Postponement would effectively be a bridge loan for these taxpayers.
Treasury officials believe that they have the legal authority to push back the due date for taxes, and they’re exploring their ability to waive the interest and penalties as well. Of course, when the government is postponing what it’s owed, there are debt consequences on the other side. Pushing all of that income out doesn’t pay debt or interest payments. This could force the Treasury to borrow more money in the short term.
In other ways, the IRS continues to operate normally. This postponement of tax day is just one of many proposals being considered to help alleviate the economic impact of the coronavirus.