Treasury Secretary Steven Mnuchin announced Friday that the deadline for filing federal taxes will move from April 15 to July 15 -- a move to ease the burden the coronavirus outbreak has put on individuals and the economy.
At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.— Steven Mnuchin (@stevenmnuchin1) March 20, 2020
He clarified that taxpayers could still file for refunds now, tweeting: "I encourage all taxpayers who may have tax refunds to file now to get your money."
I encourage all taxpayers who may have tax refunds to file now to get your money.— Steven Mnuchin (@stevenmnuchin1) March 20, 2020
Congress and the White House continue to finalize plans to stimulate the economy and help individual Americans. One proposal sees checks upward of $1000 being sent to many Americans.
The administration had announced earlier in the week that it would delay the payments, a move that Mnuchin said would leave $300 billion in the economy at a critical time.
By extending the filing deadline, the government is essentially allowing individuals and businesses to hold on to their money as they deal with lost revenue or paychecks resulting from the economic slowdown as federal and state governments try to keep people home so they don't spread the coronavirus.