The IRS is delaying payments for those who owe taxes by 90 days. If someone is getting money back, then they can file but this is more relief for Americans who are suffering through the coronavirus crisis.

USA Today reports;

Most Americans can get a three-month reprieve to pay their income taxes for 2019, Treasury Secretary Steven Mnuchin said Tuesday in a press conference.

The IRS will postpone the April 15 tax deadline by 90 days for millions of individuals who owe $1 million or less and corporations that owe $10 million or less.

Mnuchin discussed extending filing taxes for 90 days:

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“We encourage Americans who can file taxes to continue to file taxes on April 15 because, for many Americans, you will get tax refunds, and we don’t want you to lose out on those tax refunds.”

“If you owe a payment to the IRS, you can defer up to $1 million as an individual, and $10 million to corporations, interest-free and penalty-free for 90 days. File your taxes, you’ll automatically not get charged interests or penalties.”

Here’s what you need to know about deferring tax payments:

*File by 04/15 “because many will receive a refund.”
*If you owe money, you can defer payment until 07/15 without interest or penalty
*Individuals and small businesses can defer up to $1M
*Corporations up to $10M

Treasury Secretary Steve Mnuchin also announced payments to Americans:

Treasury Secretary Steve Mnuchin announced today during the White House Coronavirus Task Force Press Conference that relief is on the way for Americans who may be struggling since businesses are shut down. He also announced that the government would ease tax filing rules. The Dow went up right after the announcement by 1,000 points.

Treasury Secretary Steve Mnuchin says, “We’re looking at sending checks to Americans immediately…and I mean now, in the next two weeks.”

Mnuchin discussed extending filing taxes for 90 days:

“We encourage Americans who can file taxes to continue to file taxes on April 15 because, for many Americans, you will get tax refunds, and we don’t want you to lose out on those tax refunds.”

“If you owe a payment to the IRS, you can defer up to $1 million as an individual, and $10 million to corporations, interest-free and penalty-free for 90 days. File your taxes, you’ll automatically not get charged interests or penalties.”

Chad Pergram tweeted out:

 

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