Individuals and businesses now have more time to pay their taxes, a step the IRS and Treasury are taking to soften the blow of the Covid-19 pandemic.
The new deadline for tax payments is July 15, Treasury and the IRS announced Wednesday. The filing deadline will remain April 15.
- Individuals who owe money to the IRS will be able to defer up to $1 million interest-free and penalty-free until the new July deadline.
- “Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven Mnuchin.
- Corporations can defer up to $10 million.
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