Bloomberg Tax
March 13, 2020, 8:19 PM

Trump’s Emergency Declaration Opens Door for Tax Relief

Allyson Versprille
Allyson Versprille

President Donald Trump’s national emergency declaration gives the IRS the authority it needs to provide tax relief to businesses and individuals amid the spread of Covid-19.

The president in a briefing Friday said declaring a national emergency to address the growing coronavirus problem will “unleash the full power of the federal government.”

Until now, Trump and Treasury Secretary Steven Mnuchin have talked in broad strokes about tax cuts and extending the filing season. Now the IRS can choose from a range of powers: abating penalties for failing to file or pay taxes, or postponing federal tax filing and payment deadlines ...

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