In a nationwide effect to help American’s financially, the IRS announced that it would be extending its filing deadline by 90 days, moving the original deadline of April 15th, to a three month later deadline of July 15th. The announcement came from Treasury Secretary Steven Mnuchin, Friday March 20th.
This decision from the IRS will give Americans an extra whole three months to get their financials in order, to file their 2019 tax returns without the worry of accumulating penalties and interest.
It is shared that the hope would be that by the time the extended deadline arrives, in July things life as we knew it would be returning to normal. This was supported by President Donald Trump when he tweeted later that Friday that “hopefully” by July 15th “people will be getting back to their lives.”
As a second tier to the tax approach of offering financial assistance, Mnuchin also tweeted advising taxpayers to file as soon as they can, in order to receive any tax refunds they may be eligible for. This could in turn help Americans, with that little bit of extra cash flow. This is shown as according to the Internal Revenue Service’s data, 59.2 million refunds had been issued out of 76.2 million that were received by the IRS with the average refund check sitting at around $2,973.
On average 77,7% of taxes filed allowed people to receive refunds, thus encouraging individuals to file their taxes in a timely fashion with the hopes of receiving funds right back into their pockets. This is the right time for it. Tax refunds usually take around 21 days to be processed and sent to the taxpayer.
Earlier it was announced that any taxes filed up to $1-million (as individuals) and up to $10-million (for bigger corporations) until July 15th, however it has since been updated that you can use this extended time to file your taxes regardless of the amount filed.
States around the country are slowly falling in line with the Internal Revenue Service’s guidelines, and are extending the dates to give people some breathing space, during this world wide pandemic. The coronavirus COVID-19, has had a devastating impact on businesses around the country, which of course has led to an unprecedented level of unemployment.
As of March 26th, a record level of 3,3 million Americans have filed for unemployment. This being the highest number ever filed, beating the country’s all time high from the October of 1982. These figures have just given experts a glimpse at what a severe downturn the economy is about to take.
The IRS is trying to put pressure on the states nationwide to abide with the updated regulation for a delayed tax return. This in turn will bring solidarity across the country. The New York State is an example of one to follow the IRS renewed guidelines for this year, where New York Gov. Andrew Cuomo said at a press conference that citizens should follow the new federal guidelines that had been set.
This 90 day breather given by the IRS will allow citizens to get their financial affairs in order so that both tax returns and tax payments could be made by July 15th.
Taxpayers are not expected to fill in any special forms, nor are they required to call IRS offices to qualify for this relief. However if individuals are in need of a further extension than July 15th, they can fill in Form 4868 through their avenue of choice.
IRS commissioner Chuck Rettig encouraged individuals to file their tax refunds as soon as possible, when saying; “Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically.” He continued by saying, “ Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I’m incredibly proud of our employees as we navigate through numerous different challenges in this rapidly changing environment.”
The IRS stated that it would continue to monitor all issues related to the COVID-19 crisis, and try keep the public updated and posted on a special part of the IRS.GOV website.
This announcement of the tax deadline delay comes just 6 days prior to American senate passing a record breaking bill of $2,2-trillion in a stimulus package, in an effort to support financially strained American all over the country. This package is set to return a total of $250-billion right back into the pockets of working Americans. With individuals who earn less than a total $75,000 gross income per year booming eligible to $1,200 payments, with married couples receiving up to $2,400 if they earn $150,000 or less. With an additional $500 per child per household.
This stimulus package has also been said to put $250-billion into unemployment benefits, as well as $500-billion into companies that are currently experiencing great distress.
As of March 26, the American confirmed cases of COVID-19 ran over the 54,000 mark, with the epicentre of the outbreak in the country sitting in the economic capital of the country, New York City, with a total of 33,066 confirmed cases. The infection having developed and spread rapidly across the country in the last month, it has left the world reeling with decisions to help prevent an economic meltdown like something the world has never seen before.
President Donald Trump has been reported as saying that he would like the nation “Opened up and just raring to go by Easter” which is a mere two weeks away. With the world’s current situation his enthusiasm is hard to share, however hopefully with the correct implementation of policies specific to this pandemic, we should be able to emerge victorious through the trauma the virus is currently putting the modern world through.
In a nationwide effect to help American’s financially, the IRS announced that it would be extending its filing deadline by 90 days, moving the original deadline of April 15th, to a three month later deadline of July 15th.The announcement came from Treasury Secretary Steven Mnuchin, Friday March 20th. This decision from the IRS will give Americans an extra whole three months to get their financials in order, to file their 2019 tax returns without the worry of accumulating penalties and interest.
It is shared that the hope would be that by the time the extended deadline arrives, in July things life as we knew it would be returning to normal. This was supported by President Donald Trump when he tweeted later that Friday that “hopefully” by July 15th “people will be getting back to their lives.”
As a second tier to the tax approach of offering financial assistance, Mnuchin also tweeted advising taxpayers to file as soon as they can, in order to receive any tax refunds they may be eligible for. This could in turn help Americans, with that little bit of extra cash flow. This is shown as according to the Internal Revenue Service’s data, 59.2 million refunds had been issued out of 76.2 million that were received by the IRS with the average refund check sitting at around $2,973.
On average 77,7% of taxes filed allowed people to receive refunds, thus encouraging individuals to file their taxes in a timely fashion with the hopes of receiving funds right back into their pockets. This is the right time for it. Tax refunds usually take around 21 days to be processed and sent to the taxpayer.
Earlier it was announced that any taxes filed up to $1-million (as individuals) and up to $10-million (for bigger corporations) until July 15th, however it has since been updated that you can use this extended time to file your taxes regardless of the amount filed.
States around the country are slowly falling in line with the Internal Revenue Service’s guidelines, and are extending the dates to give people some breathing space, during this world wide pandemic. The coronavirus COVID-19, has had a devastating impact on businesses around the country, which of course has led to an unprecedented level of unemployment.
As of March 26th, a record level of 3,3 million Americans have filed for unemployment. This being the highest number ever filed, beating the country’s all time high from the October of 1982. These figures have just given experts a glimpse at what a severe downturn the economy is about to take.
The IRS is trying to put pressure on the states nationwide to abide with the updated regulation for a delayed tax return. This in turn will bring solidarity across the country. The New York State is an example of one to follow the IRS renewed guidelines for this year, where New York Gov. Andrew Cuomo said at a press conference that citizens should follow the new federal guidelines that had been set.
This 90 day breather given by the IRS will allow citizens to get their financial affairs in order so that both tax returns and tax payments could be made by July 15th.
Taxpayers are not expected to fill in any special forms, nor are they required to call IRS offices to qualify for this relief. However if individuals are in need of a further extension than July 15th, they can fill in Form 4868 through their avenue of choice.
IRS commissioner Chuck Rettig encouraged individuals to file their tax refunds as soon as possible, when saying; “Even with the filing deadline extended, we urge taxpayers who are owed refunds to file as soon as possible and file electronically.” He continued by saying, “ Filing electronically with direct deposit is the quickest way to get refunds. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds. As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I’m incredibly proud of our employees as we navigate through numerous different challenges in this rapidly changing environment.”
The IRS stated that it would continue to monitor all issues related to the COVID-19 crisis, and try keep the public updated and posted on a special part of the IRS.GOV website.
This announcement of the tax deadline delay comes just 6 days prior to American senate passing a record breaking bill of $2,2-trillion in a stimulus package, in an effort to support financially strained American all over the country. This package is set to return a total of $250-billion right back into the pockets of working Americans. With individuals who earn less than a total $75,000 gross income per year booming eligible to $1,200 payments, with married couples receiving up to $2,400 if they earn $150,000 or less. With an additional $500 per child per household.
This stimulus package has also been said to put $250-billion into unemployment benefits, as well as $500-billion into companies that are currently experiencing great distress.
As of March 26, the American confirmed cases of COVID-19 ran over the 54,000 mark, with the epicentre of the outbreak in the country sitting in the economic capital of the country, New York City, with a total of 33,066 confirmed cases. The infection having developed and spread rapidly across the country in the last month, it has left the world reeling with decisions to help prevent an economic meltdown like something the world has never seen before.
President Donald Trump has been reported as saying that he would like the nation “Opened up and just raring to go by Easter” which is a mere two weeks away. With the world’s current situation his enthusiasm is hard to share, however hopefully with the correct implementation of policies specific to this pandemic, we should be able to emerge victorious through the trauma the virus is currently putting the modern world through.
