Federal Income Tax

2020 Tax Payments Postponed by the IRS

The U.S. government is doing its best to ease the cause of the economic hardship by the coronavirus pandemic. The IRS tax payments are now delayed while the government is working on lending a small sum of money to every American family.

The Internal Revenue Service postponed the April 15 tax deadline by 90 days. Know that this only applies to your tax payments. So you still have to file your tax return by April 15 or file a tax extension. For the payment delay to be effective on your tax return, you don’t need to do take any additional steps. The IRS will simply issue it on your behalf and you won’t be charged any interests or late penalties.

With the 90 days delay on tax payments, it should ease the financial burden of furloughed employees. Especially with the upcoming moves by the government to assist American small businesses and workers.

Tax Refund Delays

If you don’t owe anything to the IRS and expecting a tax refund, you don’t need to worry about anything. The agency will continue to issue tax refunds. As far as the processing of your tax refund goes, the IRS is showing no sign of any tax refund delays at the moment.

Therefore, you will receive your tax refund with no problems if you filed your taxes. As of now, the only thing that can get in the way of your tax refund is potential errors on your tax return. If you haven’t filed your taxes yet, make sure there isn’t any missing information or errors.

Additional Measures Against Coronavirus Economic Collapse

The Treasury Secretary Steven Mnuchin announced the upcoming plan in the latest press conference. The Treasury Secretary stated “This is not like a normal economic situation. The government has requested that parts of this economy shutdown and the President is determined, you can think of this as business interruption money.” and continued with “We will put money back into this economy to protect hard-working Americans and small businesses.”

With tax payments delayed and upcoming plans to lend every American family $1,000 to support them to get by during this time, we may receive more good news.

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