WASHINGTON (AP) — The Trump admiration is allowing Americans to delay paying their taxes as the nation grapples with the coronavirus pandemic.
Treasury Secretary Steve Mnuchin is encouraging Americans who can to file their taxes on or before April 15 to do so so that they don’t lose out on their tax refunds.
But he says if you owe the IRS money, you can defer payment up to $1 million for individuals and $10 million for corporations without interest and penalties for 90 days. “All you have to do is file your taxes,” he said. “You’ll automatically not get charged interest and penalties.”
The payment extension is part of the administration’s effort to curb the economic effects of the coronavirus pandemic. Mnuchin said the delay would free up $300 billion of liquidity in the economy as individuals and businesses have more time to pay their taxes.