Deferred Tax Payments, Checks To You!

Excerpt, Washington Post, 12/17/2020:


On Tuesday, Treasury Secretary Steven Mnuchin announced that the IRS would defer $300 billion worth of tax payments for Americans and businesses in the midst of the coronavirus fallout.

Mnuchin urged Americans who can afford it to still file their taxes by April 15, but he said that anyone who owes money to the IRS can defer that payment, interest-free, for 90 days, up to $1 million for individuals and up to $10 million for corporations.

Mnuchin and President Trump also said that they support sending payments to Americans as soon as possible, though they did not offer additional details on how that might work, saying there are several options, including a payroll tax cut or just cutting Americans checks. That would need to be approved by Congress, where there is bipartisan support for such an idea.

“I think we are going to do something that gets money as quickly as possible” into the hands of Americans, Trump said.

Full Article:

error: Content is protected !!