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Steve Mnuchin Announces Major Change for Tax Filings in Response to Virus

Now comes the hard part:  Convincing the rest of the nation to do their part and commit to social distancing. 

With Americans getting ready to hunker down in their homes across the nation, the federal government is taking unprecedented action in order to lessen the economic impact of the isolation.

First and foremost, the Senate is currently working on a major relief bill that would send cash directly to Americans, which will be a lifesaver for many.

In addition, the Treasury Department announced today that the filing deadline for taxes will be adjusted as well.

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Treasury Secretary Steven Mnuchin announced Friday the Internal Revenue Services (IRS) has extended its tax-filing deadline by three months to July 15 during the Chinese coronavirus outbreak.

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“At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” Mnuchin wrote Friday morning. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

“I encourage all taxpayers who may have tax refunds to file now to get your money,” he added.

This will pair nicely with what the Senate has cooked up.

The treasury secretary’s announcement came as the Senate Majority Leader Mitch McConnell (R-KY) announced on Thursday evening the Senate Republicans’ coronavirus economic rescue bill.

The bill would:

  • Provide cash payments for taxpayers. The bill would reflect the cash payments based on 2018 tax payments, in which individuals would receive up to $1,200, with reduced payments with annual salaries past $75,000.

  • Married couples will receive up to $2,400 with an additional $500 per child. The payments decline after a couple makes more than $150,000.

  • The federal government would provide up to $300 billion in loan guarantees for small businesses.

Now comes the hard part:  Convincing the rest of the nation to do their part and commit to social distancing.

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