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IPFS News Link • Internal Revenue Service

IRS May Delay April 15th Tax Deadline; Mnuchin Eyes $200 Billion In Liquidity Thru Delayed Payments

• Zero Hedge - Tyler Durden

The IRS is considering delaying the April 15th deadline for filing taxes and making payments, according to CBS News' Steven Portnoy.

The IRS is considering delaying the normal April 15th deadline for tax filing and payments, @saraecook confirms.

(This would stand to benefit small business owners who file as individuals. Most Americans don't owe the IRS money.)

— Steven Portnoy (@stevenportnoy) March 11, 2020

Treasury Secretary Steven Mnuchin says he's hoping to provide $200 billion or more in liquidity by delaying tax payments. He added that while he isn't looking for broad bailouts, there may be specific industries that are highly impacted which may receive assistance, according to Bloomberg.

Mnuchin added that the Trump administration is looking to increase lending to small and medium businesses.

Democrats on the House Ways and Means Committee sent a letter to the IRS on Tursday asking that the deadline be pushed back.

"We are concerned about the ability of the IRS to provide taxpayer assistance and process returns, as well as the ability of taxpayers, free tax preparation sites, and tax professionals to meet the filing deadline," reads the letter, according to McClatchy. "We are hopeful that the IRS will consider the need for relief from certain filing and payment penalties for taxpayers and communities impacted by COVID-19," it continues.