US Treasury Dept won’t delay tax-filing deadline

Washington, June 30 (IANS) The US Treasury Department announced that it won’t delay the tax-filing deadline for a second time, encouraging taxpayers to file their taxes by July 15 or request an extension.

As part of the efforts to blunt the economic impact of the COVID-19 pandemic, Treasury Secretary Steven Mnuchin said in late March that the Internal Revenue Service (IRS) is extending the federal income tax filing deadline for 2019 from April 15 to July 15, reports Xinhua news agency.

Mnuchin said earlier that the deferment of tax payments will result in about $300 billion of additional liquidity in the economy.

“We are pleased that over 130 million taxpayers have filed returns and over 93 million refunds have been issued. After consulting with various external stakeholders, we have decided to have taxpayers request an extension if more time is needed,” Mnuchin said in a statement on Monday.

The Treasury Department and IRS encourage taxpayers to file their taxes by July 15, or file for an automatic extension of time to file to October 15, according to the statement.

Taxpayers have to pay what they owe by July 15 in order to avoid interest and penalties.

“I would encourage Americans to file their taxes as soon as possible, so those who are due refunds can receive them quickly,” Mnuchin said.

IRS Commissioner Chuck Rettig said the agency understands that those affected by the pandemic may not be able to pay their balances in full by July 15.

Yet he noted that the government has many payment options to help taxpayers, urging taxpayers facing economic hardships to take advantage of the tools and resources available on its official website.

–IANS

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