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Tax Day Moved to July 15

The Treasury Department and the IRS issued new guidance related to federal tax payments and coronavirus disease 2019 (COVID-19).

According to the guidance, “all individual and other non-corporate tax filers” can defer federal tax payments of up to $1 million until July 15, 2020, (normally April 15) without interest or penalties. Corporations have a similar deferment option of up to $10 million.

Treasury Secretary Steven Mnuchin said the tax filing deadline would also move to July 15, giving Americans three more months than the original deadline. He stressed that individuals should file sooner rather than later if they wished to see a tax return in a timely fashion.

The administration says this guidance will result in nearly $300 billion of additional liquidity in the economy.

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Why Do I Pay Personal Income Taxes?

Income taxes are collected from U.S. residents on an annual basis. Money collected from these taxes is used to fund a number of services and programs including Medicare, Social Security, public works

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