It's Not the Iowa Poll That Has Frank Luntz Gobsmacked
Bill Maher Had to Call Out This 'Zombie Lie' When Interviewing a Black...
CNN Guest Highlights Biden's Latest 'Hail Mary' Move, and Why It Won't Work
Biden Summons His Top Guys to Make Sure He Doesn't Get Obliterated by...
Joe Biden Is the ‘Cheap Fake’
Narcissistic Leftists Are Afraid Trump Will Treat Them How They’ve Treated Trump
Hewitt Identifies the One Crucial Aspect About Trump Those on His VP Short...
Here's Which State Just Became the First in the Nation to Require 10...
Dr. Scott Atlas Gives It Right Back After Potshot From Fauci
55 Years of Joe Biden
The Democratic Subversion of Democracy
Go Woke, Go Broke: Hamas Campus Mobs Edition
The Transcript Is Here for Biden's Amnesty Announcement, and It Doesn't Help the...
Juneteenth - Thanks, But No Thanks
The Most Detestable Action of Any President in My Lifetime
Tipsheet
Premium

Here's How the Wuhan Virus Could Impact Your Taxes

AP Photo/Charles Krupa, File

President Donald Trump on Monday announced his plans to work with Congress to implement measures to mitigate the economic fallout that has taken place as a result of the Wuhan virus. Trump discussed a payroll tax cut and protections for hourly workers, something Democratic leadership took issue with. 

The United States Treasury Department is looking at extending the April 15 tax deadline, although the details are still being worked out.

As it currently stands, individuals can request an extension on their taxes, giving them until October to file their returns as long as they are paid up by April 15.

The Wall Street Journal explained the benefit this could provide individuals and businesses:

Extending the tax filing deadline would effectively act as a bridge loan for individuals and businesses facing disruptions from the virus. Treasury officials are still considering how far the filing deadline may be pushed back and who would be eligible for the extension, according to the person familiar with the discussions.

Officials believe they have the legal authority to waive penalties on late tax payments if they move back the filing date and are exploring whether they have the ability to waive the interest under an emergency disaster declaration.

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement