Maybe there could be an upside to this Coronavirus outbreak.
According to a report by the Daily Mail, the United States Treasury is now considering pushing back tax day deadlines for Americans due to the recent outbreak of the Coronavirus. This would mean that businesses could potentially be offered a tax break in the form of a waiver of penalties.
At Least We Got Our Money
So far, it’s not exactly known what the treasury intends to do. Penalties or interest rates for late payments might be abandoned, or next month’s deadline could be pushed back entirely.
Regardless, this is good news for you if you own a business or you work for one. Because it means more time to prepare your taxes to take advantage of the savings.
A Letter To The IRS
Congress members on the House “Ways and Means” Committee have written to Charles Rettig, the commissioner of the Internal Revenue Service (IRS), asking for an evaluation on the current April 15 tax deadline.
Here’s what the letter stated:
‘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.’
According to the Daily Mail, they have acknowledged that the IRS has the authority to extend the time for filing a return for up to six months and could also waive penalties if there was a ‘reasonable cause’.
And thousands of people dying because of an epidemic is a pretty reasonable cause.
We will see what happens. But the fact that this is possible might be silver lining on this very terrifying epidemic.
Do YOU think the IRS should move tax day back? Comment below!