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President Trump Gives Taxpayers Option to Extend Tax Filings to July 15

March 20, 2020

Key Facts:

  • Deadline extension will give everyone maximum flexibility to do what is best for them.
  • Taxpayers who expect to get a refund are still encouraged to file their taxes.
  • This action will help protect seniors and others who are more vulnerable and may need extra time and help filing their taxes.
  • We are awaiting formal guidance from Treasury that changes the guidance issued on Thursday, March 20th.

Details: Ways and Means Republican Leader Kevin Brady praised this action and called on the IRS employees who will be working to implement this and other new tax changes targeted to help all Americans during this difficult time. Earlier this week, Treasury provided guidance to funnel up to $300 billion in liquidity to families and small businesses by allowing taxpayers affected by the COVID-19 emergency to defer tax payments—but had stopped short of extending the deadline itself. The earlier guidance also limited payment amounts that could be deferred at up to $1 million for individuals and up to $10 million for corporations—there were no limitations announced as part of President Trump’s updated directive.