US Treasury: 2nd Tax Due-Date Extension a Possibility

US Treasury: 2nd Tax Due-Date Extension a Possibility

US Treasury Secretary Steven Mnuchin said he may consider a second extension in the US tax filing deadline as The China Virus chaos continues.

It is something I am thinking about,” he said Tuesday.“As of now I am not intending on doing that, but it’s something we may consider.”

The delay would give taxpayers additional time to file their tax returns and pay any balances due.

The Internal Revenue Service (IRS) in March extended the 15 April tax deadline to 15 July.

Secretary Mnuchin could extend the due date administratively, meaning he would not need Congress to approve the change.

Several groups, including the National Taxpayers Union and the National Treasury Employees Union, have asked the IRS to extend the tax due date. A 2nd delay would be like the IRS giving an interest-free loan to individuals and companies that owe the government money.

Mnuchin said the 1st 3-month delay injected about $300-B of liquidity into the economy.

Have a healthy day, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge. Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.