Stretch Your Dollar: Coronavirus pushes back tax deadline

Stretch Your Dollar

(WTNH) — If you are in the group that owes money, the government is giving you some extra time.

We’re stretching your dollar this morning with the new federal deadline due to the coronavirus outbreak. Coronavirus concerns continuing to climb and the number of positive cases is also rising nationwide.

To help ease financial burdens that many Americans are facing because of the pandemic, the Department of the Treasury announced Tuesday that the April 15th deadline to pay taxes owed has been pushed back.

Now, individuals and businesses will have an extra 90 days to pay the IRS. This is all part of the government’s response to the COVID-19 outbreak. Individual and small business filers will be able to defer payments of up to $1 million.

Corporations can defer up to $10 million without incurring interest or penalties. It’s important to note that the deadline to file is still April 15th unless a six-month extension is requested.

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