The National Taxpayers Union Foundation applauds the announcement from Treasury Secretary Steven Mnuchin that the April 15th tax filing deadline will be delayed to July 15th. As we noted this week, the announcement that tax payments would be delayed was a good start, but delaying the filing deadline would bring clarity and relief for taxpayers and small businesses.
There is still more that can be done on tax filings that can help, and Congress can fill a much-needed role here. “The Secretary’s statement is great news, providing necessary relief to individuals and businesses. The last thing individuals and businesses need to worry about at this moment is completing tax paperwork. We need to focus on our families, our friends, and our communities in the fight against COVID-19,” said Nicole Kaeding, NTUF Vice President of Policy Promotion and Economist. “But more relief is needed. Treasury’s delay does not include Quarter 2 estimated payments, which are due on June 15th. Those should be delayed too. The Senate Republican bill goes even further, delaying all estimated payments until October 15 and employer-side payroll until January. Congress should continue to push estimated tax payments until later in 2020.”
State action on tax deadlines would bring clarity to the situation as well. Some states have already moved forward, but providing state-level relief is essential.State revenue departments should attempt to follow the IRS’s lead as well. NTUF is compiling a live-updating list of states that have taken action on filing and payment deadlines here.
To speak with Nicole Kaeding on the tax filing deadline delay and what more needs to be done, please contact Kevin Glass, NTUF Vice President of Communications, at 703-299-8670 or at email@example.com.