Trump calls for deferral of tax payments from coronavirus victims


President Trump said in an Oval Office address Wednesday night that he would allow individuals and businesses to “defer tax payments without interest or penalties,” and he urged Congress to cut payroll taxes as part of a set of measures aimed at providing relief during the coronavirus pandemic.

“Using emergency authority, I will be instructing the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted,” he said during a prime-time address. “This action will provide more than $200 billion of additional liquidity to the economy. Finally, I am calling on Congress to provide Americans with immediate payroll tax relief. Hopefully they will consider this very strongly.”

The tax deadline falls on the traditional April 15 due date, and although the Treasury and the IRS have not yet issued a formal announcement, they have deferred the date in the past, as when the IRS computer servers couldn’t handle a surge of last-minute tax filings.

Resource : https://www.accountingtoday.com/news/trump-calls-for-deferral-of-tax-payments-for-coronavirus-victims
 

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