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
 

Comments

Post a Comment

Popular posts from this blog

Does outsourcing virtual accounting services really impact your growth?

Image
Everybody knows that when you start a business, you need to maintain your books of accounts. But the thing here is that new business owners have a lot up their sleeves, they need to be on their toes in order to ensure that their business is successful. Unfortunately, that does not leave much time for accounting. Which is why it is most often kept on hold. But, this is a wrong strategy for the overall business. Maintaining daily accounts should be one of the top priority for a business. It could mean hiring a great outsourcing firm that provides Virtual accounting services , but it also provides a lot of advantages. Getting the best of technology by hiring virtual accounting firms One of the major advantages of maintaining daily books of accounts is that it would help the business owner know the progress of their business.   Hire a   virtual accounting firm , like Rayvat Accounting would be of an help for you. In addition to maintaining your books of accounts, Ray...
Read more

How to hire an outsourcing firm that would offer the best Accounting outsourcing services

Image
Steps to having the best Accounting outsourcing services A firm that handles outsourcing would be handling more than just your books of accounts.These firms offer go-to services for any financial issues of your business. Even individuals can hire these Accounting outsourcing services in order to work on their investments at an affordable fees. Hiring an outsourcing firm for your accounting needs would also enhance your bottom line, increase productivity and minimize cost. There are various outsourcing firms that offer Outsourced accounting services . Nowadays the scope of accounting services has increased, so it would be a good idea to check if the service offering of the Bookkeeping outsourcing company you are looking at offer the accounting services as per your requirement. All outsourcing firms offer the basic accounting services. Under the basic Online accounting services , an accountant would help manage the financials of your business. The financials that would be mana...
Read more

Enhance your small scale business with XERO Bookkeeping Services

Image
A perfect accounting solution for all the small scale business owners who want fast, efficient, error free and on the go services, XERO accounting software is now a go to software. One of the main benefits of using this software is that no matter where you are, you can log in to your account from any electronic device; all you need is your user ID and password. When you work with a   XERO Bookkeeping Services   expert, you also get the facility of one time invoice creation. All you need to do is create the invoice once and send it. The need for sending separate copies to clients and accountants is now not necessary. XERO will see to it that all the parties are intimated of any changes that are made in real time. Simplify your accounting with XERO Bookkeeping Services Rayvat Accounting was a   Xero certified advisor . We work with small scale business and help them set up and train them on how to work with this accounting software. We assist our clients t...
Read more