Treasury Secretary Steven Mnuchin today announced that individuals can delay filing tax returns until July 15, instead of continuing to require that returns be filed by April 15. The IRS is expected to provide additional details on the tax filing relief.
Administration officials and Congressional leaders are negotiating a ‘Phase Three’ economic stabilization package expected to include significant tax provisions and other measures to assist individuals and businesses impacted by the economic effects of the COVID-19 pandemic. Senate leaders hope to reach an agreement on final legislation that could be put to a vote as early as Monday, March 23.
President Trump and Congress are moving quickly to enact additional legislation responding to the developing COVID-19 public health emergency and its impact on US business activity. Stakeholders should continue to engage with policymakers to ensure that issues and proposals affecting their business operations and employees are carefully considered. Stay tuned. The situation is fluid.
For a Finance Committee majority staff summary of the Senate Republican economic stabilization tax proposals and statutory text, click here.
For PwC’s March 18 Insight on the “Phase Two” COVID-19 relief legislation, click here.