Treasury Secretary Steven Mnuchin announced this week that the Internal Revenue Service will defer $300 billion in income tax filings by 3 months, to July 15, penalty-free.
The move comes a week after President Trump urged the agency to extend the filing season deadline. The IRS has already begun processing returns, but the move helps the agency spread processing procedures out over time and keeps employees from potentially infecting one another.
The American Institute of CPAs has applauded the move saying the relief will help accountants and their customers.
The National Association for the Self-Employed also praised the move adding the small business community has been greatly affected by the coronavirus.
“The COVID-19 pandemic is affecting every sector of our economy, especially those in our small business community,” said Keith Hall, NASE president and CEO said. “We applaud all continuing efforts in working on a host of financial support ideas for those impacted by the current situation.”
The coronavirus has upended the stock market, supermarkets, and sports in less than a month. To date, there are more than 18,000 cases and more than 200 deaths in the United States.