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Unimaginable happened: U.S. tax deadline moved to July 15, penalties waived, no interest

Christian Fernsby |
Yesterday, Treasury Secretary Steven Mnuchin announced on Twitter that the tax filing deadline will move to July 15, the same day tax payments are due.

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Topics: U.S.    TAX   

He wrote: "At @realDonaldTrump's direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."

On Tuesday, Mnuchin announced during a White House briefing that the IRS would waive interest and penalty charges for 90 days for Americans who owe up to $1 million in taxes.

"If you owe a payment to the IRS, you can defer up to $1 million as an individual and the reason we are doing $1 million is because that covers pass throughs and small businesses and $10 million for corporations, interest free and penalty-free for 90 days. All you have to do is file your taxes," Mnuchin said in the White House briefing. The relief also extends to estimated quarterly tax payments for contractors and self employed taxpayers.

"We encourage those Americans who can file later taxes to continue to file their taxes because you will get tax refunds and we don't want you to lose out. Many people do this electronically which is easy for them and the IRS," he said.

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