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Mnuchin: IRS Considering Pushing Tax Deadline Again

Tax Deadline

EDITOR NOTE:  Uncle Sam wants his money, yet many Americans are looking to Uncle Sam to help ease financial troubles amid the pandemic-caused slowdowns and unemployment. Will the IRS extend its tax payment deadlines to next year? This is a current topic of discussion, and the US Treasury Secretary Steven Mnuchin has addressed it as a possibility. Right now, it's not happening. But the situation is very fluid. Whether this represents good news or bad, it's reflective of the economic troubles facing the US as it attempts to reopen as COVID-19 cases continue to surge.

BIG NUMBER

12.2%. That’s the drop in the number of tax returns that have been processed by the IRS as of June 12 compared to last year, according to publicly released data. The number of refunds issued by the IRS have also dropped by 11.8%.

KEY BACKGROUND

Last week, the National Taxpayers Union Foundation, a conservative advocacy group, wrote to Mnuchin urging him to extend tax-payment deadlines into next year, arguing that this would offer “much-needed breathing room” to the economy. Earlier this month, IRS employees began returning to their offices. 

Originally posted on Forbes

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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