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The coronavirus is affecting 186 countries and territories around the world. Due to this outbreak, individuals and business are experiencing numerous cash-flow issues. Trump’s administration is implementing a postponement in the tax payment system regarding the plague.
Treasury Secretary Steven Mnuchin declared that the April 15 deadline was deferred to pay taxes owed, giving individuals and many businesses 90 extra days to fulfill their obligations. According to IRS, US citizens can delay up to $1 million of their tax obligation and company can get a postponement on up to $10 million.
All Americans have to do is only file their taxes then they won’t get charged interest and fines. However, they still have to meet the April 15 deadline if they are expecting a refund or are requesting a six-month extension, but they can extend payment for up to 90 days beyond that.
The implementation of the policy is done in order to afford individual Americans and businesses access to financial resources they need during this time of economic and social disruption.
So what do you think? Is this policy effective to prevent future US economic issue?