Treasury Adopts Gianforte’s Request to Extend Federal Tax Deadlines
U.S. Treasury Secretary Steven T. Mnuchin announced today that many individuals and corporations can defer tax payments due to the COVID-19 outbreak, providing relief that Congressman Greg Gianforte (R-Mont.) requested in a letter yesterday.
“As we confront this serious public health crisis, it’s critical for hardworking Montanans and job creators to have relief from IRS deadlines and mandates,” Gianforte said. “I’m grateful that the Treasury Department adopted my request that individuals and businesses receive a deferral to pay their taxes.”
Citing the COVID-19 outbreak, Mnuchin announced that individuals can defer up to $1 million in federal tax payments and corporations up to $10 million for 90 days. The deferrals will not be subject to interest charges or penalties.
Yesterday, Gianforte urged Mnuchin to help taxpayers as America confronts the coronavirus pandemic. Gianforte wrote, “Extending the tax filing deadline will provide taxpayers with peace of mind as we continue to work together to address this crisis. I urge you to extend the tax filing deadline for all taxpayers and provide additional guidance for proposals to increase flexibility for quarterly payments.”
Read Gianforte’s letter to Mnuchin HERE.