Impact of The Coronavirus on the 2020 Tax Season

Posted by

In today’s address from the Oval Office, the president Trump spoke about the government’s plan in the upcoming days to take on the coronavirus, and the steps to alleviate the pressures the virus created for many.

Besides the 30-day ban on travel from Europe (the US citizens would be exempt), request for Small Business Administration (SBA) to provide market with liquidity by extending low-cost loans to businesses, waive co-payments for the virus treatment by the insurance agencies, and protections to Americans without paid sick time, there was a fiscal relief proposal.

The president asked the Treasury Department to defer tax payments without interest or penalties. At this point is it still uncertain who will qualify for those extensions to file taxes, but this year’s tax season may not officially close on April 15th. Given that the crisis may not end anytime soon, the extension to file taxes could last all the way to the beginning of summer.

  1. March 18, 2020

    Aaron Leaver

    How to request an extension due to coronavirus? I already filed my taxes and scheduled full payment

Leave a comment