The IRS will delay the federal tax filing deadline by three months, Treasury Secretary Steven Mnuchin said Friday.
“We are moving Tax Day from April 15 to July 15,” Mnuchin said in a tweet. Filers will have until July 15 to file and pay taxes, with no interest or penalties. The delay is capped at $1 million in taxes owed for individuals and $10 million for businesses. Taxpayers who are owed refunds are encouraged to file sooner.
The announcement updates an earlier plan that would have delayed the payment deadline by three months but still required taxpayers to file their forms by April 15.
The Treasury secretary has said that the delay will add as much as $300 billion in liquidity to the economy, providing individuals and businesses with a cash cushion as they struggle with the dramatic slowdown caused by the coronavirus pandemic.