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WASHINGTON—The U.S. government will postpone the April 15 tax-payment deadline for millions of individuals, giving Americans another 90 days to pay their 2019 income-tax bills in an unprecedented move.
The IRS, using authority under President Trump’s national-emergency declaration, will waive interest and penalties as well, Treasury Secretary Steven Mnuchin said at the White House Tuesday. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less, Mr. Mnuchin said.
The government granted the extension to give taxpayers a financial cushion as households and businesses cope with the sudden slowdown in economic activity caused by the coronavirus outbreak. The move could provide households with hundreds of billions of dollars in temporary liquidity, Mr. Mnuchin said last week in previewing the government’s actions.
“We are going to use all the tools we have,” Mr. Mnuchin said on Tuesday. “And what tools we don’t have, we’re going to go to Congress.”
The IRS will continue to process tax refunds, and Mr. Mnuchin urged people who can file their tax returns to do so. Mr. Mnuchin said last week that the tax deadline would be delayed for all but the superrich, but his Tuesday announcement was the first explanation of the length of the delay and how it might work. The tax agency hasn’t yet released full details about how the delay will work.
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