The Trump administration has announced that most individuals and businesses will be allowed to delay paying their federal tax bills for 90 days as part of an emergency relief plan amid the coronavirus pandemic.
Some questions and answers about the delay and its potential impact on the U.S. economy are below:
Do I still need to file?
The details on the program are still scant. But as of now, taxpayers need to file their federal tax returns by the traditional April 15 deadline. The 90-day extension is solely for the money that is due. Those delayed payments are now due July 15.
However, taxpayers who are facing difficulty filing on time always still have the option to request a six-month extension. Visit the IRS website for more details.