In a tweet, Secretary of the Treasury Steven Mnuchin said, “At [President Trump’s] direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
In a follow-up tweet, Mnuchin wrote, “I encourage all taxpayers who may have tax refunds to file now to get your money.”
The IRS has previously said that most payments due by April 15 could be made, interest and penalty-free, by July 15.
Update on SBA Loans
The SBA is offering loan programs to businesses affected by Coronavirus. Most NY, NJ and CT counties have now become eligible. You can apply and monitor if your area is eligible: https://disasterloan.sba.gov/ela/
LLI Advisory Group provides this information as a service to clients and other friends for informational purposes only. It should not be construed or relied on as legal or tax advice.