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Treasury, IRS issue new guidance on tax filing due to coronavirus

Today, the U.S. Treasury Department announced it will move Tax Day from April 15 until July 15 in response to the coronavirus pandemic, according to an article in Politico. The decision follows widespread complaints by tax payers about the deadline after the Treasury and IRS announced individual and other non-corporate tax filers could defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, until July 15, without penalties or interest.

New guidance also allows corporate taxpayers to defer up to $10 million of federal income tax payments until July 15

Officials say this will result in about $300 billion of additional liquidity in the economy in the near term.

In addition, a Treasury Department proposal calls for $250 billion in direct payments to Americans starting April 6, with another $250 billion round on May 18. The proposal also includes $200 billion in industry aid. As part of that, the airline sector would see $50 billion in loans, with conditions on executive pay and service requirements.

Written by
Cara Clark
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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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