IRS likely to delay April 15 tax filing deadline as part of Trump coronavirus response, WSJ says

[brooklynite]

Source: CNBC

The Trump administration is likely to push back the deadline for filing income tax returns as part of its fiscal stimulus plan to combat the impact of the coronavirus outbreak, The Wall Street Journal reported late Tuesday.

The report cited sources familiar with the matter, including an administration official. There had yet to be a final decision on the move, nor would the logistics of how the plan would work finalized, the newspaper added. Treasury officials were undecided about how long the deadline would be extended beyond April 15, or who would be eligible, according to the report.

The news comes as President Donald Trump and his economic team work to assemble a response to the deadly virus’ spread and its impact on markets and the economy.

CNBC’s Eamon Javers had reported earlier Tuesday that officials within the White House said any such plan was far from ready. During a meeting with Senate Republicans on Tuesday, Trump pitched slashing payroll taxes to 0% for the rest of the year. Those taxes are used to fund Social Security and Medicare.

Read more: https://www.cnbc.com/2020/03/10/coronavirus-trump-administration-likely-to-push-back-april-15-tax-filing-deadline.html

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But people will have all that free time at home to finish them...

[Mersky]

1. Hope that would include the Roth IRA funding deadline

Am loathing the prospect of selling stock to fund a portion of mine.

[Bernardo de La Paz]

2. Arranging the deck chairs after the iceberg has been hit. "Water in the hold is a hoax!" . . . nt

[TexasBushwhacker]

3. They should grant a tax extension whether you file the paperwork or not

Keep it simple. The details would be the same. The extension only applies to the tax return, not the amount you owe. If you know you're likely to owe, you should make an estimated tax payment.

[duforsure]

4. No companies or people who won't show they paid taxes for the last 5 years ,

Shouldn't get a dime in stimulus, so companies paying zero taxes along with people paying zero taxes should not get a dime of stimulus money, period. Hope Shcummer and Pelosi don't sell us out on this now. .

[marble falls]

5. What an ineffective way to fight corona virus.

[mr_lebowski]

6. Agreed, but Trump is playing a ridiculous 'numbers game'

A far greater % of people are going to be impacted by the financial meltdown than are likely to be sickened by the virus ... he's calculating that most people, at least right now, are fretting more about the economy and the impact on their 401k/IRA/jobs/livelihood ... than they are about getting sick.

So he's playing to them. That simple.

He also likely thinks that nobody expects him to know what to do about any of this, OTHER than try to be a 'good businessman' and prop up the economy.

[marble falls]

7. I don't think he's playing the long game and I do not think he's got the ability to tie economics ..

to the coronovirus short of watching the stock market tumble of which he believes influences only wealthy stockholders.

[Collimator]

8. So Death beats Taxes

in this round of Roshambo. This is apparently the official name of Rock Paper Scissors. It is described as a zero sum game, which is not at all comforting.