WASHINGTON — Federal officials are likely to extend the April 15 tax filing deadline as part of the effort to help minimize the effects of the coronavirus on American taxpayers, according to a report in the Wall Street Journal late Tuesday night.
A final decision has not been made by federal officials, the Journal article says.
Ordinarily, taxpayers are required to pay taxes for the prior calendar year by April 15 annually in order to avoid penalties and interest charges. Filers may obtain extensions through October 15, provided they have already paid their taxes on time.
According to the Journal article, an extension of the April 15 tax filing deadline would effectively act as a bridge loan for individuals and businesses facing disruptions from the virus.
Officials are considering how far the deadline may be extended and who would be eligible, the Journal says. The article cites individuals familiar with discussions with administration officials.
Officials are trying to determine whether they have the ability to waive interest under an emergency disaster declaration, according to the Journal.
The Journal said the Internal Revenue Service and the White House did not respond to requests for comment.
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