With the coronavirus pandemic continuing to wreak havoc, Americans have been granted a little bit leeway during tax season.
Not only have citizens across the world been forced to live in fear for their physical health due to the ongoing coronavirus pandemic, but the rampant layfs and increasingly unstable financial circumstances have let to increased anxiety from a different angle altogether. And while many measures are being planned to lighten the load during this time crisis, one immediate change has been confirmed by U.S. Treasury Secretary Steven Mnuchin.
“We are moving Tax Day from April 15 to July 15,” announced Mnuchin, by way a Tweet. Making it abundantly clear that the decision was made at President Donald Trump’s discretion, Mnuchin explains that the three-month delay will benefit both taxpayers and businesses alike.
It’s no secret that Trump takes great pride in a thriving economy, and as such, the President has attempted to do his part in alleting the burden. Unfortunately, the economic toll left in the wake the coronavirus has already led to a massive spike in unemployment, the full impact which has yet to be revealed. In truth, the fallout is difficult to predict, especially when it comes to more localized businesses– expect more news to surface as the government seeks to implement new measures to combat an economic downturn.