You have to file to do so…..
The government will need the money if Trump’s wants to send people $1,000 checks and bail out corporations with that tax money also….
Very few aspects of American life, if any, remain unaffected by the coronavirus. Taxes are no exception.
On Tuesday, Treasury Secretary Steven Mnuchin announced during a White House briefing that the IRS will waive interest and penalty charges for 90 days for Americans who owe up to $1 million in taxes. He encouraged Americans to still file their taxes by April 15; it’s unclear at this time whether the IRS will officially extend that filing deadline as well.
“If you owe a payment to the IRS, you can defer up to $1 million as an individual — and the reason we are doing $1 million is because that covers pass-throughs and small businesses — and $10 million for corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes,” Mnuchin said.
“We encourage those Americans who can file later taxes to continue to file their taxes because you will get tax refunds and we don’t want you to lose out. Many people do this electronically which is easy for them and the IRS,” he said.
Mnuchin said last week that he was working with the Trump administration to provide tax relief for “virtually all Americans other than the superrich.”
The IRS is so far processing tax returns and paying out refunds with no apparent delay, though IRS Commissioner Charles Rettig said employees who are eligible to work remotely should do so.
Some individual states, including California and Connecticut, have extended state tax return filing deadlines for residents….