President Biden recently unveiled his $2.29 trillion dollar plan to invest in transportation infrastructure and other capital projects, The American Jobs Plan (AJP). Although designed to stimulate the economy, the AJP may come with unfavorable tax provisions. Biden’s proposed eight-year AJP would be funded over the next 15 years through increases to corporate taxes and changes to U.S.-international business taxation. These permanent tax increases would offset the cost of the infrastructure and capital projects, and would begin to reduce federal deficits thereafter.
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Topics:
Taxes,
COVID19,
tax extension,
Coronavirus,
American Jobs Plan,
AJP,
Reconciliation,
Budget Reconciliation
On March 17, the IRS announced that the tax filing and payment due date for individual taxpayers is postponed until May 17. Lawmakers and lobbying groups previously sought a longer postponement, but the additional one month provides welcome relief to many.
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Topics:
IRS,
Taxes,
COVID19,
tax extension,
Coronavirus,
tax day
Treasury Secretary Steven Mnuchin announced via Twitter this morning that the April 15 tax filing deadline is extended to July 15. This supplements the tax payment extension to July 15 that was announced March 17 and published by the IRS on March 18. Secretary Mnuchin tweeted, “At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
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Topics:
tax update,
Donald Trump,
COVID19,
tax extension,
tax season,
Coronavirus
On March 17, the Trump administration announced an extension to the April 15 tax payment deadline for all individual and corporate taxpayers. On March 18, the IRS issued Notice 2020-17, clarifying some of the uncertainties that remained after Treasury Secretary Steven Mnuchin’s initial announcement.
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Topics:
tax update,
Donald Trump,
COVID19,
tax extension,
tax season,
Coronavirus
The Trump administration today announced an extension to the April 15 tax payment deadline for all individual and corporate taxpayers. There is some uncertainty whether the extension applies only to individuals with tax liabilities of $1 million or less, and corporations with tax liabilities of $10 million or less, or if the extension applies to the first $1 million and $10 million of taxes owed, respectively. The unprecedented move comes pursuant to the President’s national emergency declaration on March 13 related to the novel coronavirus outbreak (the COVID-19 virus). The tax relief postpones the tax payment deadlines until July 15, 2020; however, taxpayers apparently must continue to file returns or request extensions by the April 15 tax filing deadline.
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Topics:
tax update,
Donald Trump,
COVID19,
tax extension,
tax season,
Coronavirus
Congressional tax writers and the Trump administration are considering various tax relief measures in response to the current global health emergency.
"While we continue to assess the economic impacts, [Senate Finance Committee] Chairman [Chuck] Grassley, [R-Iowa], is exploring the possibility of targeted tax relief measures that could provide a timely and effective response to the coronavirus," Grassley’s communications director Michael Zona said in a statement emailed to Wolters Kluwer on March 9. "Several options within the committee’s jurisdiction are being considered as we learn more about the effects on specific industries and the overall economy."
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Topics:
tax update,
Donald Trump,
COVID19,
tax extension,
tax season,
Coronavirus
