Good news! Tax deadline moved to July 15

(Pixabay image)

In an effort to ease the economic burden caused by the coronavirus outbreak, President Trump has directed the Treasury Department to move the taxfiling deadline from April 15 to July 15.

Treasury Secretary Steven Mnunchin announced the order Friday via Twitter.

"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," he wrote.

He encouraged taxpayers who expect a refund to file now to get their money.

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Mnunchin signaled earlier this week that the move was coming, saying it would leave an estimated $300 billion in the economy to help mitigate the impact of the massive economic shutdown to contain the coronavirus.

Meanwhile, Congress is working with the White House on a stimulus package that could put as much as $1,200 in the hands of qualified taxpayers.

Fox News reported a draft of the legislation would provide minimum rebate payments of $600. The amount would be phased down at adjusted gross income thresholds of $75,000 for individuals and $150,000 per couple.

The amount would be reduced by $5 for each $100 of income that exceeds the threshold. Single taxpayers with incomes exceeding $99,000 and $198,000 for joint filers, therefore, would receive nothing.

The draft bill also would distribute $500 for each child.

The income would be based on 2018 tax returns or 2019 returns if there is no 2018 return.