IRS unveils new details about Tax Day after extending deadline to July 15

The Internal Revenue Service issued new guidance for taxpayers after the historic decision last week to extend the filing and payment deadline from April 15 to July 15 as a result of the coronavirus pandemic.

The decision gives Americans three months longer than they typically would have to file their taxes as the coronavirus pandemic forces large swaths of the economy to shut down, threatening to push it into a recession that rivals the 2008 financial crisis.

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Lawmakers on both sides of the aisle argued that extending the filing deadline was necessary in order to minimize confusion for taxpayers and ensure that people could receive the help they needed to file.

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But the announcement offered few details about the specifics of the new deadline. Here’s everything you need to know:..Read more>>

Source:-foxbusiness