MACON, Ga. — On Tuesday, President Trump and United States Secretary of Treasury Steven Mnuchin announced people would have more time to pay their taxes. The announcement is part of the coronavirus relief effort.
"If you owe a payment to the IRS, you can defer," Mnuchin said.
Mnuchin said the government will not penalize or add interest for 90 days against someone who owed taxes on April 15.
"I have previously announced that we would defer $200 billion. The president suggested that we increase that to $300 billion, which we will be doing," Mnuchin said.
Certified Public Accountant Terry Parker says it's all in an effort to help people during the coronavirus pandemic.
"What they are really trying to do is put money in people's pocket, or not have it leave their pocket," Parker said.
An individual can delay up to $1 million and corporations can delay up to $10 million. Parker says this effort will hopefully give people some peace of mind.
"I think everybody is obviously very worried about the economic situation and the effect on our economy, but the president has assured everybody that when we get a handle on this, the economy will turn up very quickly," Parker said.
People still need to file tax returns by the April 15th deadline unless they choose to ask for an extension.
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