Washington – Senate Finance Committee Chairman Chuck Grassley (R-Iowa) today released the following statement regarding an announcement from the Department of the Treasury that individuals and corporations may defer tax payments to the IRS for up to 90 days without incurring interest or penalties. Taxpayers will still be required to file but payments may be deferred.
“This is a commonsense step to afford individual Americans and businesses access to financial resources they need during this time of economic and social disruption,” Grassley said. “This will allow individual filers, small businesses and corporations more financial flexibility in the months ahead as the country faces continued fallout from the coronavirus. I’ve been in communication with the Treasury Department, the IRS and the White House regarding this issue for the past several weeks. I applaud President Trump, Secretary Mnuchin and Commissioner Rettig for acting decisively. This should be one part of an all-government approach to doing everything necessary to combat the coronavirus and its impact on public health and the economy.”