Treasury Department May Extend Tax Deadline Due To Coronavirus

Treasury Secretary Steven Mnuchin announced a potential extension of the tax filing deadline due to the COVID-19 outbreak, aimed at aiding small businesses and individuals. This extension could inject over $200 billion into the economy without needing congressional approval. Historically, the IRS has extended deadlines for areas affected by natural disasters. House Democrats have expressed concerns about the IRS's capacity to assist taxpayers and process returns during the pandemic, prompting discussions on whether the filing deadline should be extended.

What is the main reason for considering an extension of the tax deadline according to Steven Mnuchin?

• To reduce the workload of the IRS

• To help the super-rich manage their finances

• To support small and medium-sized businesses and individuals affected by the coronavirus

• To increase government revenue

How much money does Mnuchin claim the extension would put back into the economy?

• $250 billion

• $200 billion

• $150 billion

• $100 billion

What does Mnuchin say about the need for congressional approval for the deadline extension?

• It depends on the IRS's decision

• It is not necessary for the Treasury Department to extend the deadline

• It is required for any changes

• It is only needed if the extension exceeds six months

What historical precedent does Mnuchin mention regarding IRS deadline extensions?

• Extensions for taxpayers with high incomes

• Extensions for taxpayers in areas affected by natural disasters

• Extensions during economic booms

• Extensions for taxpayers with large debts

What concerns do House Democrats have regarding the IRS during the coronavirus outbreak?

• The IRS's ability to hire new staff

• The IRS's ability to audit taxpayers

• The IRS's ability to provide taxpayer assistance and process returns

• The IRS's ability to collect taxes