‘He Lost It’: Fearing Economic Oblivion, Trump May Extend Tax Deadline To December, Take ‘Unilateral’ Measures
Apparently unsatisfied that the economy will, in fact, rebound in time for the election, the Trump administration is considering measures to provide further support without having to go through Congress.
One idea, a pair of officials familiar with the discussions said, is to delay the tax filing deadline to September 15 or even as late as December. It was, of course, already pushed from April to July.
And that's not all. The White House may also attempt to shield businesses from coronavirus-re
I guess it hasn’t dawned on him that most small business owners (…who presumably pay estimated quarterlies over the course of the calendar year) won’t have any tax liability for 2020 anyway. So what good does it do to push the payment deadlines out, if no payments will be due?
Isn’t the deadline proposed for the extension for 2019 taxes not 2020. That’s what estimated is for.
A business owner would have paid his/her 2019 taxes in April 2019, June 2019, Sept 2019 and Jan 2020. Only if he/she had underpaid would any additional 2019 taxes be due by April 15, 2020 (or now July 15, or whatever date it gets further extended to). So any “break” regarding 2019 taxes is minimal, given that underpayments are typically not large amounts.
The deadline extensions in question also apply to 2020 estimated quarterly payments, and this was the focus of my initial comment. If one doesn’t expect to have any tax due for 2020, then what good does an extension of the payment deadlines do that particular business owner?
only place in the world, afaik, where income tax for year n is paid in year n+1, is France. If you moved there January 1st, you won’t have income tax to pay for more than 15 months (amof: you can decide to make only one payment which i believe would be due only in September, so 21 months). The year after you leave though….
The deadline extension that has already occurred has also pushed back some estimated payments for 2021. i.e. the April 15 estimated payment date is currently pushed to July 15.
Plus there would still be a few business who owe money, so there would always be some tax deferral in pushing the deadline back. People who expect to receive a refund file earlier, so by most of the people left as this point are the ones who owe.
This TNR headline sums it up nicely: “Billionaires Are Eating the Economy.”
Well the Billionaires are not eating any longer at EMP 🙂
As our Dear Leader (begrudgingly) noted a little while back, we are lucky to have Steven Mnuchin in there toweling down the president and proposing less damaging “solutions”. WHODATHUNKIT??
Certainly not me.