Treasury Will Let Taxpayers Defer IRS Payments For Up To 90 Days

The video discusses the IRS's allowance for deferring tax payments up to $1,000,000 for 90 days due to the coronavirus pandemic. Despite this, the April 15th tax deadline remains unchanged. Taxpayers expecting refunds are encouraged to file on time, especially if they need funds during the pandemic. Electronic filing is recommended for its convenience. The deferral is expected to impact $300 billion in tax payments.

What is the maximum amount an individual can defer in tax payments to the IRS?

• $500,000

• $3,000,000

• $2,000,000

• $1,000,000

What is the deadline for filing taxes according to the transcript?

• June 15th

• March 15th

• April 15th

• May 15th

Why does Mnuchin encourage people to file their taxes by April 15th?

• To receive tax refunds promptly

• To help the IRS process payments

• To comply with new regulations

• To avoid penalties

What is the benefit of filing taxes electronically as mentioned in the transcript?

• It is easier for both the filer and the IRS

• It is more secure

• It is faster for the IRS

• It provides immediate refunds

What is the estimated amount of tax payments expected to be deferred due to the coronavirus?

• $400 billion

• $300 billion

• $200 billion

• $100 billion