On Friday morning, less than a month before the American tax filing deadline of April 15, treasury secretary Steve Mnuchin announced via Twitter that Tax Day will be pushed back by three months—to July 15, 2020—in order to allow individuals and businesses dealing with the physical, financial, and logistical repercussions of the coronavirus pandemic some extra time to get their financial matters in order.
While the date change applies to all American individuals, businesses, and organizations—and no interest or penalties will accrue during this time—Mnuchin, in a second tweet, did suggest that anyone who has completed their taxes submit them now "to get your money."
No further details were given, though we're sure a more detailed statement will be coming as, at the time of publication, even the IRS's site still noted April 15 as the deadline.
In 1861, President Abraham Lincoln created the first income tax as a way to cover Civil War expenses. Calculating what you owed was a lot easier back then: It was a 3 percent flat tax on all incomes above $800. But it wasn't until 1913, with the passage of the 16th Amendment, that Congress formalized a nationwide income tax. Originally, Tax Day was March 1; a few years later, it was pushed back to March 15.
In 1955, revisions to the tax code moved the date back again to April 15, though there have been some exceptions. In 2016, 2017, and 2018, Americans got a few extra days to file because Tax Day cannot fall on a Saturday, Sunday, or legal holiday. But why did it move from March 1 in the first place? The IRS claims it needed more time to process returns, but tax experts believe that an increase in refunds for the middle class meant the agency wanted to hold onto its money longer and collect interest.