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IRS removes cap on the amount of taxes that can be deferred until July 15

Source: marketwatch.com - Mar 23, 2020

The Treasury Department is contributing to the government’s efforts to ensure people and businesses have quick access to cash as the coronavirus outbreak grinds into the economy, keeping consumers at home and putting millions of jobs at risk.

Previously, individuals, married couples and small business owners could defer payment on up to $1 million while corporations had a $10 million limit, according to initial made earlier this month.

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Category: General Business