Jorge Castro Comments on Coronavirus-Related Tax Relief in Tax Notes
"White House Idea for Virus-Related Tax Break May Need Congress"
Jorge Castro commented on the suggestion from White House officials that the Trump administration might seek to provide tax relief to the industries most affected by the spread of COVID-19. Any potential tax deferrals for the cruise, travel, and airline industries would most likely require Congressional approval. "Tax deferrals is a very specified section of the tax code that is set by statute," Castro said, adding that the administration may attempt to extend filing deadlines and waive penalties, as administrations typically do in response to natural disasters.