The month of July brings with it this year a tidal wave of tax payments owed by employers and families to the IRS and state tax offices. In total, about $1 trillion is scheduled to come out of the economy in July and be sent to federal, state, and local governments. Thankfully, Treasury Secretary Steven Mnuchin has full authority to delay at least the IRS payments until later this year, or even into the early part of 2021.

In March, as part of the first wave of emergency COVID-19 relief, the Treasury Department announced in a series of rulings that tax payments owed between March and June would all be shifted into the month of July. This rather sizeable list includes but is not limited to: balances due on 2019 personal income tax returns, estimated tax payments for corporations and small businesses for the first and second quarters of 2020, and excise and death tax payments owed during these months.