IRS may push back April 15 tax deadline in response to coronavirus outbreak: report
President Donald J. Trump participates in a tax reform kickoff event at the Loren Cook Company, Wednesday, August 30, 2017, in Springfield, Missouri. (Official White House Photo by Joyce N. Boghosian)

The Trump administration will likely extend the April 15 tax deadline to alleviate the coronavirus outbreak's impact on American household and businesses.

An administration official and another person familiar with the matter told the Wall Street Journal that Treasury officials are considering the move -- which would effectively serve as a bridge loan to taxpayers -- but the details have not yet been finalized.

Officials still have not decided how far to push back the filing deadline or who would be eligible for the extension, which would have temporary implications for the federal budget and the government's ability to continue paying its bills on time.

Administration officials believe they have the authority to waive penalties on late tax payments if they pause the filing date, and they're looking into their ability to declare an emergency disaster in order to waive interest on late payments.