In a recently published Q&A session, the IRS has important provided updates on relief for taxpayers affected by the ongoing coronavirus pandemic, including information on workplace-based employment plans and IRAs. To align with the extended due date for 2019 tax returns, the IRS has also extended the deadline for making IRA contributions during the…
The IRS recently announced special Federal income tax return filing and payment relief in Notice 2020-18, which expands on the relief provided in Notice 2020-17. Specifically, the due date for filing Federal income tax returns and payments has been postponed from April 15, 2020 to July 15, 2020. There is no limit to the…
The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law authorities on March 27, outlines special rules for use of retirement funds. The CARES Act waves the 10% early distribution penalty tax on up to $100,000 of early retirement withdrawals. Moreover, it includes an option to repay any distribution within three years…
The Coronavirus Aid, Relief and Economic Security Act or the CARES act signed on Friday, March 27, 2020 is the largest aid packet in history. The U.S. government is about to send checks or direct deposits to Americans facing financial hardship as much of the economy shut due to the coronavirus outbreak. The Washington Post…
On Friday, March 27 Congress passed the Coronavirus Aid, Relief and Economic Security Act or the CARES act. The bill passed with overwhelming bipartisan support as a response to the coronavirus outbreak. It addresses economic impacts of the COVID-19 outbreak. The bill authorizes emergency loans to distress businesses, funding for individuals, special rules for withdraws…
The IRS published today a new initiative to assist taxpayers facing challenges of the coronavirus outbreak. IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program. IR-2020-59, March 25, 2020
California has pushed its tax filing and payment deadline to July 15, waive interest and late filing and late payment penalties. FTB (Franchise Tax Board) Press Release (3/18/20) FTB is postponing until July 15 the filing and payment deadlines for all individuals and business entities for: • 2019 tax returns • 2019 tax return payments…
The U.S. Treasury Department, IRS, and the U.S. Department of Labor announced today that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize…
IRS extend filing deadline and federal tax payments regardless of amount owed. Tax Day now July 15 The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020,…
The Treasury Department and the Internal Revenue Services are providing special payment relief for taxpayers Payment Deadline ExtenThe Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who…