The IRS has provided break down per state of the Economic Impact Payments for the first three weeks. As the IRS stated in their publication, “Payments are automatic for people who filed a tax return in 2018 or 2019, receive Social Security retirement, survivor or disability benefits (SSDI), Railroad Retirement benefits, as well as Supplemental…
The IRS has published its latest update on Economic Impact Payments. This payment is automatic for most taxpayers who filed a 2018 or 2019 tax return eligible for an Economic Impact Payment. The IRS publication, Economic Impact Payment Information Center, provides the following guidelines for eligibility for a stimulus payment: $2,400 for married filing jointly…
The IRS has announced additional key tax deadlines to help individuals and businesses struggling with economic turmoil caused by the Coronavirus pandemic. In the link below from April 9, 2020, the IRS elaborates on the latest extension of tax deadlines. IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others IR-2020-66, April…
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 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
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…
The IRS recently announced that is ending its OVDP program which has been in effect since 2009, closing it by September 28, 2018. The OVDP is a voluntary disclosure program specifically designed for taxpayers with exposure to potential criminal liability and/or substantial civil penalties due to a willful failure to report foreign financial assets and…