Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.
Taxpayers should check the FAQs often for the latest additions; many common questions are answered on IRS.gov already, and more are being developed. Here are answers to some of the top questions people are asking.
Taxpayers who did not have direct deposit information on record with the IRS can now enter or change that info on the IRS website Get My Payment tool.
The Internal Revenue Service is recommending that low-income Americans use the free, online tool Non-Filers: Enter Payment Info to quickly and easily register to receive their Economic Impact Payment.
The enhancements, which started last week and continued through the weekend, adjusted several items related to the online tool, which debuted on April 15. The additional changes will help millions of additional taxpayers with new or expanded ...
As of April 17, 2020, the IRS reported that 115,961,000 individuals had filed their 2019 tax returns, compared to 137,233,000 returns filed for 2018 by April 19, 2019. That is 21,272,000 less— a drop-off of 15.5%.
Supplemental Security Income and Department of Veterans Affairs beneficiaries need to act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.
Under the Coronavirus Aid, Relief and Economic Security (CARES) Act that was signed into law on March 27, 2020, businesses may delay paying the employer portion of the Social Security payroll taxes on wages paid for the period from ...