Income Tax

President Trump has signed into law an extension of the Paycheck Protection Program.

The IRS has announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15.

The survey also found that more than a third of taxpayers (37%) do not have the resources to pay 2019 taxes owed despite the deadline being extended to July 15th.

A majority of taxpayers (61%) are deeply concerned that the financial impacts of COVID-19 may force them into tax debt, adding to the $131 billion already owed to the IRS by 14 million Americans.

The Trump administration says it will disclose details about companies that received loans of more than $150,000 from a coronavirus relief program for small business, following a backlash for its earlier refusal to release data ...

The $3 trillion Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”), already passed by the House, would again distribute $1,200 per person, via paper checks, direct deposit deposit or debit cards.

The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.

The IRS is warning nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care. The IRS issued this reminder following concerns that people ...