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June 30, 2020
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.
June 25, 2020
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.
June 25, 2020
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.
June 24, 2020
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 ...
June 24, 2020
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.
June 18, 2020
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.
June 16, 2020
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 ...
June 1, 2020
Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It's also been an ongoing request from the nation's tax professional community and has been a continuing recommendation from the Internal Revenue Service ...
May 28, 2020
Now’s a time when your goal may well be simply to ride out the next few months. That’s fine. Yet riding out the next few months isn’t the same as doing nothing. By being proactive, you can not only make the most of a bad time, but position yourself ...
May 27, 2020
Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury ...
May 19, 2020
IRS will begin sending out four million stimulus payments on prepaid debit cards this week instead of mailing paper checks. With these so-called “Economic Impact Payments” (EIP) cards, clients can make purchases, get ...
May 18, 2020
The Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments.