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COVID Tax Tip 2020-63 , May 28, 2020 Under the Families First Coronavirus Response Act, employers can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members. This relief helps ensure employees are not forced to choose between being paid or …
COVID Tax Tip 2020-60, May 21, 2020 As people receive their Economic Impact Payments, they might have questions about their payment, the amount, and how they get it. The IRS updates the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Here are answers to a few common questions. …
Here are answers to a few common questions about Economic Impact Payments Read More »
COVID Tax Tip 2020-59, May 20, 2020 As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected. Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. And, eligible individuals receive up to an additional $500 for each qualifying child …
Here’s why some people’s Economic Impact Payment is different than expected Read More »
COVID Tax Tip 2020-58, May 19, 2020 The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year. Who is eligible for …
Employee retention credit available for businesses affected by COVID-19 Read More »
Tax Tip 2020-56, May 13, 2020 Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020. Existing Installment Agreements –Under an existing Installment Agreement, payments due between April 1 and …
IRS People First Initiative provides relief to taxpayers facing COVID-19 issues Read More »
COVID Tax Tip 2020-55, May 12, 2020 IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments. Is this payment considered taxable income? No, the payment is not income and taxpayers will not owe tax on …
What people really want to know about Economic Impact Payments Read More »
COVID Tax Tip 2020-53, May 7, 2020 Small and midsize employers can claim two new refundable payroll tax credits. The paid sick leave credit and the paid family leave credit are designed to immediately and fully reimburse eligible employers for the cost of providing COVID-19 related leave to their employees. Here are some key things to …
COVID-19 paid leave tax credits for small and midsize businesses Read More »
COVID Tax Tip 2020-52, May 6, 2020 The federal income tax filing deadline has been extended to July 15. Taxpayers also have until July 15 to make any federal income tax payments that were originally due on April 15, without penalties and interest, regardless of the amount they owe. This extension applies to all taxpayers. …
Taxpayers have until July 15 to file and pay their taxes Read More »
COVID Tax Tip 2020-50, May 4, 2020 People who receive Supplemental Security Income and Department of Veterans Affairs benefits who have children need to act by May 5 to quickly receive the full amount of their Economic Impact Payment. Those who need to act are those who receive SSI or VA Compensation and Pension benefits and didn’t …
VA and SSI recipients act now to add eligible children to Economic Impact Payment Read More »
COVID Tax Tip 2020-51, May 5, 2020 Low-income individuals who are U.S. citizens, permanent residents or qualifying resident aliens with a work eligible Social Security number are eligible to receive an Economic Impact Payment. Those who do not have a regular filing requirement can use the free, online tool Non-Filers: Enter Payment Infoto quickly and easily register …
Low-income people are eligible to get an Economic Impact Payment Read More »