With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued. Most taxpayers have already filed their federal tax return, and many have already received their refund. Those that have not are understandably eager for details [...]
The IRS reminds taxpayers who received tax relief as part of the People First Initiative and didn’t make previously owed tax payments between March 25, 2020 and July 15, 2020 they will need to restart those payments to avoid penalties.Here’s what people need to do to restart their IRS Installment Agreements, Offers in Compromise or [...]
The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return. Taxpayers can file their 2019 tax return now and claim the deduction before the contribution is actually made. But the contribution [...]
The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments. As the IRS continues to reopen its operations across the country, taxpayers who were in payment agreements and skipped [...]
The federal government extended the Paycheck Protection Program after $130 billion out of $660 billion went uncollected. Here's what new applicants need to know. The application deadline for the Paycheck Protection Program was extended on Saturday after President Donald Trump signed the extension bill that Congress passed into law. Potential applicants now have until August [...]
As part of its response to COVID-19, the IRS has postponed several tax deadlines until Wednesday, July 15, 2020. These postponements generally apply to all taxpayers with a filing or payment deadline between April 1 and July 15, 2020.This relief includes individual and corporate quarterly estimated tax payments. Any taxpayer making payments received by July [...]
The Paycheck Protection Program Flexibility Act, enacted on June 5, 2020, amends section 2302 of the CARES Act. It strikes the rule that would have prevented an employer from deferring the deposit and payment of the employer’s share of Social Security tax after the employer receives a decision that its PPP loan was forgiven by [...]
The Department of the Treasury and IRS today 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. Due to COVID-19, the original filing deadline and tax payment due [...]
The Paycheck Protection Program Flexibility Act, enacted on June 5, 2020, amends section 2302 of the CARES Act. It strikes the rule that would have prevented an employer from deferring the deposit and payment of the employer’s share of Social Security tax after the employer receives a decision that its PPP loan was forgiven by [...]
Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits.Social Security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security income payments, which aren't taxable.The portion of benefits that are taxable depends on the taxpayer’s income and filing status.To find out if their [...]