Social Security Recipients Without Prior Year Tax Returns to Automatically Receive Economic Impact Payments

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On April 1, 2020, the U.S. Department of the Treasury and the Internal Revenue Service  announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. The announcement […]

IRS Releases Guidance on Employee Retention Credit

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Internal Revenue Service guidance on various aspects of the recently passed economic stimulus bills continues to be released on a fast and furious pace. The most recent release, Notice IR-2020-62, adds clarification to the Employee Retention Credit (ERC) included in the Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted on March 27, 2020. This […]

Start Date Set for FFCRA Employment Tax Credits

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The Internal Revenue Service has issued Notice 2020-21 announcing start dates for the employment tax credits for paid qualified sick leave and family leave wages required by the Families First Coronavirus Response Act (FFCRA). As per the guidance, the credits will apply to wages and compensation paid for periods beginning on April 1, 2020, and […]

IRS Extends Due Date for Estate and Gift Taxes

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The IRS has announced that the due date for filing returns and making payments for federal gift and generation-skipping transfer tax has been extended until July 15, 2020.  This additional coronavirus relief guidance was released in Notice 2020-20, which updates the previously-released Notice 2020-18. These estate and gift tax returns would have been due on […]

Additional Guidance on Extension of Federal Tax Return Due Dates

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The Department of the Treasury and the Internal Revenue Service issued Notice 2020-17 on March 18, 2020, which postponed the due date for certain Federal income tax payments from April 15, 2020, until July 15, 2020. (see related posts below) Just two days later, this Notice was “superseded” by Notice 2020-18, which was released to […]

Federal Tax Filing Deadline Moved to July 15

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In response to an intense push by taxpayers and tax professionals over the last several days, Secretary of the Treasury Steven Mnuchin announced on March 20, 2020, that the 2019 income tax filing deadline (which was April 15, 2020) will be moved to July 15, 2020.  The 90-day delay matches the previously announced extension to […]

Senate Republicans Release Trillion Dollar Stimulus Package

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In an attempt to ward off a potential recession in the U.S. economy as a result of federal and state actions intended to thwart the impact of the novel coronavirus (COVID-19), Senate Republican, released a massive economic stimulus bill on March 19, 2020. The cost of the package is currently estimated to be a staggering […]

Bill to Extend Tax Filing Deadline Introduced in the Senate

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A major disconnect occurred earlier in week when the Treasury department announced that the deadline for paying any final federal income tax liabilities for 2019 was extended until July 15, 2020.  The original due date was April 15, as it has been for decades.  The temporary reprieve also extended to those amounts taxpayers would have […]

Tax Payment Deadline Extended to July 15, 2020

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In response to the difficulties created for all Americans by the Coronavirus pandemic, taxpayers were given a recess for tax payments due on April 15, 2020 for calendar year 2019. This guidance does not change the April 15 filing deadline at this point, though further guidance is expected. The U.S. Treasury Department and Internal Revenue […]

IRS Issues New Form 1040 for Seniors

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In a new release, IR-2020-24, the IRS reminds senior taxpayers of the availability of a new tax form, Form 1040-SR, U.S. Tax Return for Seniors, featuring larger print and a standard deduction chart making it easier for older Americans to read and use. The alternative form can be used to file the 2019 federal income […]