-
Economic Impact Payment FAQs updated on IRS.gov
Many people have already received their Economic Impact Payment, and many more will be getting them soon. Whether it’s already there or on the way, the payment brings questions from many people. Anyone who has questions can visit IRS.gov for updated FAQs about the Economic Impact Payment. Here are a few of the questions the…
-
Millions of people will get their Economic Impact Payment by prepaid debit card
Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers receive a debit card was made by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments. These…
-
Here’s why some people’s Economic Impact Payment is different than expected
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 who meets the conditions outlined on the…
-
Treaties and Tax Legislation
Announcement related to income tax treaty references to the NAFTA in light of its pending replacement by the USMCA Since January 1, 1994, the North American Free Trade Agreement (the “NAFTA”) has governed trade relations between the United States, Mexico, and Canada. On November 30, 2018, the Governments of the United States, Mexico, and Canada…
-
Tax Update with More Options
May 18, 2020 Currently, the filing deadline is July 15th. We are encouraging everyone who has not yet filed to schedule an appointment or get your information to us as soon as possible for us to avoid a crowd or rush at the last minute. In-Office Appointments Available We are checking visitors’ temperature with a…
-
IRS People First Initiative
IRS People First Initiative provides relief to taxpayers facing COVID-19 issues 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 –…
-
Why your Economic Impact Payment amount could be different than anticipated
The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. Some Americans may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status and family size. See below for some common…
-
Treasury, IRS release latest state-by-state Economic Impact Payment figures
The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments, with approximately 130 million individuals receiving payments worth more than $200 billion in the program’s first four weeks. “We are working hard to continue delivering these payments to Americans who need them,” said IRS Commissioner Chuck Rettig. “The…
-
IRS provides guidance for Estates and Trusts for itemizing deductions
The Internal Revenue Service today issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions. The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after Dec. 31, 2017, and before…
