To protect the public and employees, and in compliance with orders of local health authorities around the country, certain IRS services such as live assistance on telephones, processing paper tax returns and responding to correspondence are extremely limited or suspended until further notice. Paper Tax Returns The IRS is not currently able to process individual…

IRS Notice 2020-32 provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer’s trade or business when the taxpayer receives a loan (covered loan) pursuant to the Paycheck Protection Program under section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)). Specifically, this notice clarifies that…

As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that IRS.gov includes answers to many common questions, including help to use two recently launched Economic Impact Payment tools. The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on…

Fax Form 1139 and Form 1045 to Claim Quick Refunds of the Credit for Prior Year Minimum Tax Liability of Corporations and Net Operating Loss Deductions In response to the COVID-19 Pandemic and solely to implement the following provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), until further notice, the IRS…

The IRS has two tools to help millions of taxpayers with their Economic Impact Payment. The payments are $1,200 per eligible person and up to $500 for each qualifying child. The first tool, Non-filers: Enter Payment Info Here is available – in English and Spanish – for certain taxpayers who don’t normally need to file…

Millions of Americans have already received their Economic Impact Payments as the IRS continues to automatically send payments to more individuals. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive their payment. The IRS will calculate the amount based on the income, filing status and dependent information on their most…

WASHINGTON – The Internal Revenue Service today announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments. The enhancements, which started last week and continued through the weekend, adjusted several items related to the online tool, which debuted on April 15.…