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IRS makes it easier to set up payment agreements; Offers other relief to taxpayers struggling with tax debts
The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The revised COVID-related collection procedures will be helpful to taxpayers, especially those who have a record of filing their returns and paying their taxes on time. Among the…
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IRS provides tax relief for victims of Hurricane Sally; Oct. 15 deadline, other dates extended to Jan. 15
WASHINGTON — Victims of Hurricane Sally that began on Sept. 14 now have until Jan. 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for…
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Deadline to return RMD distributions to retirement accounts is Aug. 31
The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Aug. 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for…
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IRS to Pay Interest to 13.9 Million Taxpayers
The IRS is sending interest payments averaging $18 to almost 14 million taxpayers who filed their federal income tax return by July 15th and were due a refund. If you received your 2019 refund by direct deposit to your bank account, you will also receive the interest payment by direct deposit to the same bank…
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IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
WASHINGTON − The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options. Can I get money from my retirement account…
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Economic Impact Payments belong to recipient, not nursing homes or care facilities
The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care. The IRS issued this reminder following concerns that people and businesses may be taking advantage of vulnerable populations who received the Economic Impact Payments. The payments are intended…
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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…
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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…
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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…
