Notice 2020-22, Relief from Penalty for Failure to Deposit Employment Taxes (PDF) provides a waiver of additions to tax for failure to make a deposit of taxes for employers required to pay qualified sick leave wages and qualified family leave wages mandated by the Families First Coronavirus Response Act (Families First Act) and qualified health…

Recent tax law changes have extended or changed many expiring tax law provisions, including:  Treatment of mortgage insurance premiums as qualified residence interest Reduction in medical expense deduction floor Deduction of qualified tuition and related expenses Energy efficient homes credit Employer credit for paid family and medical leave Work opportunity credit Special rule for determining…

The IRS is issuing Economic Impact Payments. These payments are being issued automatically for most individuals. However, some people who don’t usually file a tax return will need to submit basic information to the IRS to receive their payment. Questions? The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool…

FAQs: Payroll Support for Air Carriers and Contractors under the CARES Act Division A, Title IV, Subtitle B, of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) authorizes the Department of the Treasury (Treasury Department) to provide payments to passenger air carriers, cargo air carriers, and certain contractors that must be exclusively used…

Rev. Proc. 2020-27 will be published in Internal Revenue Bulletin 2020-20, to be issued on May 11, 2020. Revenue Procedure 2020-27 provides that The Secretary of the Treasury has determined that the global health emergency caused by the outbreak of COVID-19 is an adverse condition that precludes the normal conduct of business globally.  Therefore, relief…

Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency The Treasury Department and the Internal Revenue Service today issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency.  The guidance includes the following: Revenue Procedure 2020-20, which provides that, under certain…

SSA, RRB recipients with eligible children need to act by Wednesday to quickly add money to their automatic Economic Impact Payment; IRS asks for help in the ‘Plus $500 Push’ The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they…