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Economic Impact Payments Continue to be Sent
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…
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Temporary procedures to fax certain Forms 1139 and 1045 due to COVID-19
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…
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Tools to help people get their Economic Impact Payment
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…
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Economic Impact Payment for Children
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…
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IRS enhances Get My Payment online application to help taxpayers
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.…
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Joint Statement by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin on the Resumption of the Paycheck Protection Program
Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP): “We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for…
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Relief from Penalty for Failure to Deposit Employment Taxes
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…
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Tax Law Provisions Changed or Extended
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…
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Questions about Economic Impact Payments
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…
