COVID-19 tax news and information

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April 17, 2020

IRS posts FAQs on paid sick and family leave

The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.

April 17, 2020

Veterans Affairs recipients to receive automatic economic impact payments

Recipients of Veterans Affairs benefits were added to the list of individuals who will automatically receive economic impact payments, the IRS announced.

April 17, 2020

How to take retroactive 100% bonus depreciation on QIP

The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).

April 16, 2020

SSI recipients to receive stimulus payments; dependent payments require extra step

The IRS announced that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.

April 15, 2020

IRS launches website for tracking stimulus payments

The IRS announced the launch of its “Get My Payment” website, which is designed to permit people who filed tax returns to enter their direct deposit information and check the status of their $1,200 stimulus payment.

April 13, 2020

Business interest expense election guidance for farming, real estate

Real property or farming trades or businesses can withdraw their decision to elect out of Sec. 163(j)’s business interest expense limitation for a 2018, 2019, or 2020 tax year, the IRS said in guidance.

April 10, 2020

IRS launches tool for nonfilers to receive stimulus payments

The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low.

April 10, 2020

Guidance on NOL carryback and tentative carryback adjustments

The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.

April 9, 2020

IRS grants broad coronavirus-related tax relief

The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.

April 8, 2020

Partnerships can file amended returns to get CARES Act benefits

To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.