COVID-19 tax news and information

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April 8, 2020

AICPA posts 20 FAQs on tax filing relief

The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.

April 2, 2020

Social Security recipients will automatically receive stimulus payments

The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.

April 1, 2020

Employer tax credits form, employee retention credit guidance posted

The IRS issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic.

April 1, 2020

IRS waives failure-to-deposit penalties during pandemic

The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.

March 31, 2020

Recovery rebate payments to be issued within 3 weeks

The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.

March 27, 2020

Gift and GST returns added to postponed tax and filing deadlines

The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.

March 27, 2020

Coronavirus paid sick leave and family leave guidance issued

The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.

March 27, 2020

CARES Act tax provisions aim to stabilize pandemic-ravaged economy

The $2 trillion stimulus bill, which passed the Senate by a 96-0 vote late on Wednesday, contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.

March 27, 2020

Practitioner Priority Service, other IRS help lines suspended due to coronavirus

The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks “until further notice.”

March 26, 2020

AICPA requests broader relief for taxpayers

In a letter to Treasury and the IRS the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.