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.
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.
Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines or apply to any other type of tax.
Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.