The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.
Individual income taxation
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.
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.
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.
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.
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.
The AICPA voiced small businesses’ concerns with the fallout from the Wayfair decision and discussed taxation of virtual currency in separate events on March 3.
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.
Ed Karl, CPA, the AICPA's vice president–Tax Policy & Advocacy, outlines how the IRS tax filing delay came about — and what it means for CPA tax practitioners and their clients.
The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
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.
Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
The factors of Regs. Sec. 1.183-2(b),along with the taxpayer's goals, actions, and testimony, supported the court's holding.
Certain health care taxes are repealed, IRAs are revamped, and disaster relief and other provisions are extended.
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.