Here are legislative and IRS responses to the coronavirus outbreak.
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TOPICS / TAX
Individual income taxation
Relief for tax residency impacts of COVID-19 travel disruptions
Individuals and businesses can avoid having their prolonged stay in a country affect their tax residence if their cross-border travel was disrupted by the COVID-19 pandemic, under limited relief the IRS announced in two revenue procedures and FAQs.
Deadline looms for nonfilers to register for child stimulus payments
Social Security and Railroad Retirement beneficiaries who didn’t file 2018 or 2019 tax returns must enter their children’s information by noon EDT on Wednesday, April 22, to get an automatic $500 child stimulus payment.
IRS explains how to file returns to receive economic impact payments
The IRS issued guidance on how to file tax returns in order to receive an economic impact payment for taxpayers who do not normally file income tax returns or who have zero adjusted gross income amounts to report can file returns using special IRS procedures.
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.
SSI recipients to receive stimulus payments; dependent payments require extra step
The IRS announce that Supplemental Security Income (SSI) recipients will receive automatic stimulus payments, but some taxpayers need to enter information about qualifying children.
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.
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.
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.
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.
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.
AICPA advocates on Wayfair burden, virtual currency taxation
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.
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.
Relieving the April 15 ‘pressure point’
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.
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
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.
IRS posts FAQs about coronavirus-related filing and payment extensions
The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
Practitioners seek further clarity on tax filing, payment delay
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.
IRS provides guidance for April 15 filing delay
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.
Tax filing deadline moving to July 15, Treasury secretary announces
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.
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
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.
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