Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a half, but they are still subject to regular tax. Taxpayers can include coronavirus-related distributions as income on tax returns over a […]

Form 1040-X e-file coming this summer; major milestone for electronic returns Later this summer, tax professionals and taxpayers for the first time will be able to e-file Form 1040-X, Amended U.S Individual Income Tax Return, using available tax software products. Making the 1040-X an electronically filed form has been an ongoing request from the nation’s tax professional community and a continuing recommendation from the Internal Revenue Service Advisory Council (IRSAC) […]

Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020. • Existing Installment Agreements – Under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are delayed. Those currently unable to meet the terms of an Installment […]

Low-income individuals are eligible to receive an Economic Impact Payment.  Those who do not have a regular filing requirement can use the free, online tool Non-Filers: Enter Payment Info to quickly and easily register to receive their payment. There is also a Spanish language version of the tool available. The Non-Filers tool is for married couples with incomes below $24,400 or single people with income below $12,200. This includes couples […]

SSI and VA recipients who have children and weren’t required file a tax return in 2018 or 2019 should visit the Non-Filers: Enter Payment Info Here tool on IRS.gov by May 5. This will help ensure they receive their full Economic Impact Payment as soon as possible. This tool is available in English and Spanish. $1,200 automatic payments have started for those receiving Social Security retirement, survivor or disability benefits […]

WASHINGTON – Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of more than 80 million Economic Impact Payments starting to hit bank accounts over the weekend and throughout this week, this new tool will help address key common questions. Get My […]

WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due. Today’s notice expands this relief to additional […]

IR-2020-61, March 30, 2020 WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Who is eligible for the […]

Treasury Secretary Steven Mnuchin says the Trump administration is determined to support American businesses and workers. “We want all small businesses to keep employees so that they can reopen those businesses quickly when its medically sufficient,” Mnuchin told FOX Business’ Maria Bartiromo on Monday morning. He reiterated that any small business with fewer than 500 employees is eligible for a loan amounting to two months of payroll and some overhead and […]

WASHINGTON – To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. “The IRS is taking extraordinary steps to help the people of our country,” said IRS Commissioner Chuck Rettig. “In addition to extending tax deadlines and working on new […]