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 issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
To allow those partnerships to take advantage of the beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security Act, the IRS is allowing partnerships to file amended returns for 2018 or 2019.
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.
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 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.
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 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.
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.