The Internal Revenue Service introduced an online tool on its website to help people who don’t normally file their taxes receive their stimulus payments sooner in response to the novel coronavirus pandemic.
The Internal Revenue Service and the Treasury Department are extending a number of tax deadlines for individuals, trusts, estates, corporations and others due to the impact of the novel coronavirus.
The American Institute of CPAs has posted a set of frequently asked questions and answers aimed at helping CPAs and their clients with tax filing and tax relief in response to the novel coronavirus pandemic, while pointing out the various shortcomings in the federal government’s response.
This is normally the time of year when the federal government is collecting taxes due, but the devastating coronavirus now has the U.S. trying to rapidly dole out hundreds of billions of dollars in aid and tax breaks to businesses large and small.
Even as they still have to deal with tax season, the service is tasked with handling much of the stimulus packages.
These direct payments are intended to provide direct assistance to American taxpayers who have lost wages, jobs or opportunities because of COVID-19. But there is some fine print.
Accounting and tax professionals are especially in the throes of the evolving situation as federal and state governments discuss how they will provide relief to struggling families and American businesses.
Some people counting on $1,200 stimulus checks from the government may not see the money until mid-September, according to a House Ways and Means Committee analysis.
The Internal Revenue Service issued a warning urging taxpayers to beware of scammers calling and emailing them about the stimulus payments they are expecting as a result of last week’s CARES Act.
Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.