Any boost for workers from a payroll tax cut that President Donald Trump favors would take weeks to kick in and the effects could be distributed unevenly.
People who aren’t required to file a U.S. tax return have less than three months to alert the Internal Revenue Service if they haven’t yet received a $1,200 stimulus payment from the government, Commissioner Chuck Rettig said.
IRS Commissioner Chuck Rettig expressed his appreciation to tax professionals Tuesday for their cooperation during the extended tax season that was prolonged by the novel coronavirus pandemic and pledged to deliver any future stimulus payments approved by Congress.
Over a hundred members of Congress are asking the service to resolve a number of issues preventing the remaining Economic Impact Payments from going out.
A study has found that the last batch of stimulus checks arrived at wealthier, White households more quickly than to those of Blacks and Hispanics.
The Internal Revenue Service said Wednesday it has begun to send letters to taxpayers who are seeing delays in the processing of their Form 7200, Advance Payment of Employer Credits Due to COVID-19.
Even the extra time to file hasn’t been enough for some businesses struggling to pay the government as the pandemic threatens to worsen.
The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the months ahead.
The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.
The service reminded taxpayers they will need to resume paying their taxes on July 15, but the AICPA is asking for further relief, as an inspector general report sheds light on the unprecedented filing season.