The Internal Revenue Service (IRS) has recently published many useful and informative COVID-19 Tax Tips. Here are some recent topics:
- COVID Tax Tip 2020-55 – What People Really Want to Know About Economic Impact Payments. This tip shares information the IRS feels will answer the top questions people are asking.
- COVID Tax Tip 2020-56 – IRS People First Initiative Provides Relief to Taxpayers Facing COVID-19 Issues. This initiative provides much needed relief to the taxpayers from easing payment guidelines to delaying compliance actions. Remember, this is only effective through the filing and payment deadline of Wednesday, July 15, 2020.
- COVID Tax Tip 2020-57 – IRS People First Initiative Provides Relief to Taxpayers. The IRS is providing relief on some issues that are part of the People First Initiative, because of COVID-19, by adjusting certain activities through the filing and payment deadline of July 15, 2020 related to IRS exams or audits.
- COVID Tax Tip 2020-58 – Employee Retention Credit Available for Businesses Affected by COVID-19. A credit designed to encourage businesses to keep employees on their payroll.
- COVID Tax Tip 2020-59 – Why Some People’s Economic Impact Payment is Different Than Expected. Here are some examples of why some taxpayers may have received a different amount than they had originally expected. If that amount was less, the taxpayer may receive an additional amount early next year when they file their 2020 federal income tax return. If you are eligible for this payment but have not yet received it, that doesn’t mean you won’t receive it. These payments are essentially advances for a new credit on your 2020 tax return.
- COVID Tax Tip 2020-61 – Millions of People Will Get Their Economic Impact Payment by Prepaid Debit Card. The Bureau of the Fiscal Service recently made the decision to issue a prepaid debit card instead of a paper check to nearly four million people for their Economic Impact Payment. This agency is part of the Treasury Department that works with the IRS to handle dispersal of the payments.
Source: Internal Revenue Service