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Informative IRS COVID-19 Tax Tips

The Internal Revenue Service (IRS) has recently published many useful and informative COVID-19 Tax Tips. Here are some recent topics:

  • COVID Tax Tip 2020-59 – 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.

Source: Internal Revenue Service