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11 Tax Tips for the Unemployed
Over the past five weeks, 26.5 million Americans have filed initial claims for unemployment, according to the U.S. Department of Labor. That’s in addition to the 7.1 million unemployed Americans reported before most of the country shut down in...
IRS recalls thousands of employees to work and asks them to bring their own safety gear
The IRS will start recalling “certain employees in mission-critical functions” to agency offices starting Monday, though it is urging them to bring their own face masks and suggesting the employees can make them out of t-shirts or bandanas,...
Connecticut stands to lose billions in taxes due to coronavirus as McConnell favors letting cash-strapped states go bankrupt
Connecticut stands to lose as much as $2 billion in taxes over two years from the toll the coronavirus has taken on the state’s economy, and federal aid to make up for that lost revenue is far from certain. U.S. Senate Majority Leader...
Letter from IRS Commissioner clarifying the federal income tax treatment of assistance from the Connecticut Foundation Solutions Indemnity Company
IRS Commissioner Charles P. Rettig provided the letter below to Representative Joe Courtney in response to his request for clarification of the federal income tax treatment of assistance from the Connecticut Foundation Solutions Indemnity...
Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency
The Treasury Department and the Internal Revenue Service today issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency.
SSA, RRB recipients with eligible children need to act by Wednesday to quickly add money to their automatic Economic Impact Payment; IRS asks for help in the "Plus $500 Push"
The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn't file a tax return in 2018 or 2019 and have dependents so they can quickly receive the...
COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs
The Families First Coronavirus Response Act (the "FFCRA"), signed by President Trump on March 18, 2020, provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and...
PTIN fee will be lower when it is reinstated
The IRS issued proposed regulations (REG-117138-17) that would lower the user fee it charges for new and renewal preparer tax identification numbers (PTINs). The new fee would be $21 plus a $14.95 fee paid directly to a third party for processing...
Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date
Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of...
Connecticut DRS Extends Filing, Payment Deadlines for Certain State Tax Returns to Align with Federal Changes
View the impacted Connecticut returns and the associated filing dates and payment deadlines.
Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments
To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool,...
IRS extends more tax deadlines to cover individuals, trusts, estates, corporations, and others
To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers...
IRS provides guidance under the CARES Act to taxpayers with net operating losses
The Internal Revenue Service today issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses. Recently the IRS issued tax relief for partnerships filing amended returns.
AICPA posts 20 FAQs on tax filing relief
Based on member feedback, the AICPA has identified seven key areas in need of immediate tax relief and has posted 20 FAQs on the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has been advocating for more...
IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments
The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. "We urge people to...
What SMB Clients Need to Know About the Families First Coronavirus Response Act
As COVID-19 sends shock waves through nearly every industry, one of the biggest challenges for businesses is adapting to fast-moving legislative updates. On March 18, 2020, President Trump signed the second bipartisan stimulus package, the...
IRS Provides Information on the Employee Retention Credit
The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an...
Economic impact payments: What you need to know
The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However,...
Massive Coronavirus Stimulus Package Contains Many Significant Tax and Employee Benefits Provisions
The Cares Act is a massive 2.2 trillion dollar package that contains a number of provisions to assist the United States economy combat the impact of COVID-19.
IRS - changes in procedures digital signatures & sending receiving information electronically
There is an immediate (temporary) change in IRS procedures regarding digital signatures, receiving taxpayer information electronically and transmitting information to a taxpayer or their representative. The IRS now allows IRS employees to...