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The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December…

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs.

    Thank you for your understanding and cooperation with our effort for social distancing to keep you and our staff safe. We would like to announce that we now have a mail slot.  If you prefer to drop off your documents, we are able to receive them in a secure way!

To: Taxpayers subject to a quarter-monthly (accelerated) payment requirement In an effort to assist taxpayers, the Illinois Department of Revenue (IDOR) is providing guidance regarding quarter-monthly (accelerated) payments.

Working with the Treasury Department, the Internal Revenue Service unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.

The Internal Revenue Service, working in partnership with the Treasury Department and the Social Security Administration, announced that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments. SSI recipients will receive a $1,200 Economic Impact Payment with no further action needed on their part. The IRS projects the payments for this…

The Internal Revenue Service 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.

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS.

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the…

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses.