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 that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses.
Illinois – Cancel or Reschedule a 2019 Income Tax Return Electronic Payment
If you scheduled an electronic payment for 2019 income taxes to be paid on or before April 15, 2020, your payment will not automatically be rescheduled to July 15, 2020. If you do nothing, the payment will be made on the date you chose. If the payment has not been processed, you may be able to…
Answers to questions about the CARES Act employee retention tax credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result…
CARES ACT changes retirement plan and charitable contribution rules
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief,…
Follow IRS on social media, sign up for e-news subscriptions for urgent updates on COVID-19, scams and economic impact payment information
The Internal Revenue Service reminded taxpayers, businesses, tax professionals and others to follow the agency’s official social media accounts and email subscription lists to get urgent information on COVID-19 and economic impact payments. These platforms provide the latest alerts and information on various tax topics to include emerging scams.
Illinois – Changes to Estimated Payment Requirements due to COVID-19 Virus Outbreak
Estimated payment allowances Due to the COVID-19 virus pandemic and the subsequent Emergency Declaration of Disaster by Governor JB Pritzker, the filing and payment deadline for income tax returns due April 15, 2020, was extended to July 15, 2020. As a result, a significant number of taxpayers will not be able to accurately calculate and…
IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments
The Internal Revenue Service 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.
The new COVID-19 law provides businesses with more relief
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Cash payments and tax relief for individuals in new law
A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and…
