Answers to questions you may have about Economic Impact Payments
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.
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Illinois – Reminder to Taxpayers of Calculation Options for Quarter-Monthly (Accelerated) Payments
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.
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 unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.
Supplemental Security Income recipients will receive automatic Economic Impact Payments; step follows work between Treasury, IRS, Social Security Administration
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…
IRS provides guidance under the CARES Act to taxpayers with net operating losses
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.
COVID-19: IRS announces more relief and details
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.
Relief from not making employment tax deposits due to COVID-19 tax credits
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…
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…
