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…
Illinois Income Tax Filing and Payment Extension
In light of the recent Disaster Proclamation issued by Governor JB Pritzker and by his direction, the Illinois Department of Revenue (IDOR) is following the federal government in providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for Illinois income tax returns has been…
IRS FAQs answer filing, payment postponement questions
In Notice 2020-18, IRS announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. See IRS makes official announcement of filing deadline postponement. Here are the key points in the FAQs:
Coronavirus (COVID-19): Tax relief for small businesses
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest.
