During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages. But don’t worry—the IRS is pausing most of its collection and audit enforcement actions. Installment Agreements If you have an installment agreement with the IRS, then the IRS is suspending your payments due between April 1 and July 15, 2020. […]
COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay
Bradford Tax Institute April 2020 COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020 The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27. The legislation is titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). […]
COVID-19: New SBA Loans for Small Businesses – Maybe a Great Deal
Mary Lee Miller EA LLC April 3, 2020 Dear Client: The COVID-19 pandemic has upended all aspects of life around the world, including the worldof business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small BusinessAdministration (SBA), which is authorized to provide loans to small businesses on an as-neededbasis. There are two types […]
COVID-19: Tax Season Delayed Until July 15 – Wait or file now?
Mary Lee Miller EA LLC04-02-2020 Dear Client: As you know, the COVID-19 pandemic has shut down much activity in the United States.The IRS decided to use its authority in a national emergency to postpone certain tax return filingsand payments. This change affects every one of you, and the rules are tricky—after all, this is taxlaw. We’ll explain who gets relief; what the IRS postponed; and […]
Payment Deadline Extended to July 15, 2020
e-News for Tax Professionals March 18, 2020 Inside this Issue The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the […]
IRS Watch
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