Supplemental Security Income Recipients Will Receive Automatic Economic Impact Payments – Step Follows Work Between Treasury, IRS, Social Security Administration (IR-2020-73)

The Internal Revenue Service, working in partnership with the Treasury Department and the Social Security Administration, announced today 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 group will go out no later than early May.

Treasury, IRS Unveil Online Application to Help with Economic Impact Payments

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

With an initial round of more than 80 million Economic Impact Payments starting to hit bank accounts over the weekend and throughout this week, this new tool will help address key common questions. Get My Payment will show the projected date when a deposit has been scheduled, similar to the “Where’s My Refund tool” many taxpayers are already familiar with.

Treasury, IRS Launch New Tool to Help Non-filers Register for Economic Impact Payments (IR-2020-69)

IRS.gov feature helps people who normally don’t file get payments; second tool next week provides taxpayers with payment delivery date and provide direct deposit information. To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.

IRS Extends More Tax Deadlines to Cover Individuals, Trusts, Estates, Corporations and Others (IR-2020-66)

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.

IRS Urges Taxpayers to Use Electronic Options – Outlines Online Assistance (IR-2020-68)

The Internal Revenue Service today reminds taxpayers and tax professionals to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments.

To protect the public and employees, and in compliance with orders of local health authorities around the country, certain IRS services such as live assistance on telephones, processing paper tax returns and responding to correspondence are extremely limited or suspended until further notice. All Taxpayer Assistance Centers remain temporarily closed as are many volunteer tax preparation sites until further notice. This will not affect the IRS’s ability to deliver Economic Impact Payments, which taxpayers will begin receiving next week.

Social Security Recipients Will Automatically Receive Economic Impact Payments

WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service today announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts.

Social Security recipients not typically required to file a tax return will not need to take any action to receive Economic Impact Payments

“Social Security recipients who are not typically required to file a tax return need to take no action, and will receive their payment directly to their bank account,” said Secretary Steven T. Mnuchin.

The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate $1,200 Economic Impact Payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits.

For additional information see IR 2020-61, Economic impact payments: What you need to know (Updated April 1, 2020).

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IRS: Employee Retention Credit Available for Many Businesses Financially Impacted by COVID-19 (IR-2020-62)

The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

Does my business qualify to receive the Employee Retention Credit? 

Economic Impact Payments: What You Need to Know (IR-2020-61)

The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.

IRS Unveils New People First Initiative – COVID-19 Effort Temporarily Adjusts, Suspends Key Compliance Programs (IR-2020-59)

To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.

“The IRS is taking extraordinary steps to help the people of our country,” said IRS Commissioner Chuck Rettig. “In addition to extending tax deadlines and working on new legislation, the IRS is pursuing unprecedented actions to ease the burden on people facing tax issues. During this difficult time, we want people working together, focused on their well-being, helping each other and others less fortunate.”

IRS Mission-critical Functions Continue During COVID-19 to Assist Taxpayers

As the COVID-19 (coronavirus) outbreak continues, the Internal Revenue Service is taking multiple steps to protect America’s taxpayers.  Although we are curtailing some operations during this period, the IRS is continuing with mission-critical functions to support the nation, and that includes accepting tax returns and sending refunds.

“As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience,” IRS Commissioner Chuck Rettig. “I’m incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment. Working closely with our partners in the nation’s tax community, we will do everything in our power to help.”

Tax Day Now July 15: Treasury, IRS Extend Filing Deadline and Federal Tax Payments Regardless of Amount Owed (IR-2020-58)

The Treasury Department and Internal Revenue Service announced on March 21, 2020, that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

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 (IR-2020-57)

On March 20, 2020, 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 small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.

Tax Time Guide: Guard Personal, Financial and Tax Information Year-round – New Coronavirus-19 Page on irs.gov (IR-2020-56)

The Internal Revenue Service reminds taxpayers to remain safe and vigilant with their personal information by securing computers and mobile phones. Proper cybersecurity protection and scam recognition can reduce the threat of identity theft inside and outside the tax system. In addition, those needing an update on the Coronavirus-19 latest tax implications visit the new page created on irs.gov for updates.

IRS Increasing Focus on Taxpayers Who Have Not Filed Tax Returns (FS-2020-02)

The Internal Revenue Service announced it will visit more taxpayers who haven’t filed tax returns for prior years in an effort to increase tax compliance and further enforce the law. In addition, the IRS is increasing the use of data analytics, research and new compliance strategies, including personal visits, to reach taxpayers and tax return preparers who have not filed federal tax returns.

Tax Time Guide: Payment Options Available for Those Who Owe (IR-2020-48)

The Internal Revenue Service today reminded taxpayers that if they need to make a tax payment or owe and can’t pay, the IRS offers several options. The following info is part of a series of IRS tips called the Tax Time Guide, designed to help taxpayers file an accurate tax return. This year’s tax-filing deadline is April 15. Taxpayers should know before they owe. The IRS encourages all taxpayers to check their withholding with the IRS Withholding Estimator.

Tax Time Guide: Check Out These Free Tax Return Preparation Options (IR-2020-47)

The Internal Revenue Service reminds taxpayers that free tax help is available in-person at nearly 11,000 volunteer sites nationwide and online through IRS Free File. This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax.

Tax Time Guide: IRS.gov’s ‘Where’s My Refund?’ Tool is Fastest, Easiest Way to Check on Tax Refunds

The Internal Revenue Service is reminding taxpayers today that the best way to check on their tax refund is by using the “Where’s My Refund?” tool at IRS.gov or through the IRS2Go Mobile App. This news release is part of a group of IRS tips called the Tax Time Guide. The guide is designed to help taxpayers as they near the April 15 tax filing deadline.

Taxpayers Should Know the Difference Between Standard and Itemized Deductions

It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.

Individuals should understand they have a choice of either taking a standard deduction or itemizing their deductions. Taxpayers can use the method that gives them the lower tax. Due to tax law changes in the last couple years, people who itemized in the past might not want to continue to do so, so it’s important for all taxpayers to look into which deduction to take.

IRS Opens 2019 Tax Filing Season for Individual Filers on Jan. 27

The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.

The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.

Get Ready for Taxes: What to Do Before the New Year

The Internal Revenue Service reminds taxpayers there are things that you can do now to get ready for the tax-filing season ahead.

Charitable Contributions

For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2019 tax return. For example, those who plan to itemize deductions should know that charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2019 count for the 2019 tax year, even if the bill isn’t paid until 2020. Checks to a charity count for 2019 if they are mailed by the last day of the year.

Giving Tuesday ‘Tis the Season Tax Tips when Donating

Giving Tuesday is an annual event celebrated the week after Thanksgiving to kick off the season of charitable giving.  During this traditional day of giving generously to charities, friends and family, it is important to remember that your donations can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations to refund planning:

Cyber Monday Shopping List Should Include Safeguards Against Online Thieves

For many shoppers, Cyber Monday kicks off the holiday season. For some online thieves, ‘tis the season to take advantage of having so many people shop online at once. They steal shoppers’ personal information and package it as their own, while draining bank accounts or saving the information to file fraudulent tax returns in the names of the victims at the start of the 2020 filing season.

“Or Else What?” The Limits of Checks and Balances

America’s founding fathers were wise in many respects. They were revolutionary in setting up a republic, based on the separation of powers and a system of checks and balances. One even presciently warned against the mischief of factions. What they did not foresee was two nationalized factions paralyzing government, a viable means of resolving disputes between elections, and an answer to “or else what?” should one branch refuse to comply with the demands of the other.

Do You Have an IRS Audit Coming?

Shut Down Continues with No End in Sight