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Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels – will receive the Economic Impact Payment if they are not...
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WASHINGTON – The Internal Revenue Service today 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 Relief for taxpayers claiming NOLsRevenue...
Governor Tom Wolf announced today the Pennsylvania Department of Labor & Industry (L&I) is implementing new federal unemployment compensation benefits provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The COVID-19 relief package temporarily provides an additional $600...
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 WASHINGTON – To help millions of people, the Treasury Department and the Internal Revenue...
Who is eligible for the Economic Impact Payment? U.S. citizens or resident aliens who: Have a valid Social Security number, Could not be claimed as a dependent of another taxpayer, and Had adjusted gross income under certain limits. Who...
Financial experts agree that an economic rebound from the COVID-19-induced recession won’t happen until public health officials lift social distancing orders and allow companies to resume business operations. Until then, federal officials are working with local lenders to help...
Among the many provisions of the $2.2 trillion dollar CARES Act passed by Congress in March are several directed at retirement plans. These provisions loosen the usual restrictions on qualified accounts for those suffering economically from the current emergency. —...
Earlier this week, the IRS released IR-2020-61, which includes a statement that “some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.” Knowing that this directly...
WASHINGTON — The Internal Revenue Service today 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. “We...
The Treasury announced late Wednesday that Social Security beneficiaries who typically do not file a tax return will automatically get the $1,200 payment. The announcement is a reversal from earlier in the week when the Internal Revenue Service said...
Friday is the last day businesses can apply to be considered life-sustaining by state authorities, officials announced. The designation allows businesses to operate their physical locations during the coronavirus pandemic. Officials from the state Department of Community and Economic...
WASHINGTON — 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...
WASHINGTON — 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...
WASHINGTON — 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...
If you haven’t filed federal taxes for 2018, do that right now The IRS said if you haven’t filed your 2018 federal taxes, that could affect your stimulus check and recommends that anyone who hasn’t filed a 2018 tax return...
The Pennsylvania Industrial Development Authority (PIDA) COVID-19 Working Capital Assistance Fund (CWCA) is now available for applications. $60 million in favorable working capital loans is available for the state to vulnerable, impacted businesses on a first-come, first-serve basis. Businesses...
WASHINGTON – The Treasury Department and Internal Revenue Service announced today 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...
The U.S. Small Business Administration Eastern Pennsylvania District Office and the Chester Delaware Counties SCORE Chapter will hold webinar training on the SBA Economic Injury Disaster Loan (EIDL) Program for small businesses and private non-profits due to COVID-19. The...
The IRS won’t share any information a taxpayer gives IRS with outside parties, unless allowed by the taxpayer or by law. This is the right to confidentiality – the eighth of ten rights taxpayers have under the Taxpayer Bill...
