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WASHINGTON – The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15. This means that any individual or corporation that has a quarterly...
Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of what they spend;...
WASHINGTON – The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Notice 2020-46 provides that cash payments employers make to charitable organizations that provide relief to...
Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. Here’s a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through Dec. 31, 2020. Credits...
WASHINGTON – The Internal Revenue Service today reminded taxpayers to guard against tax fraud and other related financial scams related to COVID-19. In the last few months, the IRS Criminal Investigation division (CI) has seen a variety of Economic...
WASHINGTON –The Internal Revenue Service today provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. The change relates to signatures of the individual making...
WASHINGTON – The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020. The rates will be: • three (3) percent for overpayments [two (2) percent in the case of a...
WASHINGTON – With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don’t usually file tax returns to register for a payment by Oct. 15. Millions of low-income people and others who aren’t...
There are many easy-to-use tools on available on IRS.gov. Even better, they are available 24 hours a day. These tools help people file and pay taxes, find information about their account and get answers to tax questions. Here are...
Revenue Ruling 2020-12 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates for June 2020, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These...
WASHINGTON –The Treasury Department and the Internal Revenue Service today issued proposed regulations to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. The proposed regulations provide guidance regarding two new credits for...
Under the Families First Coronavirus Response Act, employers can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members. This relief helps ensure employees are...
WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today issued a proposed regulation updating the federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020. Prior to the...
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. The final regulations reflect statutory amendments and certain grants of reporting relief announced by...
Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers receive a debit card was made by the Bureau of the Fiscal Service, another part...
Pennsylvania Business Community: In April, Governor Tom Wolf announced his detailed plan for reopening Pennsylvania. The plan includes three phases (Red, Yellow, and Green) that counties will enter based on the conditions in their area. As of Friday, May...
WASHINGTON – The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available....
WASHINGTON— This week, Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and...
As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected. Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. And, eligible individuals receive...
The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount...
