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The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S....

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a...

Economic Impact Payments (EIPs) are being sent to eligible individuals in response to the financial impact caused by COVID-19. However, the IRS says some payments were sent erroneously and should be returned. For example, an EIP made to someone who died before receipt...

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a...

Taxpayers were given extra time to file and pay current tax liabilities, in response to the COVID-19 pandemic. Absent another extension, the deadline of July 15, is almost here. Those who owe a 2019 income tax liability as well as estimated tax for quarters one and...

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a...

The IRS has issued a reminder that the 403(b) retirement plan extended remedial amendment deadline is fast approaching. Remedial amendment period actions that were otherwise required to be performed on or before March 31, 2020, must be taken by June 30, 2020. During...

The Small Business Administration (SBA) continues to help businesses recover from the effects of the COVID-19 crisis. Taxpayers can apply for SBA loans through the Paycheck Protection Program (PPP) and, if they meet certain criteria, receive loan forgiveness....

Some Economic Impact Payments (EIPs) were sent on prepaid debit cards. These EIP cards were sent in plain envelopes from “Money Network Cardholder Services.” Some recipients thought the envelopes were junk mail and they threw them in the trash. The IRS now explains...

The IRS has postponed deadlines for time-sensitive actions with respect to certain employment taxes, employee benefit plans, exempt organizations, IRAs, Health Savings Accounts (HSAs) and Coverdell education savings accounts due to the ongoing COVID-19 pandemic. Some...