tax faqs

FAQs Addressing Tax Balances Due and Payment Options

July 2, 2020

As part of its People First Initiative, the IRS has posted frequently asked questions to its website on tax balances due and payment options. Will the IRS forgive taxpayers’ tax debts? No. The IRS will not forgive taxpayers’ tax debts and balances will continue to accrue penalties and interest during the relief period (April 1,…

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tax deadline

Haven’t Filed Your Taxes Yet? July 15 Tax Deadline Will Not Be Extended

June 30, 2020

The IRS and Treasury Department will not be extending the tax filing and payment deadline for a second time and the deadline will remain July 15, 2020, according to an IRS announcement. Individuals that need more time can request an automatic extension to file that will give them until October 15, 2020 to complete their…

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tax refunds

Interest Payments on Tax Refunds from the IRS

June 26, 2020

Taxpayers that will receive, or have already received, their tax refunds after April 15, 2020 will get interest payments from the IRS. According to a statement issued by the IRS, individuals that file their 2019 tax returns before the July 15, 2020 deadline and are issued their refund after April 15, 2020 will earn interest…

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secure act

Rollover Relief for Required Minimum Distributions from Retirement Accounts

June 24, 2020

Taxpayers that have already taken a required minimum distribution (RMD) in 2020 from their retirement accounts before the CARES Act was enacted can roll the funds back into the retirement account. The deadline is August 31, 2020 to take advantage of the rollover for RMDs taken this year. Under the CARES Act, RMDs due in…

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secure act retirement

Expanded Relief for Retirement Plan Distributions

June 23, 2020

The IRS released Notice 2020-50 which provides guidance and extended relief for retirement plan participants affected by the Coronavirus pandemic. The CARES Act includes provisions regarding retirement plan distributions and loans. Under the CARES Act, qualified individuals may treat up to $100,000 as coronavirus-related distributions from eligible retirement plans from January 1, 2020 to December…

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employer tax credit

Payment Due Dates Extended for Balance Due Notices

June 17, 2020

The IRS is extending the payment due dates for taxpayers that receive printed balance due notices due to IRS office closures from the Coronavirus pandemic.  When the notices are mailed in the next few weeks, taxpayers will receive an insert with the extended due date. According to the IRS insert: If the amount due on…

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