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Latest Tax News Updates from the IRS

May 08, 2020 1:01 PM | Anonymous member (Administrator)

Coronavirus Tax Relief

IRS has a special webpage dedicated to Coronavirus Tax Relief. Information is updated regularly. Please visit and bookmark https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments to stay current on the latest guidance for Coronavirus Tax Relief. You can also input “coronavirus” in the search bar on the IRS webpage.

Employer Credits

Many businesses affected by COVID-19 may qualify for 3 employer Credits; Employee Retention Credit, Paid Sick and Family leave credit. See:  Employee Retention Credit FAQ's and Tax Credits for required paid leave-faqs

Form 7200 – Errors

Employers who are filing Form 7200, Advance Payment of Employer Credits due to COVID-19, must read the instructions carefully to avoid errors. Mistakes can result in a processing delay, which means it may take longer to get the advanced payment. A Form 7200 recorded product line is available in English and Spanish - 833-551-3588.

common-errors-to-avoid-when-filing-for-advance-payment-of-employer-credits

Form and Instructions for 7200

Economic Impact Payment – how long is the payment available

Payments will be made throughout the rest of 2020. If you don’t receive a payment this year, you can claim it by filing a tax return for 2020 next year.

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Get My Payment- RAL/RAC

Some taxpayers file their tax return and may choose a refund settlement product. to help them pay their fees, get their refund immediately or even load the refund onto a direct debit card. In these situations, taxpayers may utilize a Refund Anticipation Loan (RAL) or a Refund Anticipation Check (RAC). If the refund settlement product or the associated account is closed or no longer active, the bank is required to reject the deposit and return it to the IRS. See FAQ: My EIP was sent to an account I don't recognize for more information

 

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