Thomson Reuters Covid-19 Resources

We hope you and your families are staying safe and healthy. The Covid-19 situation is a constantly developing and changing situation, affecting all people and industries. As tax professionals, we wanted to provide some additional helpful resources from within our industry during this challenging time There is an excellent new Covid-19 resource center on the Thomson Reuters Website:  https://www.thomsonreuters.com/covid-19 Many tax professionals are already receiving the daily Checkpoint newsstand email from Thomson… Read More

The IRS announces that income tax payments due April 15 can be deferred to July 15, regardless of the amount

The IRS and the U.S. Treasury Department have been making a series of announcements to provide tax relief in the wake of the coronavirus (COVID-19) pandemic. After previously announcing that taxpayers could defer making federal income tax payments up to certain limits for three months, the IRS has now announced that taxpayers can postpone payments without penalties or interest “regardless of the amount.” Filing and payment extension According to new Notice 2020-18,… Read More

CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system

After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has been passed by the Senate and is expected to be passed by the House, although the mechanics… Read More

March 27 Federal Tax Posts Summary

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has passed the Senate and, as of this writing, awaits a vote in the House. The bill contains several provisions that address the burdens on individuals as a result of the coronavirus (COVID-19) pandemic. Among other things, it provides recovery rebates of up to $1,200 for singles and $2,400 for married couples filing jointly (plus $500 per qualifying child) subject to income-based… Read More

March 26 Federal Tax Posts Summary

Late on March 25, the U.S. Senate passed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) by a vote of 96-0. The bill, which provides $2 trillion in coronavirus (COVID-19) relief, will now move to the U.S. House of Representatives for consideration. The House is expected to vote on the bill on March 27. The proposed law contains a wide variety of relief, including small business loans, expanded unemployment aid,… Read More