Economic Impact Payments: What you need to know

    

The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about actions being taken by the U.S. government is available at https://www.usa.gov/coronavirus and in Spanish at https://gobierno.usa.gov/coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.

Economic Impact Payments: What you need to know

The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank accounts. However, some people who typically do not file returns will need to submit a simple tax return to receive the economic impact payment. When more specific details become available, we will update this page.

News Releases

• IR-2020-65, Follow IRS on social media, sign up for e-news subscriptions for urgent updates on COVID-19, scams and economic impact payment information
• IR-2020-64, IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments
• Treasury News Release: Social Security Recipients Will Automatically Receive Economic Impact Payments
• IR-2020-62, IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
• IR 2020-61, Economic impact payments: What you need to know (Updated April 1, 2020)
• IR-2020-59, IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program
• IR-2020-58, Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount
• IR-2020-57, Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave
• Treasury News Release: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak
• IR-2020-54, IRS: High-deductible health plans can cover coronavirus costs

Statements

• IRS Grants Extension of Time to File FATCA Information Returns
• IRS Operations During COVID-19: Mission-critical functions continue
• Taxpayer Assistance Center Closure Statement
• Filing and Payment Deadline Extended to July 15, 2020 - Updated Statement

Frequently Asked Questions

• Installment Agreement Direct Debit FAQs
• COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs
• FAQs: Employee Retention Credit under the CARES Act
• DOL Families First Coronavirus Response Act: Questions and Answers
• Filing and Payment Deadlines Questions and Answers

Partner materials/Public Service Announcement

• Economic Impact Payments – e-Poster (PDF)

Guidance

• Notice 2020-22 (PDF), Relief from Penalty for Failure to Deposit Employment Taxes
• Notice 2020-21 (PDF), Effective Date for Employment Tax Credits Under the Families First Coronavirus Response Act
• Notice 2020-20 (PDF), Update to Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift and Generation-Skipping Transfer Tax Filing and Payment Deadlines
• Notice 2020-18 (PDF), Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic
• Notice 2020-15 (PDF), High deductible health plans and expenses related to COVID-19

Tax Help

IRS has several online resources to help taxpayers.

• Free File - prepare and file your federal income tax return for free using tax preparation and filing software.
• Where's My Refund? - is an online tool that will track your tax refund. You will need your Social security number or ITIN, your filing status and your exact refund amount to use the tool.
• Online Payment Agreements - you can apply for a payment plan online to pay off your balance over time.
• IRS2Go mobile app - Check your refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips, and more!
• Online Account – use this tool to view: Your payoff amount, updated for the current calendar day, the balance for each tax year for which you owe, up to 24 months of your payment history and key information from your current tax year return as originally filed.

Resource

• https://www.irs.gov/coronavirus?fbclid=IwAR0MGBlgH3jpY-nTXAMaO0mtCX4duh2XXq8dguasE-ZWONSpxQSo-x38X-Q 

Joanna Dratwa-Naruszewicz Accountant, Notary Public Certified Quickbooks ProAdvisor P (847) 221-8283 552 E Northwest Hwy Palatine IL