On Friday March 27th, 2020 Congress passed a $2 trillion stimulus bill to address the economic crisis caused by the coronavirus pandemic. The first part of this Act is direct stimulus payments to many taxpayers. Individuals are eligible for up to $1,200 and couples would receive up to $2,400. In additional you will receive $500 […]
Earlier today, IRS rolled out additional information on its operations, entitled the People First Initiative. While the document is fairly dense, here is what we see as the most salient features for enrolled agents: Installment agreements: Payments due between April 1 and July 15 for taxpayers under existing installment agreements are suspended. Taxpayers may enter into new installment agreements. Offers in Compromise (OIC) Pending OIC applications will […]
Providing peace of mind and financial security for Missouri workers and families moving forward as we combat COVID-19 is a top priority for Governor Parson. The Department of Revenue has contributed to our state’s response by easing the burden and short-term uncertainty facing our state. Mirroring the federal guidance issued by the Internal Revenue Service […]
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]
Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]
On March 17th, 2020 the Treasury Secretary, Mnuchin announced that tax returns are still due by April 15th, 2020. However payments due on that day may be delayed until July 15, 2020 without occurring penalty or interest. The only way to delay payment is to file the return by April 15th, 2020 or file an […]