Terrence A. Grady

& Associates Co., L. P. A.

Tax & Business Planning

Tax Relief Provided by CARES Act

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Here is a quick update you on some of the applicable tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act  that was signed into law on March 27, 2020.

Recovery rebates for individuals.  The CARES Act provides for the government to send up to $1,200 payments to eligible taxpayers and $2,400 for married couples filing joints returns.

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IRS’s New People First Initiative

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In response to the growing impact that COVID-19 is having on our daily lives and economy, the IRS released its People First Initiative.  This Initiative was released on March 25, 2020, and includes many taxpayer friendly provisions.  As explained by the Tax Commissioner, this Initiative was designed to “provide immediate relief to help people facing uncertainty over taxes.”

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IRS Taxpayer Roadmap

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The IRS Taxpayer Advocate’s office released the Taxpayer Roadmap (TAS_Roadmap) that provides a very visual illustration of the many stages of interactions with the IRS.  This roadmap details the process of filing and processing a tax return.  The IRS audit process and the Taxpayer’s ability to contest and review IRS audit examinations and changes. 

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