The CARES Act includes approximately $350 billion for an SBA small business loan program called the Paycheck Protection Program. The goal of this program is to get money to small businesses quickly (and with minimal application requirements). This loan program is also designed to encourage businesses to continue to employ their workers and re-hire (if necessary).
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.
The IRS added some Frequently Asked Questions/Answers to its website to address some common questions related to the People’s First Initiative and the recent postponement of filing and payment dates. Important among these FAQs includes a confirmation that the due date for tax payments due for tax year 2019 has been extended to July 15th,
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.”
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.
With the passing of the April 15th tax filing deadline, many taxpayers are faced with new tax liabilities and looking for answers on how to address them. Fortunately, there are many different repayment options available for tax liabilities. The qualification requirements for many of these options are largely dependent on the type of taxpayer and the amount of tax owed.