The various news releases for IRS Corona Virus relief, as they are updated, from the IRS can be found at https://irs.gov/coronavirus. Among those are the tax return extension and tax payment extension deadlines to July 15, 2020, for 2019 returns. A list of the IRS corona virus releases to date can be briefly summaries as follows (in order of most generally applicable first):
IR-2020-58 – Tax Day is now July 15: Treasury and the IRS have extend filing deadline and federal tax payments for 2019 individual and corporate returns to July 15, 2020, as part of the corona virus relief, regardless of the amount due.
IR 2020-61 – This is the economic impact payments for eligible taxpayers of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. The full release should be read because it details the income limits, what happens if you did or did not file a return for last year or this year, getting the payment by direct deposit or by mail.
IR-2020-59 – This release details the IRS’s temporary “People First Initiative” (were they not first before?). This is applicable to those who currently owe the IRS. The release is a long one and should be read by anyone in danger of liens, levies, garnishments, or other enforcement actions and by anyone who is in danger of defaulting on a current payment plan or offer in compromise.
IR-2020-57 – Treasury, IRS and Labor announced a 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.
Payment Deadline Treasury News Release – Treasury and IRS issued guidance that Form 1040 filers owing under $1 million and corporate filers owing under $10 million for their 2019 returns could wait until July 15, 2020 to pay. The filing deadline was later extended to the same date by IR-2020-58.
IR-2020-54 – The IRS said that health plans that otherwise qualify as HDHPs will not lose that status merely because they cover the cost of testing for or treatment of COVID-19 before plan deductibles have been met. The IRS also noted that, as in the past, any vaccination costs continue to count as preventive care and can be paid for by an HDHP.
IR-2020-62 -IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
IR-2020-57 – Treasury, IRS and Labor plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses. This is long one. The key takeaways are:
https://irs.gov/coronavirus should be checked for updates after March 31, 2020.
Posted on 03/31/2020 by Daniel Layton.