COVID-19 Basics

Harvard Health Publishing - Harvard Medical School

As we continually learn more about coronavirus and COVID-19, it can help to reacquaint yourself with some basic information. For example, understanding how the virus spreads reinforces the importance of social distancing and other health-promoting behaviors. Knowing how long the virus survives on surfaces can guide how you clean your home and handle deliveries. And reviewing the common symptoms of COVID-19 can help you know if it's time to self-isolate..

 

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Taxpayers should be aware of Coronavirus-related scams

According to IRS: COVID Tax Tip 2020-42

Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft.

 

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All Taxpayers have the right to Quality Service

The IRS wants taxpayers to know their rights in case they need to work with the agency on a tax matter.

The Taxpayer Bill of Rights, lists and defines 10 fundamental rights of every taxpayer. Included on that list is the Right to Quality Service:

Taxpayers have the right to:

 

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IRS urges employers to choose carefully when selecting a payroll service provider.

Using a reputable firm or group can protect employers from fraud; options include PSPs, RAs and CPEOs

WASHINGTON — The IRS reminded employers today to carefully choose their payroll service providers following continuing concerns that some disreputable organizations can fail to deposit employment taxes, leaving businesses vulnerable to unpaid bills.

 

Many employers outsource their payroll and related tax duties to third parties. This streamlines business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities....

 

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IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses.

The Internal Revenue Service today issued proposed regulations that adopt simplified tax accounting rules for small businesses. For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having inflation-adjusted average annual gross receipts of $26 million or less..

 

More information about this and other TCJA provisions is HERE...

Treasury, IRS launch new tool to help non-filers register for Economic Impact Payments

CLICK HERE to submit your Bank Account Information to IRS

The non-filer tool, developed in partnership between the IRS and the Free File Alliance, provides a free and easy option designed for people who don’t have a return filing obligation.

 

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IRS extends tax filing deadline to July 15

The IRS moved the national income tax filing day ahead to July 15, three months after the normal deadline for Americans to send in their returns.

Treasury Secretary Steven Mnuchin announced the move, the latest emergency measure to deal with the financial fallout of the coronavirus pandemic.

 

The extension will give taxpayers and businesses more time to file returns and make tax payments without interest or penalties, Mnuchin said.

 

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Trump officials hopeful coronavirus stimulus can be approved by Congress by Monday.

Ambitious timetable may hit bumps after Democrats weigh in.

The Republican plan calls for direct payments of $1,200 per person and $2,400 for couples as part of a $1 trillion stimulus package to offset the damage to the economy from the coronavirus outbreak..

 

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O’Dell to serve as IRS Promoter Investigations Coordinator

WASHINGTON – Feb 24, 2020

The Internal Revenue Service announced today that Brendan O’Dell will serve as the agency’s new promoter investigations coordinator.

 

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The PATH Act and Refund Delays

The PATH Act is federal legislation that prohibits the IRS from releasing certain Tax Refunds before February 15th..

 

...for tax returns which include the Earned Income Tax Credit (EITC) and/or Additional Child Tax Credit (ACTC).

 

This means that impacted customers will experience a delay in receiving their refund, particularly when filing early in the tax season.