Tax & Current Accounting Topics

https://www.irs.gov/newsroom/irs-issues-warning-about-coronavirus-related-scams-watch-out-for-schemes-tied-to-economic-impact-payments  IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments  The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020  WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.  Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.  Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child.  How will the IRS know where to send my payment? The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible.  For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.  The IRS does not have my direct deposit information. What can I do? In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.  I am not typically required to file a tax return. Can I still receive my payment? Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax.  How can I file the tax return needed to receive my economic impact payment? IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information.  I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment? Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return.  I need to file a tax return. How long are the economic impact payments available? For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.

https://www.irs.gov/coronavirus The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about actions being taken by the U.S. government is available at https://www.usa.gov/coronavirus and in Spanish at https://gobierno.usa.gov/coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.  Economic Impact Payments: What you need to know The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Please do not call the IRS about this. When more specific details become available, we will update this page.  News Releases IR 2020-61, Economic impact payments: What you need to know IR-2020-59, IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program IR-2020-58, Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount IR-2020-57, Treasury, IRS and Labor announce 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 Treasury News Release: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak IR-2020-54, IRS: High-deductible health plans can cover coronavirus costs Statements IRS Grants Extension of Time to File FATCA Information Returns IRS Operations During COVID-19: Mission-critical functions continue Taxpayer Assistance Center Closure Statement Filing and Payment Deadline Extended to July 15, 2020 - Updated Statement Frequently Asked Questions DOL Families First Coronavirus Response Act: Questions and Answers Filing and Payment Deadlines Questions and Answers Guidance Notice 2020-21 (PDF), Effective Date for Employment Tax Credits Under the Families First Coronavirus Response Act Notice 2020-20 (PDF), Update to Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift and Generation-Skipping Transfer Tax Filing and Payment Deadlines Notice 2020-18 (PDF), Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic Notice 2020-15 (PDF), High deductible health plans and expenses related to COVID-19 Tax Help IRS has several online resources to help taxpayers. Free File - prepare and file your federal income tax return for free using tax preparation and filing software. Where's My Refund? - is an online tool that will track your tax refund. You will need your Social security number or ITIN, your filing status and your exact refund amount to use the tool. Online Payment Agreements - you can apply for a payment plan online to pay off your balance over time. IRS2Go mobile app - Check your refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips, and more! Online Account – use this tool to view: Your payoff amount, updated for the current calendar day, the balance for each tax year for which you owe, up to 24 months of your payment history and key information from your current tax year return as originally filed. Social Media IRS Social Media- social media tools with the latest information on taxes, products and services. Twitter Follow @IRSnews on Twitter Follow @IRSenEspanol on Twitter Facebook Instagram LinkedIn Other Resources U.S. Treasury webpage - Coronavirus: Resources, Updates, and What You Should Know

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Consequences of COVID-19 Financial Reporting Considerations By: Robert Durak, Mike Austin, and Thomas Groskopf The coronavirus pandemic (COVID-19) is above all a global human tragedy. The spread of the pandemic also is having serious economic implications. Numerous sectors of the economy are suffering damage and the long-term economic and business consequences remain unknown. Among the many consequences of COVID-19, entities may face financial reporting implications and challenges. Impacts such as business and production disruptions, supply-chain interruptions, negative impacts on customers, volatility in the equity and debt markets, reduced revenue and cash flows, and other economic consequences may occur. This Special Report provides succinct reminders to practitioners about some financial reporting matters that may need to be considered in light of the pandemic. Subsequent Events Entities may need to evaluate whether the consequences of COVID-19 represent subsequent events. FASB Accounting Standards Codification (FASB ASC) 855, Subsequent Events, defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued1 . There are two types of subsequent events: • The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events) • The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (that is, nonrecognized subsequent events) Recognized and nonrecognized subsequent events, as defined in FASB ASC 855, correspond to the two types of subsequent events described in U.S. generally accepted auditing standards (U.S. GAAS) found in AU-C 560, Subsequent Events and Subsequently

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

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https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers

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https://www.irs.gov/newsroom/irs-increases-enforcement-action-on-syndicated-conservation-easements

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https://www.irs.gov/newsroom/members-of-the-military-can-check-out-these-resources-to-help-answer-tax-questions

https://www.irs.gov/newsroom/taxpayers-can-start-to-get-ready-now-for-filing-their-taxes-next-year

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