Tax & Current Accounting Topics

https://www.irs.gov/newsroom/veterans...

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The Internal Revenue Service, working in partnership with the Treasury Department and the Department of Veterans Affairs, announced today that recipients of VA benefits will automatically receive automatic Economic Impact Payments.  Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further action needed on their part. Timing on the payments is still being determined.

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As previously announced, Intuit was recently approved as a non-bank SBA-approved lender for the Paycheck Protection Program through our subsidiary, Intuit Financing, Inc, DBA QuickBooks Capital. We are now accepting loan applications from a subset of QuickBooks Online Payroll customers.  At this time, the Small Business Administration has stopped accepting applications for the Paycheck Protection Program loans because the processed loan volume has reached the $349 billion level currently authorized by the CARES Act. We are actively monitoring the situation and hope more funding will become available.

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April 18, 2020 – The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Taxpayers should check the FAQs often for the latest additions; many common questions are answered in these. 

 More than 80 million Economic Impact Payments have already been delivered to the nation’s taxpayers. More payments are on their way. As part of this effort, the IRS has launched two tools to help taxpayers get their payments:

SSA, RRB recipients with eligible children need to act by Wednesday 

https://www.irs.gov/newsroom/ssa-rrb-...

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Special alert for benefit recipients who don't file a tax return and have dependents IR-2020-76, April 20, 2020  WASHINGTON — The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn't file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.  Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020.

Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency 

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https://www.irs.gov/newsroom/treasury...

WASHINGTON — The Treasury Department and the Internal Revenue Service today issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency.  The guidance includes the following:  Revenue Procedure 2020-20 (PDF), which provides that, under certain circumstances, up to 60 consecutive calendar days of U.S. presence that are presumed to arise from travel disruptions caused by the COVID-19 emergency will not be counted for purposes of determining U.S. tax residency and for purposes of determining whether an individual qualifies for tax treaty benefits for income from personal services performed in the United States;

Taxpayers should be aware of Coronavirus-related scams

 https://www.irs.gov/newsroom/taxpayers-should-be-aware-of-coronavirus-related-scams

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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.  Here's what taxpayers should know: The IRS will not call, email or text you to verify or request your financial, banking or personal information. Watch out for websites and social media attempts to request money or personal information. The official website is IRS.gov. Don't open surprise emails that look like they're coming from the IRS or click on attachments or links.

Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date 

https://www.irs.gov/newsroom/treasury-irs-unveil-online-application-to-help-with-economic-impact-payments

Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.  With an initial round of more than 80 million Economic Impact Payments starting to hit bank accounts over the weekend and throughout this week, this new tool will help address key common questions. Get My Payment will show the projected date when a deposit has been scheduled, similar to the “Where’s My Refund tool” many taxpayers are already familiar with.  Get My Payment also allows people a chance to provide their bank information. People who did not use direct deposit on their last tax return will be able to input information to receive the payment by direct deposit into their bank account, expediting receipt.  “Get My Payment will offer people with a quick and easy way to find the status of their payment and, where possible, provide their bank account information if we don’t already have it,” said IRS Commissioner Chuck Rettig. “Our IRS employees have been working non-stop on the Economic Impact Payments to help taxpayers in need. In addition to successfully generating payments to more than 80 million people, IRS teams throughout the country proudly worked long days and weekends to quickly deliver Get My Payment ahead of schedule.”  Get My Payment is updated once daily, usually overnight. The IRS urges taxpayers to only use Get My Payment once a day given the large number of people receiving Economic Impact Payments.  How to use Get My Payment Available only on IRS.gov, the online application is safe and secure to use. Taxpayers only need a few pieces of information to quickly obtain the status of their payment and, where needed, provide their bank account information. Having a copy of their most recent tax return can help speed the process.  For taxpayers to track the status of their payment, this feature will show taxpayers the payment amount, scheduled delivery date by direct deposit or paper check and if a payment hasn’t been scheduled. They will need to enter basic information including:

Supplemental Security Income recipients will receive automatic Economic Impact Payments; step follows work between Treasury, IRS, Social Security Administration 

https://www.irs.gov/newsroom/supplemental-security-income-recipients-will-receive-automatic-economic-impact-payments-step-follows-work-between-treasury-irs-social-security-administration

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The Internal Revenue Service, working in partnership with the Treasury Department and the Social Security Administration, announced today that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments.  SSI recipients will receive a $1,200 Economic Impact Payment with no further action needed on their part. The IRS projects the payments for this group will go out no later than early May.  Moving SSI recipients into the automatic payment category follows weeks of extensive cooperative work between SSA, Treasury, IRS as well as the Bureau of Fiscal Services.

IRS News - FAQs Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses

https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs

IRS News IRS issues warning about Coronavirus-related scams (1)