Monthly Archives: March 2020

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.

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IRS Operations During COVID-19: Mission-critical functions continue

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As the COVID-19 (coronavirus) outbreak continues, the Internal Revenue Service is taking multiple steps to protect our employees, America’s taxpayers and our partners. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical functions to support the nation, and that includes accepting tax returns and sending refunds.

“As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience,” IRS Commissioner Chuck Rettig. “I’m incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment. Working closely with our partners in the nation’s tax community, we will do everything in our power to help.”

The following is an overview of IRS operations and advice for taxpayers during this period. The IRS will continue to monitor issues related to the COVID-19 outbreak, and updated information will be posted on a special coronavirus page on IRS.gov.

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Coronavirus-related paid leave for workers and tax credits for small and midsize businesses

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In a recent IRS release ( IR-2020-57, March 20, 2020) IRS and other federal bodies has come up with announcement of 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. Please read through the post as posted by IRS.

The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.

The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.

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IRS extend filing deadline and federal tax payments till July 15

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Tax Day now July 15, 2020: The Treasury and the IRS extend filing deadline and federal tax payments regardless of amount owed without penalties and interest, till July 15, 2020.

Yes there is a good news to taxpayers while we’re all going through a national emergency because of the breakthrough of COVID 19. Due to the prevailing situation the federal agencies has extended the due date from April 15 to July 15. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Extension of time will help you all to work with your tax return and file it well within the due date.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

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IRS extends April 15 and other upcoming deadlines, provides other tax relief for victims of Tennessee tornadoes

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IRS has come up with some relief for taxpayers across Tennessee who were kit badly by the recent tornadoes and released a detailed it in the Issue Number: IR-2020-51 and more information is available here.

WASHINGTON – Victims of this week’s tornadoes and severe storms in parts of Tennessee, including Nashville, will have until July 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

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Time to start working with your Income Tax Extension Application

The tax reporting for the tax year 2019 is in full swing, IRS started accepting the tax returns already. The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the April 15 tax deadline. When you’re not ready with your tax return, IRS encourages you to file Extension Applications to buy more time to report the taxes. Extension of time is only to report the taxes and not to pay the taxes that you owe. Income taxpayers both Individuals and Businesses can file applications for automatic extension of time that will push the actual deadline from April 15 to October 15. However the deadline for Extension of time application is also falls on the actual deadline, that is April 15th. For certain businesses the due date falls on March 16th (the actual deadline March 15th falls on a weekend, so the next business day March 16th falls as the new due date).

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We’re listening to our members

The Women In Trucking Association board of directors has a goal to be a resource to the industry. Whether that means trucking companies, drivers, the government or our members, we want to provide you with the best information (tools) to reach your objectives in creating a more gender diverse workforce.

In 2017 we teamed with Sawgrass Logistics to learn about best practices in hiring female drivers. We learned a lot and have changed our programs to reflect these challenges. However, we continue to survey our members to find out what they want from us, their association.

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