On December 29th, the Internal Revenue Service and the Treasury Department announced that the second round of payments was on the way. For those who qualify, the payments are automatic and will be received either by direct deposit or paper checks.
Amidst all the pandemic news and 2020 election drama, many might have missed that the IRS also quietly published new 2021 tax rates in late October and a there are plenty of changes that will impact taxpayers in 2021.
If you owe Uncle Sam money, filing your tax return late (or never) can come with costly complications. Acting quickly will help keep the penalties and interest you may owe from getting out of hand.
On June 19, 2020, the Internal Revenue Service announced new guidelines to help those affected by COVID-19 gain more access to retirement plan distributions and loans. The IRS makes it clear that employers can decide whether or not to implement these new rules.
The Coronavirus Aid, Relief, and Economic Security act (CARES Act) is the largest economic bill in U.S. history. It was designed to “provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.”
The Coronavirus Aid, Relief, and Economic Security act (CARES) is the largest economic bill in U.S. history. It was designed to “provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.”