(Update: Treasury and IRS have changed course and seniors who do not usually file a tax return do not need to file to get a check.) “Please help me.” That was the message that I received over and over yesterday from seniors. Yesterday, I posted this story about a notice from the Internal Revenue Service (IRS) purporting to explain the…
(Update: Treasury and IRS changed course and will not require returns.) Each year, about 64 million people collect Social Security benefits: about one family in four receives some kind of Social Security benefits. Of those, nearly 45 million are retired workers who receive, on average, $1,471 per month; another 3 million individuals receive benefits as spouses or children of…
Ugh. The ink is barely dry on the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” – and scammers are already coming up with schemes to defraud taxpayers. Specifically, identity thieves are using confusion over the stimulus checks to convince potential victims to turn over personally-identifying information. The Better Business Bureau is already reporting that government imposters are calling…
Some Internal Revenue Service (IRS) call centers and services are temporarily shutting down in response to COVID-19. COVID-19 is the official name for the infectious disease caused by the most recently discovered coronavirus. According to Johns Hopkins, as of March 27, 2020, there are 593,291 confirmed cases of COVID-19 in 176 territories and countries. The United…
COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, Congress passed a massive stimulus package. A key feature of the stimulus is individual checks. You can read my rundown on the basics of the stimulus checks here – along with answers to popular questions. I’ve been updating…
Taxpayer asks: Just read your article on Forbes “Working From Home? Your Home Offices Expenses Are Probably Not Tax-Deductible.“ Now, it is as my understanding that an employee could still deduct home office if they are REQUIRED by their employer to work from home. My employer shut the doors early in March and required all…
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, the Senate passed a massive stimulus package (the House voted yes, too) and the CARES Act was signed into law. A key feature of the stimulus is individual checks. As with anything tax-related, there’s a little bit…
(Note: On March 27, 2020, the House approved this bill.) It’s been a long week on the Hill, but the Senate has finally reached an agreement on a bill intended to provide direct economic relief in response to the COVID-19 pandemic. The measure passed late Wednesday by a vote of 96-0: Senators Romney (R-UT), Thune (R-SD), Paul…
The Internal Revenue Service (IRS) has announced a series of steps to assist taxpayers impacted by COVID-19. Relief ranges from easing payment guidelines to postponing compliance actions. COVID-19 is the official name for the infectious disease caused by the most recently discovered coronavirus. According to John Hopkins, as of March 25, 2020, there are 451,355 confirmed cases of…
(Update: The bill passed the Senate on 3/25/2020.) “It’s good news,” said Senate Majority Leader Mitch McConnell (R-KY) early Wednesday morning. McConnell continued, “At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic.” The text of the deal has…