(Update: A compromise bill passed the Senate on 3/25/2020. You can read more here.) Last week, Senate Republican leaders released their version of a stimulus package, dubbed the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act.” This week, House Democratic leaders proposed an alternative, “Take Responsibility for Workers and Families Act.” Clearly, there…
(Update: A version of the bill passed the Senate on 3/25/2020, and is expected to pass the House.) Last week, the Senate introduced what I described as “a massive bill” intended to provide direct economic relief in response to the COVID-19 pandemic. That bill didn’t move forward over the weekend. The House responded with “hold my beer.”…
Chances are that you’re reading this from home. With social distancing encouraged due to the COVID-19 pandemic – and in states like mine, actually mandatory – many taxpayers are working from home. And it’s not just those of us with routine desk jobs: even celebrities like Jimmy Fallon and Savannah Guthrie have been staying home to work. But before you rush…
(Updated: March 25, 2020) The Internal Revenue Service (IRS) isn’t shutting down completely – but it’s getting close. Some IRS call centers and return processing centers are closing in response to COVID-19. On March 13, 2020, the President of the United States issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance…
Taxpayer asks: Any idea whether the filing extension applies to gift tax returns? Taxgirl says: AUTHOR’S NOTE: There is (finally) official word from the Internal Revenue Service (IRS) on this issue: Normal filing and payment due dates continue to apply to estate and gift taxes. That said, my original reply remains below: Honestly, I don’t…
(Note: Updated March 24, 2020) If you’re like me, you’re self-quarantining – perhaps with your family – in your home in response to COVID-19. It’s a weird new normal. And for many, it’s an anxious time. But as we worry about the health – physical and financial – of our friends and family, most of…
As the numbers of confirmed cases of COVID-19 continue to increase in the United States, the federal government is taking action to reduce the impact on taxpayers. Specifically, the Internal Revenue Service (IRS) has announced that the tax filing season been pushed to July 15, 2020. Today, the IRS issued guidance, making official the announcement tweeted by…
Treasury Secretary Steve Mnuchin announced this morning, via Twitter, that the tax filing deadline has been extended to July 15, 2020: Earlier this week, the Treasury Secretary Mnuchin and the Internal Revenue Service (IRS) extended payment deadlines, but did not officially extend the deadline for filing. And yesterday, the IRS released additional guidance but also did not officially extend the…
The Senate has introduced a massive bill intended to provide direct economic relief in response to the COVID-19 pandemic. COVID-19 is the official name for the infectious disease caused by the most recently discovered coronavirus. According to the World Health Organization, as of March 20, 2020, there are 209,839 confirmed cases of COVID-19 in 168 territories…
Taxpayer asks: What if I already filed my 1040 and scheduled an EFTPS automatic payment on April 15? Is there a way to cancel that automatic payment and take advantage of the deferral to July 15? Taxgirl says: To be honest, I didn’t know the answer to this one, so I had to do a…