Government officials have reported a surge of malicious attempts to defraud taxpayers in connection with the coronavirus (COVID-19) Economic Impact Payments. Scams may use calls, text messages, or emails to impersonate IRS agents offering financial relief. Be aware of these scams. Here is information provided by the IRS to help identify and report fraud:
The CARES Act provides two tools for boosting an employer’s cash flow by reducing its employment taxes through a tax credit, and by delaying payment of certain payroll taxes.
As of March 27th, Congress has passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act is now on its way to President Trump’s desk to be signed into law. The CARES Act includes a number of significant tax provisions for both your business and your life.
In a March 25th statement, IRS Commissioner Chuck Rettig unveiled the IRS’ “People First Initiative,” through which the IRS will pursue “unprecedented actions to ease the burden on people facing tax issues.”
***Update: March 27, 2020
Personal Income Tax deadline extended. Baker announced that income tax returns filing due dates and income tax payment due dates would be extended consistent with the federal extension due dates. The extension is expected to be automatic. At this time it, according to the Massachusetts Department of Revenue (DOR), only personal income tax returns and payments due April 15, 2020 are extended to July 15, 2020. The DOR will issue more detailed guidance shortly.
In response to the COVID-19 pandemic, there have been several important updates relating to federal income tax return filing and payment due dates and paid tax leave credits. Here are the key updates to keep top of mind.