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Posted on September 29, 2020 in IRS

The Coronavirus Aid, Relief and Economic Security Act became law on Friday, March 27, 2020. The CARES Act included a new federally guaranteed Small Business Administration (SBA) loan program called the Paycheck Protection Program (PPP). The maximum PPP loan was based upon two and one-half months’ average payroll costs for the prior 12 months. If the business […]

Posted on August 21, 2020 in IRS

Rep. Richard Neal, D-Massachusetts, who chairs the tax-writing House Ways and Means Committee, is asking the Internal Revenue Service to quit mailing notices for unpaid taxes to taxpayers who may have been affected by the mail backlog at the agency due to the COVID-19 pandemic. Many taxpayers have been receiving balance-due notices from the IRS […]

Posted on August 6, 2020 in IRS

The Internal Revenue Service reminded taxpayers last month that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to the novel coronavirus pandemic comes to a close.   July 15 is also the date, of course, when taxpayers were expected to […]

Posted on July 9, 2020 in IRS

The Internal Revenue Service reminded taxpayers Wednesday that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to the novel coronavirus pandemic comes to a close. July 15 is also the date, of course, when taxpayers will be expected to […]

Posted on May 27, 2020 in IRS

This time last year, the IRS was processing federal returns with few problems — nearly 138 million by the third week in May. This year, with staff sent home because of the novel coronavirus, the agency has only processed 117 million returns, down 14 percent from last year, according to the latest statistics for the […]