WASHINGTON – Victims of the April tornadoes, severe storms and flooding that took place in parts of Mississippi, Tennessee and South Carolina will have until Oct. 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area…
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IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
WASHINGTON – The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this…
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Returning an Economic Impact Payment
Millions of eligible individuals have already received their Economic Impact Payments. Some people, including those who received a payment for a deceased individual, may be unsure whether they should return a payment. Here is additional information about returning an Economic Impact Payment. How should an individual return an Economic Impact Payment?Mail the payment to the…
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Notice 2020-49 tax relief, deadlines, new markets tax credit
Notice 2020-49I. PURPOSEOn March 13, 2020, the President of the United States issued an emergencydeclaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act(42 U.S.C. 5121 et seq.) in response to the ongoing Coronavirus Disease 2019(COVID-19) pandemic (Emergency Declaration). The Emergency Declarationinstructed the Secretary of the Treasury “to provide relief from tax deadlines…
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