The IRS recently provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Notice 2020-46 (PDF) provides that cash payments employers make to charitable organizations that provide relief to victims of the COVID-19 pandemic in exchange for sick, vacation or personal leave which their employees forgo will not…
Read more
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…
Read more
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…
Read more
Millions of people will get their Economic Impact Payment by prepaid debit card
Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers receive a debit card was made by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments. These…
Read more
- 1
- 2
