Cash payments and tax relief for individuals in new law

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments Under the new law, an […]

The new COVID-19 law provides businesses with more relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee retention credit The new law provides a refundable payroll tax credit for 50% of wages paid […]

WHAT YOU NEED TO KNOW ABOUT THE CARES ACT

On Friday March 27th, 2020 Congress passed a $2 trillion stimulus bill to address the economic crisis caused by the coronavirus pandemic. The first part of this Act is direct stimulus payments to many taxpayers.  Individuals are eligible for up to $1,200 and couples would receive up to $2,400.  In additional you will receive $500 […]

Installment Agreements Suspended

Earlier today, IRS rolled out additional information on its operations, entitled the People First Initiative. While the document is fairly dense, here is what we see as the most salient features for enrolled agents: Installment agreements: Payments due between April 1 and July 15 for taxpayers under existing installment agreements are suspended. Taxpayers may enter into new installment agreements. Offers in Compromise (OIC) Pending OIC applications will […]

Financial Relief For Missouri Families and Wamhoff Accounting Services Reduced Hours

Providing peace of mind and financial security for Missouri workers and families moving forward as we combat COVID-19 is a top priority for Governor Parson. The Department of Revenue has contributed to our state’s response by easing the burden and short-term uncertainty facing our state. Mirroring the federal guidance issued by the Internal Revenue Service […]

Individuals get coronavirus (COVID-19) tax and other relief

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer making federal income tax payments, […]