Headlines
IRS Releases Guidance for Non-Filers to Provide Information for Stimulus Payments
Information on the “web portal” promised by the IRS for individuals who have not filed tax returns in 2018 or 2019 was released late yesterday in an announcement from the U.S. Department of the Treasury and the Internal Revenue Service. “The ‘Non-Filers:…
The Ever-Changing Saga of the Economic Impact Payment Checks
Today is April 10, Good Friday, and there’s a new round of information on the airwaves about the much-anticipated release of the economic impact payments included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act President Trump signed into law March…
More on the Payroll Tax Issue and the CARES Act
The National Law Review’s David R. Fuller, in a post on their website, examines the payroll tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law March 27 by President Trump. In summary, the Act provides…
The Debate on Payroll Tax Elimination
President Trump, in a Coronavirus Task Force briefing yesterday, discussed his thoughts on cutting and/or eliminating the payroll tax withheld by employers, thereby generating immediate financial relief for workers. The 7.65% payroll tax (6.2% for Social Security and 1.45% for Medicare) represents…
SSAB Commends SSA for Actions, Recommends Additional Actions
In an April 6 letter to Andrew Saul, Commissioner of Social Security, the Social Security Advisory Board recognized the SSA’s efforts during the COVID-19 pandemic, specifically commending the agency’s efforts ” … to protect the public and its workforce from COVID-19…
Economic Impact Payments: What We Know (As of Today)
The most recent press release from the Social Security Administration (SSA) reiterated what is believed to be the current guidance on economic impact payments (a.k.a. stimulus checks) at this point in the unfolding implementation of the Coronavirus Aid, Relief, and Economic Security…
Required Minimum Distributions (RMDs) Suspended for 2020
For many seniors in their 70’s who have a retirement nest egg tucked away in a tax-advantaged savings account like an IRA or 401(k), the Required Minimum Distribution, or “RMD,” is all too familiar. The RMD is a percentage of those tax-deferred savings…
Treasury Reverses Stance on Stimulus Payments for Non-Filers
As might have been expected, the sweeping economic relief package enacted by the Government late last week has left many Americans with questions about how, and sometimes if, they will receive their “stimulus payment.” As originally announced, relief payments would be sent…
Stimulus Check Update – Information for Non-Filers
Things are moving fast at the IRS, especially in the wake of the CARES Act signed into law last Friday. As the agency scrambles to put the mechanisms in place that will deliver the economic impact payments to Americans, new…
IRS Publishes Information on How to Get Your Stimulus Payment
The IRS website now has important information about distribution of economic impact payments as a result of the CARES Act and the pandemic. The website provides detailed information on who will get a stimulus payment, how those payments will be…