IRS Grants Relief for COVID-19 Disruptions on Tax Residency: Time Rules Are Eased for the Substantial Presence Test for Foreign Citizens in the US and the Foreign Earned Income Exclusion for US Citizens AbroadThe IRS provided relief to individuals and businesses whose tax residence might be ...
18 that it extended the deadline for people with dependent children who did not receive the supplementary $500 in COVID-19 stimulus funds. Enacted in March, the CARES Act set up one-time payments of $1,200 for individuals who earn less than $75,000 annually and $2,400 for...
Eligibility for Relief under Notice 2020-23 The FAQs clarify that any taxpayer that has a tax return, payment, or other tax filing due on or after April 1, 2020, and before July 15, 2020, is eligible for relief under Notice 2020-23. For purposes of Notice 2020-23, a “person” in...
IRS sending up to $1,400 to 1 million who missed out on COVID stimulus checks in 2021 Sunday, December 22, 2024 Photo by Kaboompics.com The Internal Revenue Service is sending out holiday gifts this month to around a million people. The recipients are people who were eligible for, but ...
relief the IRS provided earlier this year regarding first-dollar COVID-19 and telehealth services under high-deductible health plans (HDHPs). Unlike recent retirement plan guidance, the relief provided by the notices is not limited to individuals who certify that they ...
2020 & 2021 Tax Year Updates:with the CARES Act legislation providing a number offinancial COVID relief measures, those who itemized taxes could deduct up to 100% of adjusted gross income in 2020 and 2021 for cash contributions. If you give more than your AGI, the excess deduction amount ca...
It is surreal to think that this time four years ago the world wasshutting downand the COVID-19 pandemic was just beginning: 2020 was an unprecedented year when people were forced to change the normal mode of operation. Because of the collective trauma we were facing, some everyday things—...
Covid-19 closures buried the IRS At the close of the 2021 filing season, the IRS had a backlog of over 35 million returns. Just weeks before the 2022 filing date, they still hadabout 7 millionto process, and it is still struggling to keep up. IRS employees aren’t sitting on their ...
or sections 276(b), 277, or 278 of the COVID Relief Act," the IRS notes. Notice 2021-08 provides a waiver of the addition to tax under Internal Revenue Code section 6654 "for underpayment of estimated income tax by individual taxpayers, where the underpayment is attributable to the ...
Authorized by the newly enacted COVID-relief legislation, the second round of payments, or “EIP 2,” is generally $600 for singles and $1,200 for married couples filing a joint return. In addition, those with qualifying children will also receive $600 for each qua...