At present, the virus is running rampant around most of the world. Many countries are in a state of lockdown. Only essential businesses are open. The impact this has had on company profits and the share markets worldwide is enormous. Many Governments have put packages in place to help their ailing economies. Unfortunately, the general public usually suffers most. If they do not or cannot, self-isolate, they are in the front line to contract the illness. Loss of income is, of course, a massive worry for many.
At the end of March 2020, the IRS gave information about the latest Economic Impact payments.
The Treasury Department and the Internal Revenue Service will be distributing impact payments automatically. Most taxpayers who have filed a 2019 return are not required to take any action, but for some who do not typically file returns, it will be necessary to file a simple tax return to receive a stimulus payment.
DEADLINES – The IRS has extended the deadline to Federal income tax filers to 15th July 2020.
The economic impact payments will be available throughout the rest of 2020.
Gordon Frasier CPA is here to help if you have any queries in connection with any of the above.