April 2, 2020

The IRS has reversed course to eliminate a controversial requirement on Social Security recipients seeking stimulus checks as part of the government’s coronavirus response package. After initially saying that Social Security recipients would have to file a “simple” tax return for 2019 — which they ordinarily would not do — the IRS now says the payment

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April 2, 2020

Employers, including the self-employed, can delay the payment of the employer portion of the Social Security payroll tax for the remainder of the year and pay back the liability over the next two years.

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March 26, 2020

The Treasury Department announced the postponement of the tax deadline last Friday in response to growing calls to delay the April 15 date. Earlier in the month, the Treasury had only postponed the tax payment date until July 15, but now the administration announced that tax filing would also be delayed until July 15

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March 23, 2020

In a press briefing Tuesday morning, Treasury Secretary Steven Mnuchin said that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15, while corporations can defer up to $10 million.“All you have to do is file your taxes – you’ll automatically not get charged interest and penalties,”

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March 17, 2020

U.S. Treasury Secretary Steven Mnuchin is expected to seek a third round of coronavirus-related economic stimulus of $850 billion or more from Congress Tuesday that would follow two other relief measures, according to people familiar with the plan.Mnuchin told House Republicans on a conference call Monday that the market needs more liquidity, one of the

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March 12, 2020

Delaying the April 15 filing date – The New York Times has reported that delaying the April 15 filing date is under consideration. While possible, a more likely approach would be for the IRS to announce that it will waive penalties and interest for late filing and payment. This could be done without legislative involvement

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February 10, 2020

​Required minimum distributions: Under long-standing rules, participants in qualified plans and IRAs were obligated to start taking required minimum distributions (RMDs) in the year after the year they turned age 70.5. The new law pushes back the RMD age to 72 to reflect longer life expectancies.

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