Income Tax

The recommendations were made in consultation with an AICPA-led small business funding coalition, CPA firms and other key stakeholders. They build on previous guidelines the AICPA has provided to help bring clarity to the implementation of the PPP.

Taxpayers who did not have direct deposit information on record with the IRS can now enter or change that info on the IRS website Get My Payment tool.

The American Institute of CPAs (AICPA) has called for the Federal Reserve to create a federally backed, short-term accounts receivable lending facility that would allow companies to pledge future receivables and, in return, receive immediate cash flow.

The Internal Revenue Service is recommending that low-income Americans use the free, online tool Non-Filers: Enter Payment Info to quickly and easily register to receive their Economic Impact Payment.

The economic fallout resulting from the coronavirus will test the ability of companies to adapt to a business climate that is changing daily. Companies that are agile enough to adapt to new working paradigms, new ways of servicing clients and new ...

As of April 17, 2020, the IRS reported that 115,961,000 individuals had filed their 2019 tax returns, compared to 137,233,000 returns filed for 2018 by April 19, 2019. That is 21,272,000 less— a drop-off of 15.5%.

Supplemental Security Income and Department of Veterans Affairs beneficiaries need to act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

The final bill includes $320 billion to make new loans under the Paycheck Protection Program, which provides forgivable loans to small business that keep employees on the payroll for eight weeks. The measure includes $60 billion in EIDL.