In response to the COVID-19 pandemic, the Internal Revenue Service has agreed to extend many deadlines. One such extension affords foreign financial institutions more time to file Form 8966. Form 8966 is the annual reporting form used by foreign financial institutions to disclose to the IRS the identities of their U.S. customers as required by
COVID-19
Internal Revenue Service Publishes FAQs About Forthcoming Coronavirus Economic Impact Payments
By Matthew D. Lee on
Posted in Coronavirus, COVID-19
The Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most individuals. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.…
CARES Act Provides Relief With Respect to Taxpayers’ Retirement Assets
By Matthew D. Lee on
Posted in Coronavirus, COVID-19
Our colleagues Susan Foreman Jordan and Adam Grenker have published a client alert addressing various provisions in the recently-passed CARES Act which may afford financial relief to individuals with respect to their IRAs and retirement plan accumulations. You can read their alert here.
Please check out Fox Rothschild’s coronavirus resource page, which is available …
Internal Revenue Service Issues Evacuation Order Directing Virtually All Employees to Work Remotely Starting March 30
By Matthew D. Lee on
The Federal News Network is reporting that the due to the coronavirus pandemic, the IRS issued an evacuation notice Friday afternoon directing that nearly all of its employees work from home on mandatory telework starting Monday, March 30. Only employees performing “mission-critical duties” will be permitted to come into the office. Access to IRS offices…
IRS Publishes Frequently Asked Questions About Extension of April 15 Filing Deadline Due to COVID-19 Pandemic
By Matthew D. Lee on
As a follow-up to its announcement that the April 15 income tax filing deadline is extended to July 15, the Internal Revenue Service has created a series of Frequently Asked Questions to address common questions that may arise from taxpayers and tax professionals. The categories addressed by these FAQs are the following:
- Eligibility for Relief
…
IRS Postpones Gift Tax Filing Deadline to July 15, 2020 Due to COVID-19 Pandemic
By Matthew D. Lee on
As a follow-up to its prior announcement that the April 15 income tax filing deadline is extended to July 15 due to the COVID-19 pandemic, the Treasury Department has announced a similar extension of the filing deadline for any individual who has to file a federal gift tax or generation-skipping transfer tax return by April…
Tax Court Cancels All Trial Sessions Through June 2020
By Matthew D. Lee on
The United States Tax Court issued a press release today announcing that more trial sessions have been cancelled in light of the COVID-19 pandemic. All trial sessions through the end of June 2020 have now been cancelled. The Tax Court had previously cancelled trial sessions scheduled for March and April. In addition, the Tax Court…
IRS Releases More Details Regarding Extension of Tax Day to July 15, 2020
By Matthew D. Lee on
As a follow-up to our prior post, the Treasury Department and the Internal Revenue Service have released additional details regarding the extension of the federal income tax filing due date from April 15, 2020, to July 15, 2020.
Taxpayers can now defer federal income tax payments due on April 15 to July 15, without…
Pennsylvania Extends Personal Income Tax Return Filing Deadline to July 15, 2020
By Matthew D. Lee on
…