IRS - Economic Impact Payment

Relief for June 15 estimated tax payments
  • #IRS reminder: Deadline extended to July 15 for those who pay estimated taxes for tax year 2020. Questions? Learn more at: www.irs.gov/covidtaxdeadlines #COVIDreliefIRS
  • #IRS reminds you that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15. See more on this topic at www.irs.gov/covidtaxdeadlines #COVIDreliefIRS
  • Individuals and corporations that have a quarterly estimated tax payment due have until July 15 to make that payment without penalty. More at: www.irs.gov/covidtaxdeadlines #IRS #COVIDreliefIRS
  • In response to COVID-19, @USTreasury and #IRS are providing tax relief to individuals and businesses. If you have an estimated tax payment due, you now have until 7/15 to make that payment without penalty. Learn more at: www.irs.gov/covidtaxdeadlines #COVIDreliefIRS
  • As part of #COVIDreliefIRS, #IRS has granted tax filing and payment relief to individuals and businesses. If you have a quarterly estimated tax payment due, you now have until 7/15 to make that payment without penalty. Check: www.irs.gov/covidtaxdeadlines
 
Business credits
 
IRS: Three new credits are available to many businesses hit by COVID-19 (news release)
 
The #IRS employee retention credit encourages businesses to keep workers on the payroll. It’s a refundable tax credit for employers whose business has been financially impacted by COVID-19. Learn more: https://go.usa.gov/xvGRk #COVIDreliefIRS

#IRS employee retention credit is available to all qualified employers, regardless of size, including tax-exempt organizations. Learn more: https://go.usa.gov/xvGRk #COVIDreliefIRS

The #IRS paid sick leave credit is designed to allow businesses to get a credit for an employee who is unable to work, including telework, due to Coronavirus. Learn more at: https://go.usa.gov/xvGRk #COVIDreliefIRS

Employers can get an #IRS paid sick leave credit for employees who can’t work because they’re caring for someone with Coronavirus or caring for their child because school or daycare is closed due to the Covid-19. See: https://go.usa.gov/xvGRk #COVIDreliefIRS

Employers can be immediately reimbursed for the paid sick leave credit by reducing the deposits of payroll taxes that have been withheld from employees' wages by the amount of the #IRS credit. https://go.usa.gov/xvGRk #COVIDreliefIRS

Eligible employers can request an advance of the employee retention credit by submitting #IRS Form 7200. Learn more about the tax new credits available to businesses at https://go.usa.gov/xvGRk #COVIDreliefIRS

#IRS has posted FAQs on the employee retention credit and paid family leave and sick leave credit. Learn more about all the tax new credits available to businesses at https://go.usa.gov/xvGRk #COVIDreliefIRS

New Employee Retention Credit helps employers keep employees on payroll (fact sheet)
 
The CARES Act encourages businesses to keep employees on their payroll by providing them with an employee retention credit. Eligible employers can claim this #IRS credit for wages paid after March 12 and before Jan. 1, 2021. https://go.usa.gov/xvGRk #COVIDreliefIRS

For the employee retention credit, employers experiencing an economic hardship include those with suspended operations due to a government order related to COVID-19. Learn more from #IRS: www.irs.gov/coronavirus #COVIDreliefIRS

For the #IRS employee retention credit, employers experiencing economic hardship are those with suspended operations due to a government order related to COVID-19 or those experiencing a big decline in gross receipts. www.irs.gov/coronavirus #COVIDreliefIRS
The U.S. Internal Revenue Service (IRS) has made available a host of resources to provide guidance and answers to frequently asked questions pertaining to the COVID-19 related tax credits required for paid leave policies provided by small and midsize businesses. The resources and the FAQ document can be found on their webpage here.

COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs
https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs
The Employee Retention Credit under the CARES Act encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

FAQs: Employee Retention Credit under the CARES Act
https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act 
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
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View IRS Economic Impact Payment Page
https://www.irs.gov/coronavirus/economic-impact-payments

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