Millions of taxpayers have filed for and collected unemployment benefits in 2020. Many of those collecting unemployment benefits have been doing so since March and may remain on unemployment through the end of the year.
On Saturday August 8th, President Trump issued an executive order directing a deferral of certain payroll taxes beginning on September 1. The order applies to employees making less than $8,680 monthly in pre-tax wages.
A report from Yelp suggests 60% of restaurants that have closed for coronavirus will not reopen. I don’t know if this is accurate or not, but I do believe many businesses are permanently closing as a result of coronavirus.
If you’re confused about the latest changes to the Paycheck Protection Program then you’re not alone. PPP has provided 4.5 million loans totaling more $500 billion to businesses so the stakes are high. Let’s take a terrifically quick look at the latest developments.
The Internal Revenue Service's newly launched "Get My Payment" portal is not functioning for many taxpayers. Many taxpayers reported receiving a message stating, “Payment Status Not Available” despite having filed a 2018 or 2019 income tax return.
The Internal Revenue Service has launched an online portal to allow taxpayers to check the status of their Coronavirus stimulus payments.
Coronavirus has changed nearly every aspect of our lives in just the past few weeks. Taxes are no exception. While many tax deadlines have been delayed, taxes have gained new importance as they relate the recently passed Federal stimulus payments. The following summary is the most recent status of stimulus payments for individuals and tax filing deadlines. For more details and the latest information visit https://newsandupdates.triumphovertax.com/blog.