Additional Things to Know About the Economic Impact (Stimulus) Payment
Here are three additional things to know about the Economic Impact (Stimulus) Payments.
IRS Launches “Get My Payment” Online Tool
The new “Get My Payment” online tool that will allow individuals to track their economic impact (stimulus) payment and enter their bank account information for direct deposit is now available on the IRS website.
IRS Extends 2nd Estimated Payment and Additional Tax Deadlines
The IRS announced on April 9 in Notice 2020-23 that the following deadlines were extended to July 15.
Filing a “Simple” Return to Receive the Economic Impact Payment
With the exception of taxpayers who received Social Security Benefits, taxpayers who did not have a requirement to file a federal return in 2019 and 2018 will need to file a “simple” federal return in order to receive an Economic Impact (stimulus) Payment.
IRS Filing and Payment Deadline FAQs
As part of the Relief for Taxpayers Affected by Coronavirus Pandemic (Notice 2020-18) the IRS has created a frequently asked questions page related to the extended filing and payment deadlines.
Rental Property and the Qualified Business Income Deduction
The IRS finalized the safe harbor rule that allows rental real estate activities to be treated as a trade or business for purposes of the qualified business income deduction (QBI) in September 2019.
Form 8615
Form 8615 is required to be used when a taxpayer’s child had unearned income over $2,200 and is
IRS Expands Their Identity Protection PIN (IP PIN) Program
The IRS created the IP PIN program to help combat tax identity theft. Originally the IRS assigned an IP PIN to individuals who had been victims of identity theft or the IRS suspected they might have been. An IP PIN helps the IRS verify the taxpayer’s identity and accept their federal tax return for processing.
2019 Federal Return and the Affordable Care Act
With the exception of the individual penalty being zeroed out beginning in 2019, it is important to remember that all of the other Affordable Act provisions still apply to individuals for 2019 federal returns.
2020 PTIN Renewal is Now Underway
The IRS is reminding tax return preparers that they must renew their PTIN for 2020 as all current PTINs expire on December 31, 2019.