On Friday, March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which creates loan programs to assist small businesses during COVID-19-related mandated closures. One such loan can be obtained via the Paycheck Protection Program (PPP). The Paycheck Protection Program is based on the SBA’s already existing 7(a) loan…
Read MoreWhen will payments be made? IRS currently projects that payments will be made beginning in the second half of April 2019. Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment…
Read MoreMust I pay on my existing IRS Installment Agreement during the Coronavirus pandemic? • Yes. While the IRS suspended payments due between April 1 and July 15, 2020 on existing installment agreements, the suspension has lapsed. Payments must now be made to keep existing installment agreements in good standing. In most cases, taxpayers can simply…
Read MoreWill the IRS levy me or file a lien during the Coronavirus pandemic? The IRS should not levy you during this period, and it probably will not file a lien against you, although it could under some circumstances. The IRS announced on March 25, 2020 that it is introducing a series of temporary policies and…
Read MoreWill the IRS continue an audit against me or begin a new audit against me during the Coronavirus pandemic? Under most circumstances, the IRS will not begin any new audits during this period, but will continue to remotely work on already ongoing audits. The IRS announced on March 25, 2020 that it is introducing a…
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