On March 27, President Trump signed a historic stimulus bill: the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This legislation’s many provisions provide emergency relief for those suffering financial hardships due to COVID-19 including individuals, businesses, state and local governments, and the health care system. The CARES Act is in addition to the Families First Coronavirus Response Act (FFCRA) which President Trump signed into law on March 18. FFCRA makes substantial changes to sick and family and medical leave for businesses and employees amid the emerging COVID-19 pandemic.
On March 27 President Trump signed the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. For funding dedicated to taxpayers and businesses, the bill currently includes provisions related to taxes, unemployment, small business loans, and a large business lending program.
It was announced on March 20 that Tax Day would be postponed from April 15 to July 15 to coincide with the delayed tax payment deadline at the direction of President Trump. Treasury Secretary Steven Mnuchin announced the postponement via Twitter, stating that all taxpayers and businesses will have until July 15 to file and make payments without interest or penalties. We know you have lots of questions. Below is a summary of the 10 most common questions and the IRS’s response.
The IRS has released recommended mileage reimbursement rates for 2019. Each year the IRS performs a study on vehicle costs to determine whether to adjust the rates. Rates not only changed this year, but some adjustments resulted from the new tax reform.