IRS Recommends Streamlining, Modernizing Improvements to Congress
The Internal Revenue Service has submitted a report to Congress—as required by the 2019 Taxpayer First Act—outlining a strategic plan to enhance taxpayer service and experience.
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IRS Changes Course Again on EIPs; Will Reissue Misdirected Payments
The Internal Revenue Service today announced that—in a reversal of previous guidance—it will reissue payments for taxpayers who did not initially receive their second-round economic impact payments due to a processing error.
Fed Pays $88.5 Billion to Treasury in 2020
The Federal Reserve System paid $88.5 billion out of its annual net income to the U.S. Treasury in 2020, according to figures released today, an increase from 2019.
SBA Revises PPP Borrower, Lender Forms; Issues Procedural Notices
The Small Business Administration on Friday evening released updated borrower and lender guaranty applications for both first-draw and second-draw Paycheck Protection Program loans.
IRS Issues Additional Information for EIP Recipients
As the Internal Revenue Service continues to address the error that caused millions of economic impact payments to be incorrectly routed to temporary or incorrect bank accounts, the IRS today said that, together with tax industry partners, it is “taking immediate steps to redirect stimulus payments to the correct account for those affected.”
Consumer Credit Growth Increased in November
In November, consumer credit increased at a seasonally adjusted annual rate of 4.4 percent. Revolving…
PPP to Reopen Monday for CDFIs, MDIs
The Small Business Administration announced today that the Paycheck Protection Program will officially reopen on Monday, Jan. 11, only to community development financial institutions, minority-depository institutions, certified development corporations and microloan intermediaries making first-draw PPP loans.
140,000 Jobs Lost in December
Total nonfarm payroll employment declined by 140,000 in December, according to the Bureau of Labor…
IRS Changes Course on EIP Processing Error Resolution
The IRS today issued additional instructions in an attempt to remedy the processing error that led to millions of economic impact payments being erroneously sent to accounts that were closed, inactive or temporary accounts.