In a comment letter last week, ABA offered feedback on a recent IRS proposal to address the treatment of deductions by non-grantor trusts and estates after changes made by the 2018 tax reform law.
The IRS today issued a reminder to consumers still awaiting their CARES Act economic impact payment that they may be receiving the payment on a prepaid debit card.
The IRS has updated its FAQs on the CARES Act economic impact payments to reflect that the deceased (as well as heirs receiving payments in their name), non-resident aliens and incarcerated individuals are not eligible to receive EIPs and must return them.
A total of 88 million Americans received economic impact payments totaling $158 billion within the first three weeks of the program, the IRS reported today.
The American Bankers Association today joined a broad coalition of financial trade and consumer organizations in a letter to congressional leaders urging them to exempt the CARES Act economic impact payments from garnishment orders.
As previously reported, the Internal Revenue Service today launched a second online tool that enables consumers who have previously filed a tax return to check the status of their economic impact payment.
With the government soon to be releasing economic impact payments to individuals and families, the IRS has created several resources to help communicate information about who will be eligible.
The IRS has issued a set of frequently asked questions related to the recently announced delay in filing dates for tax returns and certain tax payments.
The American Bankers Association wrote to the Internal Revenue Service last week seeking relief from certain aspects of the new IRS’ application process for obtaining an Employer Identification Number for trusts and estates of descendants.
The IRS on Friday issued important guidance on how banks and other servicers of mortgage loans must report the deductibility of mortgage interest premiums.