The IRS has issued new guidance directing lenders not to file information returns or furnish statements to borrowers to report the amount of qualifying loan forgiveness for covered loans made under the Paycheck Protection Program.
The American Bankers Association today wrote to congressional leaders urging them to exempt Paycheck Protection Program forgiveness income from tax reporting.
ABA today submitted its recommendations for items that should be included on the Internal Revenue Service’s priority guidance plan—a list of issues that the IRS maintains to monitor and prioritize those requiring additional guidance.
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.