Ridgeline Accounting

Some Updates from the IRS...(I know...Exciting)

Treasury and IRS Launch New Web Tool for EIP Registration

The Treasury Department and the IRS launched a new web tool today allowing quick registration for Economic Impact Payments (EIP) for those who don't normally file a tax return.

EIP Distribution Begins Next Week
The IRS also reminds taxpayers that Economic Impact Payments will be distributed automatically to most people starting next week.

Get My Payment Tool Available April 17
To help everyone check on the status of their payments, the IRS is building a second new tool expected to be available for use by April 17. Get My Payment will provide people with the status of their payment and allow eligible people the ability to update their direct deposit information.

Paper Return Processing Delayed
The IRS also announced yesterday that they are not able to process individual paper tax returns since processing centers are closed. All taxpayers are urged to e-file their returns.

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed

Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed | Internal Revenue Service IR-2020-58, March 21, 2020 — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.