Tax relief

The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic.

Republicans and Democrats in the Senate have released separate sets of tax proposals aimed at alleviating the effects of the coronavirus pandemic, in contrast to the two bipartisan bills that have been signed into law already.

A centerpiece of the package is tax rebates to individuals of $1,200 and $2,400 for married couples. Rebates are completely phased-out for taxpayers with incomes exceeding $99,000 for individuals or $198,000 for a couple.

A package of coronavirus relief legislation that was signed into law Wednesday includes provisions for paid sick leave, family leave and medical leave, along with tax credits to help employers and the self-employed pay for them.

Bipartisan legislation would extend the deadline after guidance from the Treasury Department fell short.

The relief is only for income taxes, and doesn't change any filing deadlines.

The Treasury Secretary is expected to seek a third round of coronavirus-related economic stimulus, including postponing the due date for quarterly tax payments.

The National Society of Accountants, NCCPAP and the AICPA are asking the IRS and Treasury for tax relief during the pandemic.

The IRS is pushing deadlines and payment deadlines back to July 15 for some taxpayers.

The president said he would allow individuals and businesses to “defer tax payments without interest or penalties” and he urged Congress to cut payroll taxes.