Tax

In a down economy, international planning is even more important.

The American Institute of CPAs’ Auditing Standards Board has decided to defer the effective dates of seven of its recently issued Statements on Auditing Standards because of the novel coronavirus pandemic.

Pandemic or not, taxpayers are making many of the same blunders, according to tax professionals.

Recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, will need to act fast.

Two Senate Democrats are criticizing a little-known provision of the CARES Act stimulus package that would provide a tax break mostly to wealthy taxpayers, suspending excess business losses for prior tax years.

The Treasury Department and the Internal Revenue Service are partnering with the U.S. Department of Veterans Affairs to deliver economic impact payments automatically to veterans and their beneficiaries, without filling out extra forms, in response to the COVID-19 pandemic.

In addition to resources and information on various pandemic-related frauds, taxpayers can email the services tips directly.

The Internal Revenue Service processed more than 80 million stimulus payments on April 10 in a centerpiece of a $2.2 trillion effort to shore up the battered U.S. economy.

People who receive Supplemental Security Income will automatically get economic impact payments from the federal government in response to the novel coronavirus pandemic.

In some cases, problems with the IRS payments may be due to tax preparers.