Note: While the information on this page was prepared with information from IRS.gov, this topic is changing constantly. We strongly suggest that you refer to IRS information found on the web page titled, Coronavirus Tax Relief and Economic Impact Payments. Also, SmallBusiness.com always suggests that small business owners refer to a trusted financial and tax advisor before making any financial decisions.
The Families First Coronavirus Response Act
Last month, the IRS issued an overview regarding tax credits that can be used to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). For more information, see the complete Families First Coronavirus FAQ.
Have a tax-related payment question? The IRS.gov may have the answer here.
Taxpayers within the small business community are reminded that the IRS regularly posts new and updated answers to the most frequently asked questions about Economic Impact Payments and the Get My Payment tool. Those who wish to know the status of their Economic Impact Payment are reminded to visit Get My Payment regularly.
Economic impact payments are still being sent by prepaid debit cards.
Some Economic Impact Payments are still being sent by prepaid debit card. The debit cards arrive in a plain envelope from “Money Network Cardholder Services.” Two sets of IRS frequently asked questions have also been updated to help taxpayers get answers about their payments, including those arriving on prepaid debit cards. Read the entire news release and FAQ at IRS.gov.
The IRS is offering materials related to multiple-language economic impact payments.
To help reach people who don’t normally file a tax return, the IRS has embarked on a sweeping outreach effort to share information in multiple languages inside and outside the tax community. The IRS has made available additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available.
The IRS continues to roll out new tools for filing, paying, checking accounts and answering questions
The IRS has announced several online tools that are available to help taxpayers get the tax information they need as the IRS has limited operations due to the coronavirus. The tools can be found on IRS.gov are available 24 hours a day:
The products and tools include:
- Payment option information
- Tax account information online
- Economic Income Payments Information
- Scam alerts
Note: The information on this page and links to which they point were prepared by the IRS. SmallBusiness.com always suggests that small business owners refer to a trusted financial and tax advisor before making any financial decisions.