The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.
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IRS Watch
May 20, 2020
Upcoming Events May 20, 2020
IRS starts using prepaid debit cards to send stimulus payments
By Michael Cohn      2 min read
The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.
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IRS limits loan forgiveness in Paycheck Protection Program
By Tracey J. Niemotko     2 min read
The Internal Revenue Service guidance caused some consternation among some small businesses and tax experts.
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IRS adding 3,500 phone reps to answer stimulus payment calls
By Michael Cohn     2 min read
The Internal Revenue Service is bringing in more help to deal with the flood of calls about economic impact payments.
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More clarity needed on PPP forgiveness
By Roger Russell     3 min read
The application from the Treasury leaves many questions unanswered.
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Tax Fraud Blotter: Snow jobs
By Jeff Stimpson     5 min read
A fuel and his money; see ya labor; low miles but high taxes; and other highlights of recent tax cases.
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Stim pickings: What to tell clients about coronavirus relief
By Jeff Stimpson     4 min read
Tax practitioners share the questions they’re getting asked most, and how they’re answering.
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SPONSOR CONTENT
Lease Accounting Fallout from COVID-19
Rent concessions, discount rates and more critical lease accounting topics affected by Coronavirus
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IRS criminal investigators’ undercover travel expenses probed
By Michael Cohn     3 min read
The Internal Revenue Service’s Criminal Investigation unit spent more than $1.3 million in fiscal year 2018 on undercover confidential operations, including travel costs, according to a new report.
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Democrats’ $3 trillion aid bill has seeds for eventual GOP deal
By Erik Wasson, Steven T. Dennis and Laura Litvan     6 min read
Republicans universally rejected a $3 trillion stimulus measure drafted by House Democrats to bolster the U.S. economy, but the draft plan has the seeds for an eventual, smaller compromise.
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