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The Internal Revenue Service is holding 29 million returns for manual processing — delaying refunds for many — because of pandemic-related law changes, processing errors, and fraud detection.
Due to the pandemic, filers got an unusual extension on the regular three-year return-filing window. They now have until May 17, 2024 to claim their refund for tax year 2020.
In addition, the refund will be applied to any amounts still owed to the IRS or a state tax agency and might also be used to offset unpaid child support or past due federal debts, such as student ...
At this point, the federal government neared agreement on a stimulus proposal including direct cash payments to Americans. [20] Trump announced that the Small Business Administration would be providing disaster loans which could provide impacted businesses with up to $2 million. [21] FEMA was put in charge of procuring medical supplies on March 17.
All businesses were allowed to reopen at 100% except bars which were allowed to be restricted to 50% capacity by local governments. The governor, after initially leaving mask mandates up to local governments, overrode all local mandates and announced that no Florida government could fine someone for failing to social distance or wear a mask.
The Employee Retention Credit is a refundable tax credit against an employer's payroll taxes. [2] It was established as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Donald Trump, in order to help employers during the pandemic. [3]
Erin Collins, National Taxpayer Advocate, joins Yahoo Finance to discuss the impacts of the pandemic on IRS operations and Biden administration’s additional funds for the IRS.
Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 – March 2020; Families First Coronavirus Response Act – March 2020; Coronavirus Aid, Relief, and Economic Security Act (CARES Act) – Includes $1200 stimulus checks, March 2020