NEWS & UPDATES
ECONOMIC IMPACT PAYMENTS
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
TAX DEADLINE EXTENDED: JULY 15TH
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
NO BANKRUPTCY PROTECTION FOR INHERITED IRAS
Inherited IRAs are not protected from creditors, except if 1) a surviving spouse can take steps to treat the inherited IRA as their own IRA and 2) set up a trust to be the IRA's designated beneficiary with the heir as the trust's beneficiary.