IRS Updates Recovery Rebate Credit and Pandemic Response Information


The Internal Revenue Service updated its guidelines on applying for the recovery rebate credit and released a report on Friday on how it responded to the COVID-19 pandemic last year.

the 2020 Recovery Rebate Credit Frequently Asked Questions Document explains how taxpayers who have not received their economic impact payments, or have not received the full amount to which they were entitled, can still receive the stimulus payments. The updated FAQ now includes changes to the information in Topic F: Finding First and Second Economic Impact Payment Amounts to Calculate 2020 Recovery Discount Credit:

  • Question 4, subject F: update
  • Questions 8, 9 and 10, Subject F: added

FAQs are published to provide general information to taxpayers and tax professionals as quickly as possible.

Tax practitioners and taxpayers can usually rely on IRS FAQ documents, even if the guidelines did not go through the full process of proposed regulations, a comment period, and final regulations. The IRS is trying to be more transparent about the process now, and more information on the use of FAQs and the Internal Revenue Bulletin is available here.

Separately on Friday, the IRS released an update on how it responded to taxpayers during last year’s pandemic in terms of providing services to taxpayers at a time when IRS resources were particularly limited. . Taxpayers and tax professionals have complained about declining levels of service on telephone lines and correspondence. the report explains how the IRS has tried to meet growing demands to provide its traditional services, as well as new demands such as monthly child tax credit advance payments, multiple rounds of economic impact payments, and advice on constantly changing tax laws. Meanwhile, IRS employees have had to keep making adjustments to deliver the reporting season despite office closures, social distancing warrants and an extended tax filing deadline.

“It was an unprecedented time for the IRS and the nation,” IRS Commissioner Chuck Rettig said in a statement. “IRS employees worked hard during the pandemic, repeatedly delivering to taxpayers under tight deadlines and difficult circumstances. As the 2022 reporting season approaches, we still have work to do to help taxpayers as well as tax professionals. We will continue to make progress in critical areas thanks to the hard work of so many people. I am incredibly proud of what our employees have been able to accomplish during this time, and we also appreciate the efforts of our partners inside and outside the tax system to help those in difficulty during COVID-19. “

IRS Commissioner Charles Rettig

The report noted that since the start of the COVID-19 pandemic, the IRS has successfully delivered more than $ 1.5 trillion to people across the country through economic impact payments, tax refunds and child tax credit advance payments.

The 56-page report also describes progress on the IRS’s six strategic goals and the agency’s technology modernization efforts.

“The 2021 progress update is not just a report, it is the story of a group of dedicated public servants who have continued to work for the nation, as they do every year, even at times. difficult and while overcoming concerns for themselves, their families and their communities during the pandemic, ”Rettig wrote.

Source link


Comments are closed.