Efforts to flatten the coronavirus curve have led to extremely high unemployment numbers and lowered business revenues across the country. As businesses and individuals are struggling to stay afloat, the Internal Revenue Service (IRS) and most state revenue departments have responded by creating a variety of tax relief and deferral options. Are you worried about your state tax bill? You may be able to get some relief. Here is an overview of some of the most prominent state-tax relief efforts due to the coronavirus.

Paycheck Protection Program (PPP) loans provided a much-needed boost of working capital to businesses that were struggling amid the coronavirus. While the PPP loan helps cover payroll and utilities, these loans are forgivable, but from a federal tax perspective, they don’t work like other forgivable loans. Is your PPP loan taxable? Here is what you need to know.

The IRS changed many tax filing and tax payment deadlines in response to the coronavirus outbreak. The IRS launched the People First Initiative. As a result,  Individual and business taxpayers have additional time to take the following actions:

The Internal Revenue Service (IRS) may be heading to your house. Recently, the agency announced plans to make in-person visits to high-income taxpayers who have not filed tax returns in 2018 or previous years. Are you worried about a knock on your door? Here is what you need to know. 

The Internal Revenue Service (IRS) is holding over $1 billion in unclaimed income tax refunds from 2015 alone and similar amounts from other years. In some cases, the money was returned to the IRS due to closed bank accounts or wrong addresses. In other cases, refunds sit waiting because taxpayers didn’t file a tax return to claim their refunds.