IRS Extends 2020 Filing Season to May 17 Following COVID-Related Tax Law Changes

Despite usually opening the tax season in late January, the Internal Revenue Service (IRS) delayed the start of the 2020 tax season to February 12, announcing that they would start accepting and processing tax returns then. The deadline for individuals to file their taxes remained on April 15 until a recent announcement from the IRS that the agency is postponing the filing deadline, giving taxpayers an additional month to file their returns. As of now, income tax and payments will be due on May 17. While this new change applies to individual taxpayers and families, including people paying self-employment tax, this relief does have an exception—it will not apply to the estimated tax payments that many small business owners owe for the first quarter of 2021.

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Janet Yellen Calls on G-20 to Take Action

Janet Yellen’s G-20 letter served as an urgent call for a multilateral effort to tackle key issues. The primary focus was to call on countries to act quickly on COVID-19, stating that a global vaccination effort is the strongest stimulus the global economy could receive. She also suggested that the IMF allocate SDRs to enhance liquidity for low-income countries.

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Current Situation with Covid19 in the United States

According to the World Health Organization, so far in the United States, there have been a total of just over 9.2 million cases recorded with a little over 200,000 deaths so far. Graphs within the WHO’s website indicate that the rate of cases continues to climb within the U.S, but that the rate of deaths has stayed very consistent despite the significant increase in cases.

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Stillman Fall 2020 Updates

The coronavirus has left universities all over the world adapting to new ways of learning and maximizing the available resources to students on and off campus, heavily relying on technology. Universities planned to return to campus in the fall, but the surge of cases in different parts of the United States has left many universities sending students back within a few weeks of opening doors for students.

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