The Treasury Department is working on a web-based portal (www.irs.gov) that will allow individuals to submit direct deposit details in order to “receive payments immediately as opposed to checks in the mail.”  Treasury Secretary Steven Mnuchin said Friday that people can expect to receive their checks in three weeks – April 17 is when the direct deposits will go into people’s accounts.  A check in the mail could take longer.

The Coronavirus Aid, Relief, and Economic Security Act (CARES) (P.L. 116-136), signed into law March 27, features several different relief programs to help businesses stay afloat, but some of them are mutually exclusive, meaning business owners need to understand each one.

Like you, our firm is monitoring the situation and awaiting guidance from the IRS to implement many of these provisions. In addition, our firm needs to await software companies to make coding changes to allow us to process some of these provisions for our clients.