A man stares at a $1,400 stimulus check sent from the U.S. Department of the Treasury in Kamakura, Kanagawa Prefecture, on May 14. (Makoto Tsuchiya)
A 79-year-old man in Kamakura, Kanagawa Prefecture, received an official-looking piece of mail printed in English in late April.
The addresser was the U.S. Department of the Treasury. Inside the envelope, he found a check for $1,400 (153,000 yen).
His wife also received a check for the same amount.
They are among the Japanese recipients of U.S. stimulus checks to boost the economy during the pandemic, who are at a loss of what to do with the surprise payments.
Takeaway:
The government has increased its prosecutions of fraud related to COVID-19 funds and programs. Given the rapid development of these programs and enforcement, it is more critical than ever to ensure that the government’s evidence and theories comport with the statutory provisions of recently enacted laws.
On May 17, 2021 the United States Attorney General announced the formation of a COVID-19 Fraud Enforcement Task Force. Due to the COVID-19 pandemic, the federal government provided critical monetary relief to businesses and individuals who were impacted by the pandemic. While most Americans were honest in their application and use of those relief funds, the government alleges that others were not. The Department of Justice (DOJ) will be joining forces with other governmental agencies to step up its investigations and prosecutions of fraud by sharing information and providing additional support to its partners.
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Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 10, 2021 – May 14, 2021.
May 10, 2021: The IRS issued Revenue Procedure 2021-25, announcing various inflation-adjusted amounts relevant to health savings accounts (HSAs) for calendar year 2022.
May 10, 2021: The IRS issued Notice 2021-26 and an accompanying news release, clarifying that unused amounts from dependent care assistance programs for 2020 that are carried over to 2021 or 2022 (pursuant to coronavirus-related legislation) remain excludible from gross income for those later years.
May 11, 2021: The IRS issued Revenue Procedure 2021-26, providing procedures under section 446(e) of the Code for certain foreign corporations to obtain automatic IRS consent to change to the alternative depreciation system of accounting under section 168(g) of the Code.
Fourth stimulus check: when can be the new payment according to the experts?
Democratic lawmakers continue to call for President Biden to include more stimulus checks in the American Families Plan, so when could they come?
LEAH MILLIS
REUTERS
The IRS has sent out the majority of $1,400 stimulus checks in the third round of Economic Impact Payments that were included in the American Rescue Plan.
The remaining checks and “plus-up” payments will continue to go out as the tax agency processes 2020 tax returns. Yet there is a push for further direct payments to Americans while the pandemic lasts.
Members of the House Ways and Means Committee have sent the White House a letter
Tuesday, May 18, 2021
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 10, 2021 – May 14, 2021.
May 10, 2021: The IRS issued Revenue Procedure 2021-25, announcing various inflation-adjusted amounts relevant to health savings accounts (HSAs) for calendar year 2022.
May 10, 2021: The IRS issued Notice 2021-26 and an accompanying news release, clarifying that unused amounts from dependent care assistance programs for 2020 that are carried over to 2021 or 2022 (pursuant to coronavirus-related legislation) remain excludible from gross income for those later years.
May 11, 2021: The IRS issued Revenue Procedure 2021-26, providing procedures under section 446(e) of the Code for certain foreign corporations to obtain automatic IRS consent to change to the alternative depreciation system of accounting under section 168(g) of the Code.