Tax & Current Accounting Topics: Recent Episodes
Robert (Bob) Steele
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IRS wraps up 2023 Dirty Dozen list; reminds taxpayers and tax pros to be wary of scams and schemes, even after tax seasonhttps://www.irs.gov/newsroom/irs-wrap...
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https://mailchi.mp/162b76dee17d/3vb67kuoouIRS issues guidance on eligibility requirement for energy communities for the bonus credit program under the Inflation Reduction Acthttps://www.irs.gov/newsroom/irs-issu...
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Beware of abusive tax avoidance schemeshttps://www.irs.gov/newsroom/dirty-do...
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IRS urges tax pros and other businesses to beware of spearphishing; offers tips to avoid dangerous common scamshttps://www.irs.gov/newsroom/dirty-do...
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https://mailchi.mp/162b76dee17d/3vb67kuoouTaking tax advice on social media can be bad news for taxpayers; schemes circulating involving tax formshttps://www.irs.gov/newsroom/dirty-do...
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Mississippi storm victims qualify for tax relief; April 18 deadline, other dates extended to July 31https://www.irs.gov/newsroom/irs-miss...
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Dirty Dozen: IRS warns individuals to stay clear of shady tax preparers; offers tips on carefully choosing tax professionalshttps://www.irs.gov/newsroom/dirty-do...
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Important details to understand when the IRS might contact a taxpayerhttps://www.irs.gov/newsroom/importan...
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Dirty Dozen: Watch out for third-party promoters of false fuel tax credit claimshttps://www.irs.gov/newsroom/dirty-do...
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Dirty Dozen: IRS warns of scammers offering “help” to set up an Online Account; creates identity theft risk for honest taxpayershttps://www.irs.gov/newsroom/dirty-do...
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Dirty Dozen: Watch out for scammers using email and text messages to try tricking people during tax seasonhttps://www.irs.gov/newsroom/dirty-do...
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IRS opens 2023 Dirty Dozen with warning about Employee Retention Credit claims; increased scrutiny follows aggressive promoters making offers too good to be truehttps://www.irs.gov/newsroom/irs-open...
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Avoid processing delays and refund adjustments using these steps to prevent tax return errorshttps://www.irs.gov/newsroom/irs-avoi...
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IRS addresses questions about medical expenses related to nutrition, wellness and general healthhttps://www.irs.gov/newsroom/irs-addr...
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Filers should know about changes to common credits and deductions Tax Tip
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Tax Time Guide: IRS provides easy access to tax refund status with Where’s My Refund? tool; no need to call
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Tax Time Guide: Using electronic payment and agreement options for taxpayers who owe can help avoid penalties and interest https://www.irs.gov/newsroom/tax-time...
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IRS reminder to many retirees: Last day to start taking money out of IRAs and 401(k)s is April 1
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IRS begins new Digital Intake initiative; Form 940 scanning process off to strong start; other forms to start soon
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IRS issues renewed warning on Employee Retention Credit claims; false claims generate compliance risk for people and businesses claiming credit improperly https://www.irs.gov/newsroom/irs-issu...
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IRS opens many Taxpayer Assistance Centers across the nation on March 11 for special Saturday hours and face-to-face help
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IRS warns taxpayers of new filing season scams involving Form W-2 wages; those filing fake returns face potential penalties, investigation https://www.irs.gov/newsroom/irs-warn...
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2023 IRS Nationwide Tax Forums to be held in five cities
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Tax Time Guide: IRS reminder to report all income; gig economy and service industry, digital or foreign assets and sources
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Farmers and fishers face March 1 tax deadline
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Tax pros can use their IRS Tax Pro Account to simplify authorization requests IRS Tax Tip
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May 15 tax deadline extended to Oct. 16 for disaster area taxpayers in California, Alabama and Georgia
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Understanding the Credit for Other Dependents IRS Tax Tip
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Tax Time Guide: Things to consider when filing a 2022 tax return
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IRS and Treasury issue final regulations on e-file for businesses
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IRS and Treasury provide guidance for insurance providers on alternative minimum tax under the Inflation Reduction Act
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IRS and Treasury provide guidance on the Qualifying Advanced Energy Project Credit
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IRS issues guidance on state tax payments to help taxpayers
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Eligible seniors should take advantage of free filing options this tax season IRS Tax Tip
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IRS Tax Tip
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IRS introduces new service industry tip reporting program
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IRS issues guidance and updates frequently asked questions related to new, previously owned and qualified commercial clean vehicle credits https://www.irs.gov/newsroom/irs-issu...
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The benefits of having a tax refund direct deposited IRS Tax Tip
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Key points to keep in mind when filing 2022 tax returns
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On EITC Awareness Day, IRS and partners promote major tax benefit to millions of low- and moderate-income workers
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Filing Season 2023 has begun: Employer January 31 wage statement deadline almost here
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IRS opens free portal to file information returns; new electronic option can reduce millions of paper Forms 1099 estimated to be filed by businesses in 2023 https://www.irs.gov/newsroom/irs-open...
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IRS reminds taxpayers: Choose a tax professional carefully https://www.irs.gov/newsroom/irs-remi...
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Updates to question on digital assets; taxpayers should continue to report all digital asset income
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IRS kicks off 2023 tax filing season with returns due April 18
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Check tax withholding now to avoid paying future quarterly estimated payments
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Georgia, Alabama storm victims qualify for tax relief; April 18 deadline, other dates extended to May 15
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IRS reminds employers of January 31 deadline for Form W-2, other wage statements
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IRS Free File launch aims to save taxpayers hard-earned dollars
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Tax tips for gig economy entrepreneurs and workers
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Tax Tip
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IRS sets January 23 as official start to 2023 tax filing season; more help available for taxpayers this year
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National Taxpayer Advocate delivers 2022 Annual Report to Congress; focuses on taxpayer impact of processing and refund delays https://www.irs.gov/newsroom/national...
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California storm victims qualify for tax relief; April 18 deadline, other dates extended to May 15
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Taxpayers should hang up if tax season scammers come calling IRS Tax Tip
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IRS completes automatic corrections of tax year 2020 accounts related to unemployment compensation exclusion; 12 million refunds issued https://www.irs.gov/newsroom/irs-comp...
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Final 2022 quarterly estimated tax payment due January 17
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Start the new year off by reviewing the Taxpayer Bill of Rights IRS Tax Tip
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Treasury, IRS provide updated guidance on accounting methods for specified research or experimental expenditures
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IRS News 12.30.22
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IRS updates frequently asked questions about Form 1099-K
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Treasury, IRS issue interim guidance on new corporate alternative minimum tax
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IRS issue guidance on corporate stock repurchase excise tax in advance of forthcoming regulations
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Treasury, IRS provide transitional guidance for broker reporting on digital assets
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IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K
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IRS releases frequently asked questions about energy efficient home improvements and residential clean energy property credits https://www.irs.gov/newsroom/irs-rele...
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Save for retirement now, get a tax credit later: Saver’s Credit higher limits can help low- and moderate-income workers save more in 2023 https://www.irs.gov/newsroom/save-for...
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IRS is recruiting volunteers nationwide to help taxpayers this filing season IRS Tax Tip
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Treasury, IRS issue guidance on new Sustainable Aviation Fuel Credit
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Before toasting the new year, taxpayers should review this to-do list IRS Tax Tip
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IRS reminder: For many employers and self-employed people, deferred Social Security tax payment due Dec. 31
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Treasury and IRS set out procedures for manufacturers, sellers of clean vehicles
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IRS reminds those over age 72 to start withdrawals from IRAs and retirement plans to avoid penalties
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Community and bilingual volunteers needed to provide free tax help in 2023
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Treasury and IRS propose regulations identifying syndicated conservation easement transactions as abusive tax transactions https://www.irs.gov/newsroom/treasury...
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IRS seeking qualified applicants for the Electronic Tax Administration Advisory Committee
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Get Ready for taxes: What's new and what to consider when filing in 2023
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Connect to the IRS social media and e-news subscriptions for tax time tips and resources Tax Tip
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National Tax Security Awareness Week, Day 4: Choosing a unique Identity Protection PIN adds extra safety for taxpayers https://www.irs.gov/newsroom/national...
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National Virtual Settlement Event helping more taxpayers settle Tax Court cases
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Interest rates increase for the first quarter of 2023
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The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning January 1, 2023.
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Giving Tuesday highlights that scammers may use phony charities to trick taxpayers
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IRS, Security Summit partners begin National Tax Security Awareness Week; urge people to watch out for holiday scams and protect personal information as tax season nears
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These security guidelines can help keep personal info safe online IRS Tax Tip
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Filing season readiness for tax pros: review data safeguards IRS Tax Tip
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Get Ready now to file your 2022 federal income tax return
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Taxpayers should review the 401(k) and IRA limit increases for 2023 IRS Tax Tip
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Security Summit focuses special week on identity theft to protect taxpayers, tax professionals as holiday and tax seasons approach https://www.irs.gov/newsroom/security...
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Reminder to IRA owners age 70½ or over: Qualified charitable distributions are great options for making tax-free gifts to charity https://www.irs.gov/newsroom/reminder...
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IRS Advisory Council issues 2022 Annual Report
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IRS reminds taxpayers IRS Free File remains open until Nov. 17 https://www.irs.gov/newsroom/irs-remi...
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An overview of the Taxpayer Bill of Rights IRS Tax Tip
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By law, all taxpayers have fundamental rights when they're interacting with the IRS. It's important that all taxpayers know and understand their rights. The Taxpayer Bill of Rights presents these rights in 10 categories.
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Everyone should know the facts about how the IRS communicates with taxpayers IRS Tax Tip
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IRS’ five-year Strategic Plan now available in Spanish
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IRS announces job openings to hire over 700 new employees across the country to help taxpayers in person
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IRS Independent Office of Appeals’ priorities for 2023 focus on taxpayer service
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Treasury and IRS expand program for approving certain retirement plans
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IRS-CI releases FY2022 annual report highlighting more than 2,550 investigations, 90% conviction rate; enforcement actions focused on tax fraud, money laundering, cybercrimes
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IRS seeks comments on upcoming energy guidance
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Not too much, not too little - taxpayers should check if their tax withholding is just right COVID Tax Tip
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Taxpayers in declared disaster areas have more time to file tax returns to get COVID penalty relief COVID Tax Tip
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Grandparents and others with eligible dependents shouldn’t miss out on the 2021 child tax credit
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IRS updates tax gap estimates; new data points the way toward enhancing taxpayer service, compliance efforts
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IRS quickly moves forward with taxpayer service improvements; 4,000 hired to provide more help to people during 2023 tax season on phones https://www.irs.gov/newsroom/irs-quic...
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It’s not too late to catch the 2022 IRS Nationwide Tax Forum seminars IRS Tax Tip
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Important info for people considering making early withdraws from retirement funds COVID Tax Tip
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Reminder: Service providers, others may receive 1099-Ks for sales over $600 in early 2023 https://www.irs.gov/newsroom/reminder... https://accountinginstruction.info/
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During National Cybersecurity Month, IRS and Security Summit Partners offer tips
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Adjust tax withholding now to pay the proper amount of tax
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Employers urged to electronically file payroll tax returns by Oct. 31
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IRS provides tax inflation adjustments for tax year 2023
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IRS joins effort to fight charity fraud during international recognition week
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IRS reminds taxpayers of upcoming filing extension deadline; Free File remains open until Nov. 17
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IRS sending letters to over 9 million potentially eligible families who did not claim stimulus payments, EITC, Child Tax Credit and other benefits; Free File to stay open until Nov. 17
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Most taxpayers who requested an extension to file their 2021 tax return must file by Oct. 17 COVID Tax Tip
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IRS expanding dyed diesel penalty relief as a result of Hurricane Ian
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IRS: Don’t miss this important Oct. 17 tax extension deadline
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October FBAR extension deadline nears for foreign bank and financial account holders
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IRS asks for comments on upcoming energy guidance
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IRS Appeals revises initial contact letters as part of effort to enhance the taxpayer experience
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Understanding taxes when a family member signs the paycheck Tax Tip
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IRS granting dyed diesel penalty relief as a result of Hurricane Ian
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IRS: Hurricane Ian victims in Florida qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15
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IRS reports significant increase in texting scams; warns taxpayers to remain vigilant
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IRS continues relief to drought-stricken farmers and ranchers in 44 states
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IRS: Alaska storm and flood victims qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15
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Tax pros can apply to be an IRS authorized e-file provider in a few simple steps IRS Tax Tip
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President Resting on His Laurels Joke
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IRS Alternative Media Center: Working to ensure tax info is accessible to everyone IRS Tax Tip
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Reminder: File 2019 and 2020 returns by Sept. 30 to get COVID penalty relief
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The Internal Revenue Service today reminded struggling individuals and businesses, affected by the COVID-19 pandemic,
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IRS advises that improperly forgiven Paycheck Protection Program loans are taxable
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IRS: Hurricane Fiona victims in Puerto Rico qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15
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Every taxpayer has the right to retain representation when working with the IRS IRS Tax Tip
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IRS accepting applicants for Compliance Assurance Process for 2023
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Got a letter or notice from the IRS? Here are the next steps IRS Tax Tip
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People who still haven’t filed a 2021 tax return should file electronically to avoid these common mistakes COVID Tax Tip https://www.irs.gov/newsroom/people-w...
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$1.2 billion in IRS penalty relief refunds coming for certain 2019 and 2020 tax returns COVID Tax Tip
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Social Freedom Joke
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Know what’s deductible after buying that first home, sweet home IRS Tax Tip
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Help wanted? Businesses that are hiring should know about the work opportunity tax credit IRS Tax Tip
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IRS: Sept. 15 is the deadline for third quarter estimated tax payments
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The Internal Revenue Service reminds taxpayers
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The Leopard Changed Its Spots Joke
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Don’t be an easy mark: What every tax pro should know about identity theft IRS Tax Tip
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Parents can boost their back-to-school budget by claiming tax credits and refunds COVID Tax Tip
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Understanding federal tax obligations during Chapter 13 bankruptcy IRS Tax Tip
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September is National Preparedness Month; IRS urges everyone to update and secure their records to prepare now for natural disasters https://www.irs.gov/newsroom/septembe...
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Whiter than. . .
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Taxpayers: File when ready, don’t wait until October 17 to file a 2021 tax return COVID Tax Tip
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COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers
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Aspiring entrepreneurs: learn the basics of setting up a business IRS Tax Tip
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The Hulk – I Fought the Woke and the Woke Won Joke
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Understanding taxpayer rights: Every taxpayer has the right to privacy IRS Tax Tip
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IRS Appeals invites input on enhancing video conference options for taxpayers and tax professionals
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2021 tax extension filers, don’t overlook these important tax benefits
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IRS adds new information in traditional Chinese to help with tax authorizations, part of growing multilingual effort to support taxpayers and help tax pros, third-party designees
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Security Summit: Tax pros can help clients battle identity theft risk
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IRS reminds all truckers the deadline to file and pay heavy highway vehicle use tax is Aug. 31 IRS Tax Tip
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IRS announces interest rate increases for the fourth quarter of 2022; 6% rate applies to most taxpayers starting Oct. 1
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The Answer to Life, the Universe, and Everything: Twice! Joke
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What business owners need to do when closing their doors for good Tax Tip
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There are a few things business owners need to do before they close their business.
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College students should study up on these two tax credits Tax Tip
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Anyone pursuing higher education, including specialized job training and grad school,
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IRS: Missouri storm, flooding victims now eligible for tax relief; Oct. 17 deadline, other dates extended to Nov. 15
https://www.irs.gov/newsroom/irs-miss...
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https://www.irs.gov/newsroom/new-scho...
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As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses
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Security Summit releases new data security plan to help tax professionals; new WISP simplifies complex area
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IRS: Truckers need to file by August 31 deadline, e-file encouraged
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The Internal Revenue Service today is reminding those who have registered, or are required to register,
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With a Nic nac paddy wac
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IRS Tax Tip
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After an emergency or disaster,
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IRS Tax Tip
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https://accountinginstruction.info/
A business might pay an independent contractor and an employee for the same or similar work,
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IRS Tax Tip
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https://accountinginstruction.info/
Excise tax is an indirect tax on specific goods, services and activities.
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Security Summit Tell tale signs of identity theft tax pros should watch for
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https://accountinginstruction.info/
With identity thieves continuing to target the tax community,
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IRS: Kentucky storm, flooding victims now eligible for tax relief; October 17 deadline, other dates extended to November 15 https://www.irs.gov/newsroom/irs-kent...
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How Now or Hey Now. . . . Joke
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What’s in that Cigar?
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IRS Tax Tip
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When taxpayers have a question, their first stop should be IRS.gov. The Let Us Help You page is a great way to get answers to tax questions fast.
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https://www.irs.gov/newsroom/knowing-...
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Scammers often pose as the IRS to steal taxpayers' personal information.
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https://www.irs.gov/newsroom/security...
https://accountinginstruction.info/
As part of a special Security Summit series, the Internal Revenue Service, state tax agencies and nation's tax industry warn tax professionals to beware of evolving scams designed to steal client data.
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IRS Tax Tip
https://www.irs.gov/newsroom/able-acc...
https://accountinginstruction.info/
People with disabilities can use an Achieving a Better Life Experience or ABLE account to help pay qualified disability-related expenses.
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The Economy is a Watermelon
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COVID Tax Tip
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Some people may choose not to file a tax return because they didn't earn enough money to be required to file but may miss getting a refund if they don't file.
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https://www.irs.gov/newsroom/new-irs-...
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The Internal Revenue Service today released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration.
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Security Summit: Identity Protection PINs provide an important defense against tax-related identity theft https://www.irs.gov/newsroom/security...
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The Security Summit partners today encouraged tax professionals to increase their efforts to inform clients about the IRS Identity Protection PIN Opt-In Program to help protect people against tax-related identity theft.
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IRS Tax Tip
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
People can get the latest IRS news through the agency's verified social media accounts and by subscribing to e-News services.
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IRS Tax Tip There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire.
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https://www.irs.gov/newsroom/free-irs...
https://accountinginstruction.info/
The Internal Revenue Service and the Federal Trade Commission will sponsor a free webinar designed to help everyone recognize and combat tax scams and tax-related identity theft.
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https://www.irs.gov/newsroom/extensio...
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With millions of people still waiting to file their tax returns, the IRS reminds them to file as soon as possible and take advantage of special tools available on IRS.gov that can help them file.
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IRS Security Summit renews warnings for tax pros to guard against identity theft amid continued threats
https://www.irs.gov/newsroom/irs-secu...
https://accountinginstruction.info/
As the battle continues against tax-related identity theft, the IRS,
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https://www.irs.gov/newsroom/irs-nati...
https://accountinginstruction.info/
This Thursday, July 14, is the last day for tax professionals to register to attend the 2022 IRS Nationwide Tax Forum and have access to all 32 webinars
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IRS Tax Tip
https://www.irs.gov/newsroom/companie...
https://accountinginstruction.info/
As the old saying goes: When something sounds too good to be true, it probably is.
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All taxpayers should familiarize themselves with the Taxpayer Bill of Rights IRS Tax Tip
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By law, all taxpayers have fundamental rights when they're interacting with the IRS.
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Random Joke
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https://www.irs.gov/newsroom/spear-ph...
https://accountinginstruction.info/
Tax pros take their responsibilities to protect client data seriously.
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Snake in the Room
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Electronic Tax Administration Advisory Committee issues annual report to Congress
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The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress,
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Claiming a child as a dependent when parents are divorced, separated or live apart IRS Tax Tip
https://www.irs.gov/newsroom/claiming...
https://accountinginstruction.info/
Parents who are divorced, separated, never married or live apart and who share custody of a child
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Here are some things gig economy workers should know about their tax responsibilities
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https://accountinginstruction.info/
Many people take up gig work on a part-time or full-time basis,
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Joke
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IRS: Taxpayers now have more options to correct, amend returns electronically
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The Internal Revenue Service announced today that more forms can now be amended electronically.
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National Taxpayer Advocate issues midyear report to Congress; expresses concern about continued refund delays and poor taxpayer service https://www.irs.gov/newsroom/national...
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Following intensive work during the past several months, the Internal Revenue Service announced today that processing on a key group of individual tax returns filed during 2021 will be completed by the end of this week.
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https://www.irs.gov/newsroom/irs-expa...
https://accountinginstruction.info/
Assistance for eligible taxpayers in setting up or modifying payment plans now available; more functions planned in 2022 to help taxpayers obtain account information Voice Bot Video
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IRS Tax Tip
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https://accountinginstruction.info/
Under the tax law, payers responsible for knowing who they are paying.
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IRS Tax Tip
https://www.irs.gov/newsroom/some-tax...
https://accountinginstruction.info/
When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation.
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Random Joke
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What taxpayers need to know about making 2022 estimated tax payments IRS Tax Tip
https://www.irs.gov/newsroom/what-tax...
https://accountinginstruction.info/
By law, everyone must pay tax as they earn income. Generally taxpayers must pay at least 90 percent of their taxes throughout the year through withholding,
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https://www.irs.gov/newsroom/irs-wrap...
https://accountinginstruction.info/
The Internal Revenue Service today wrapped up its annual "Dirty Dozen" scams list for the 2022 filing season,
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https://www.irs.gov/newsroom/missed-t
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The Internal Revenue Service today advised taxpayers who missed the April tax deadline that they can usually avoid a larger penalty
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Dirty Dozen Scammers use every trick in their communication arsenal to steal your identity
https://www.irs.gov/newsroom/dirty-do...
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https://www.irs.gov/newsroom/dirty-do...
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As the 6th item on the 2022 "Dirty Dozen" scams warning list
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https://www.irs.gov/newsroom/irs-cont
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The Internal Revenue Service today kicked off the week with the 5th item on its 2022 annual Dirty Dozen scams warning list
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Darth Taxes
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https://www.irs.gov/newsroom/dont-wai...
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The Internal Revenue Service is encouraging taxpayers who have yet to file their 2021 tax return – including those who requested an extension of time
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https://www.irs.gov/newsroom/irs-warn...
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The Internal Revenue Service today began its "Dirty Dozen" list for 2022, which includes potentially abusive arrangements that taxpayers should avoid.
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https://www.irs.gov/newsroom/irs-remi...
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The Internal Revenue Service today reminded taxpayers living and working outside the United States that they must file their 2021 federal income tax return by Wednesday, June 15.
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Lies, Dang Lies, and. . .
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https://www.irs.gov/newsroom/irs-rele...
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The Internal Revenue Service today issued the Data Book detailing the agency's activities during fiscal year 2021
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IRS updates feature on Where’s My Refund Taxpayers can now track refunds for past two years IR-2022-109
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IRS Tax Tip
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After a natural disaster, personal financial, insurance, medical and other records can be vital to starting the recovery process.
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https://www.irs.gov/newsroom/irs-revi...
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The IRS today issued a revised set of frequently asked questions for the 2021 Child Tax Credit. These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-29PDF, May 20, 2022.
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https://www.irs.gov/newsroom/irs-inte...
http://accountinginstruction.com/
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be:
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IRS Tax Tip The summer wedding season is fast approaching. Wedding planning is often overwhelming but figuring out how marriage will affect a couple's tax situation doesn't have to be. Here are a few things couples should think about as they prepare for the big day.
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https://www.irs.gov/newsroom/school-i...
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Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes
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https://www.irs.gov/newsroom/disaster...
http://accountinginstruction.com/
The arrival of summer also means the start of hurricane season. One way taxpayers can prepare for any type of natural disaster is by knowing what to do about important documents and paperwork that might be lost after a disaster.
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Re-Soul Holing
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IRS Tax Tip
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Business owners can simplify things by filing payroll taxes electronically.
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Trump can Tweet
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Face-to-face IRS help without an appointment available during special Saturday opening on May 14
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Although filing season has come and gone, the Internal Revenue Service recognizes taxpayers still need assistance.
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IRS provides guidance for residents of Puerto Rico to claim the Child Tax Credit
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The Internal Revenue Service today issued guidance for certain individuals in Puerto Rico on how to file and claim the Child Tax Credit payments that they are entitled to receive under the American Rescue Plan Act.
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For National Small Business Week, special tax credit can help employers hire workers
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With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment.
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National Small Business Week: E-file, the best way to report payroll taxes
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The Internal Revenue Service today urged small businesses to take advantage of the accuracy, speed and convenience of filing their payroll tax returns and making tax payments electronically.
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National Small Business Week Making estimated tax payments electronically is fast and easy
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The Internal Revenue Service reminds all businesses, including self-employed and gig workers, to make estimated tax payments quarterly, and that making them electronically is fast, easy and safe.
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For National Small Business Week, plan now to take advantage of tax benefits for 2022
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The Internal Revenue Service today urged business taxpayers to begin planning now to take advantage of the enhanced 100% deduction
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IRS recognizes Small Business Week Information and free resources for starting a business
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During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the Small Business Administration theme for this year's celebration
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IRS accepting applications for VITA and TCE Grants in May
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The Internal Revenue Service is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs,
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IRS Tax Tip IRS Tax Withholding Estimator helps taxpayers get their federal withholding right
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All taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld.
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IRS selects new leadership for Small Business and Self-Employed Division.
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The Internal Revenue Service today announced that experienced agency executive Lia Colbert has been named the new commissioner of the Small Business Self-Employed Division (SB/SE)
COVID Tax Tip Extension filers Tax help is just a click away on IRS.gov
https://www.irs.gov/newsroom/extensio...
http://accountinginstruction.com/
Taxpayers with an extension can file when they are ready but most should file by October 17, 2022. Special deadline exceptions may apply
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IRS seeks nominations for the 2023 Internal Revenue Service Advisory Council
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The Internal Revenue Service today announced it's accepting applications for the Internal Revenue Service Advisory Council for 2023.
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Taxpayers should open and carefully read any mail from the IRS IRS Tax Tip
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The IRS mails letters or notices to taxpayers for a variety of reasons including:
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May 16 is filing deadline for many tax-exempt organizations
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The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline of May 16, 2022.
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IRS announces 2022 funding for Low Income Taxpayer Clinic grant recipients
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The Internal Revenue Service announced today that more than $12.1 million
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2022 IRS Nationwide Tax Forum begins July 19
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Taxpayers who owe and missed the April 18 filing deadline should file now to limit penalties and interest; not too late to claim the Child Tax Credit for 2021 https://www.irs.gov/newsroom/taxpayer...
http://accountinginstruction.com/
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IRS reminders about April 18 deadline for last-minute filers and others
https://www.irs.gov/newsroom/extensio...
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Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file a return. Not everyone has to ask for more time,
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IRS Free File can help those with no filing requirement find overlooked tax credits and get a refund
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http://accountinginstruction.com/
The Internal Revenue Service today urged low- to moderate-income individuals and families,
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2021 return done? Next step use the IRS Tax Withholding
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The Internal Revenue Service today urged any taxpayer, now finishing up their 2021 tax return, to use the IRS Tax Withholding Estimator to make sure they're having the right amount of tax taken out of their pay during 2022.
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IRS dispels new and common myths about tax refunds; key information available to help people
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With the April 18 tax-filing deadline closing in for most taxpayers, the Internal Revenue Service wants to dispel some new and common myths about getting refund details or speeding up tax refunds.
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Identity stolen Request an Identity Protection PIN from the IRS
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The Internal Revenue Service today reminded all taxpayers – particularly those who are identity theft victims – of an important step they should take to protect themselves from tax fraud.
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Why it may take longer than 21 days for some taxpayers to receive their federal refund COVID Tax Tip
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The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit.
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For those who make estimated federal tax payments, the first quarter deadline is Monday, April 18
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http://accountinginstruction.com/
The Internal Revenue Service today reminds those who make estimated tax payments such as self-employed individuals, retirees, investors, businesses, corporations and others
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Options for taxpayers who need help paying their tax bill IRS Tax Tip
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Taxpayers who can't pay the full amount of federal taxes they owe should file their tax return on time and pay as much as possible.
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Special Saturday help from IRS available without an appointment on April 9
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As the federal tax filing deadline approaches later this month, the Internal Revenue Service today announced that many Taxpayer Assistance Centers will be open around the country this Saturday,
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Debunking myths about federal tax refunds IRS Tax Tip
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Once taxpayers file their federal tax returns, they're eager for details about their refund.
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IRS reminds holders of foreign bank and financial accounts of April FBAR deadline
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The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR)
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Letters about third-round of Economic Impact Payments issued; important steps to take for missing payments and corrections https://www.irs.gov/newsroom/letters-...
With the completion of special mailings of all Letters 6475 to recipients of the third-round of Economic Impact Payments,
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Get an automatic six more months to file; all taxpayers can use IRS Free File to request an extension
https://www.irs.gov/newsroom/get-an-a...
http://accountinginstruction.com/
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IRS reminder to many retirees April 1 is last day to start taking money out of IRAs and 401(k)s
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http://accountinginstruction.com/
The Internal Revenue Service today reminded retirees who turned 72 during the last half of 2021 that, in most cases, Friday, April 1, 2022,
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03.25.22 IRS has $1.5 billion in refunds for people who have not filed a 2018 federal income tax return; April deadline approaches https://www.irs.gov/newsroom/irs-has-...
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Unclaimed income tax refunds totaling almost $1.5 billion may be waiting for an estimated 1.5 million taxpayers who did not file a 2018 Form 1040 federal income tax return
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Tax Time Guide: Electronic tax payment and agreement options available to taxpayers who owe
https://www.irs.gov/newsroom/tax-time...
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The Internal Revenue Service today reminded taxpayers who have a tax bill that there are several ways to make payments, and there are options for many people who can't pay their tax bill in full by April tax deadline.
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Reasons why some tax refunds filed electronically take longer than 21 days
https://www.irs.gov/newsroom/reasons-...
https://accountinginstruction.info/
Even though the Internal Revenue Service issues most refunds in less than 21 days for taxpayers who filed electronically and chose direct deposit, some refunds may take longer.
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Easy steps to avoid tax return errors that can delay processing or adjust refunds
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The Internal Revenue Service today reminded taxpayers how to avoid common errors on their tax returns.
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IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on virtual currency transactions for 2021 https://www.irs.gov/newsroom/irs-remi...
http://accountinginstruction.com/
The IRS reminds taxpayers that there is a virtual currency question at the top of Form 1040, Form 1040-SR and Form 1040-NR. It asks:
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Respected in My Field
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Taxpayers should file their tax return on time to avoid costly interest and penalty fees
https://www.irs.gov/newsroom/taxpayer...
http://accountinginstruction.com/
Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty.
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Tax Time Guide: Minimize cyber footprints, protect personal information online
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The Internal Revenue Service today urged people to stay resolute against ongoing scams and schemes by properly securing computers, tablets and phones.
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IRS provides more forms, letters and publications in multilingual and alternative formats Spanish Braille now available
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
In an effort to provide American taxpayers with the service they deserve, the Internal Revenue Service announced today the latest expansion of its multilingual products, Braille, text, audio and large print products are now available in Spanish.
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IRS Low Income Tax Clinics can help taxpayers resolve federal tax issues IRS Tax Tip
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Low-income taxpayers who need help resolving a tax dispute with the IRS and can't afford representation, may qualify for free or low-cost assistance from a Low Income Tax Clinic.
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Two tax credits that can help cover the cost of higher education
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Higher education is important to many people and it's often expensive. Whether it's specialized job training or an advanced degree, there are a lot of costs associated with higher education.
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IRS unveils voice and chat bots to assist taxpayers with simple collection questions and tasks; provides faster service, reduced wait times https://www.irs.gov/newsroom/irs-unve...
http://accountinginstruction.com/
More functions coming later in 2022 to help taxpayers with more complex issues IR-2022-56, March 10, 2022
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IRS revised 2021 Child Tax Credit and Advance Child Tax Credit Payments frequently asked questions
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The Internal Revenue Service today updated its frequently asked questions (FAQs) (FS-2022-17 PDF) on the 2021 Child Tax Credit and Advance Child Tax Credit Payments.
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COVID Tax Tip Some IRS Taxpayer Assistance Centers open on select Saturdays for in-person help
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To help people during this year's filing season, many IRS Taxpayer Assistance Centers across the country will have special Saturday hours.
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Taxpayer Experience Office formally established to improve service across the IRS
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As part of a longer-term effort to improve taxpayer service, the IRS has officially established the first-ever Taxpayer Experience Office and will soon begin taking additional steps to expand the effort.
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Understanding taxpayer rights The right to be informed IRS Tax Tip
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Taxpayers have the right to know what they need to do to comply with the tax laws. Not just during filing season but, all year.
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IRS issues FAQs for Tax Year 2021 Earned Income Tax Credit
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The Internal Revenue Service today issued frequently asked questions (FAQs) for the 2021 Earned Income Tax Credit to educate eligible taxpayers on how to properly claim the credit when they prepare and file their 2021 tax return.
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Tax Time Guide: IRS reminds taxpayers to report gig economy income, virtual currency transactions, foreign source income and assets https://www.irs.gov/newsroom/tax-time...
http://accountinginstruction.com/
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Changes to the earned income tax credit for the 2022 filing season 02.28.22 COVID Tax Tip
https://www.irs.gov/newsroom/changes-...
https://accountinginstruction.info/
The EITC is one of the federal government's largest refundable tax credits for low-to moderate-income families.
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IRS updates FAQs for the Premium Tax Credit 02.25.22
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The Internal Revenue Service today updated its frequently asked questions (FAQs) on the Premium Tax Credit.
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Tax Time Guide: Use the Where’s My Refund? tool or IRS2Go app to conveniently check tax refund status
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https://accountinginstruction.info/
The Internal Revenue Service reminds taxpayers today that the fastest and easiest way to check on tax refunds is by using the Where's My Refund?
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Interest rates increase for the second quarter of 2022
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https://accountinginstruction.info/
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning April 1, 2022. The rates will be:
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2022 Low Income Taxpayer Clinic List now available 02.22.22
https://www.irs.gov/newsroom/2022-low...
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The Internal Revenue Service's Low Income Taxpayer Clinic (LITC) program office announced today that its 2022 Publication 4134, Low Income Taxpayer Clinic List PDF, is now available.
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IRS provides additional updates to Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit
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https://accountinginstruction.info/
The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.
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IRS reminds those with farming, fishing businesses of March 1 tax deadline
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
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Join the Taxpayer Advocacy Panel and help improve the IRS; apply by April 8
https://www.irs.gov/newsroom/join-the...
https://accountinginstruction.info/
The Internal Revenue Service today announced it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP). Applications will be accepted through April 8.
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IRS provides further details on additional relief for certain partnerships preparing schedules K-2 and K-3 for 2021 https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
The IRS today provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.
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Latest spearphishing scams target tax professionals
https://www.irs.gov/newsroom/latest-s...
https://accountinginstruction.info/
With tax season in full swing, the Internal Revenue Service, state tax agencies and tax industry today warned tax professionals of new email scams that attempt to steal their tax software preparation credentials.
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Tax Time Guide: Make IRS.gov the first stop for tax help 02.16.22
https://www.irs.gov/newsroom/tax-time...
https://accountinginstruction.info/
With phone volumes continuing at historic levels, the Internal Revenue Service reminds taxpayers IRS.gov, should be the first stop for taxpayers seeking information and help with their federal taxes.
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IRS updates FAQs for Higher Education Emergency Grants
https://www.irs.gov/newsroom/irs-upda...
https://accountinginstruction.info/
The Internal Revenue Service today updated its frequently asked questions (FAQs) on Higher Education Emergency Grants. This updated FAQ adds questions 8 and 9 in FS-2022-11 PDF.
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IRS announces an update to the Form 14457, Voluntary Disclosure Practice Preclearance Request and Application https://www.irs.gov/newsroom/irs-anno...
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The Internal Revenue Service announced today that Form 14457, Voluntary Disclosure Practice Preclearance Request and Application PDF, has been revised, including expanding a section on reporting virtual currency.
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IRS launches resource page on IRS.gov with latest details and information for taxpayers during filing season
https://www.irs.gov/newsroom/irs-laun...
https://accountinginstruction.info/
To help taxpayers and tax professionals, the Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details and information affecting the 2022 filing season and ongoing efforts by the agency to address the inventory of previously filed tax returns.
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IRS continues work to help taxpayers; suspends mailing of additional letters
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https://accountinginstruction.info/
As part of ongoing efforts to provide additional help for people during this period
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Tax Time Guide: American Rescue Plan changes can boost refunds for many families; people should file even if they haven’t for years https://www.irs.gov/newsroom/tax-time...
The Internal Revenue Service today urged Americans to file a 2021 federal income tax return so they can take advantage of key tax benefits included in the American Rescue Plan and other recent legislation.
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Low Income Taxpayer Clinics represented nearly 20,000 taxpayers dealing with an IRS tax controversy
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The Internal Revenue Service's Low Income Taxpayer Clinic (LITC) Program office today announced highlights from its 2021 annual report PDF.
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IRS updates Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit
https://www.irs.gov/newsroom/irs-upda...
https://accountinginstruction.info/
The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.
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IRS announces transition away from use of third-party verification involving facial recognition
https://www.irs.gov/newsroom/irs-anno...
https://accountinginstruction.info/
The IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts.
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IRS Taxpayer Assistance Centers open on special Saturdays for face-to-face help
https://www.irs.gov/newsroom/irs-taxp...
https://accountinginstruction.info/
As part of a larger effort to help people during this year's filing season, the Internal Revenue Service today announced special Saturday hours at many Taxpayer Assistance Centers (TACs) across the country.
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IRS warning Scammers work year-round; stay vigilant 02.03.22
https://www.irs.gov/newsroom/irs-warn...
https://accountinginstruction.info/
As the new year begins, the Internal Revenue Service reminds taxpayers to protect their personal and financial information throughout the year and watch out for IRS impersonation scams, along with other schemes, that try to trick people out of their hard-earned money.
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IRS provides revised answer for 2020 Recovery Rebate Credit on tracing
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IRS Tax Tip Free IRS programs are here to help taxpayers prepare and file returns
https://www.irs.gov/newsroom/free-irs...
https://accountinginstruction.info/
It's a new tax season.
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IRS issues 2021 Filing Season frequently asked questions, information to help taxpayers preparing their 2021 returns https://www.irs.gov/newsroom/irs-issu...
http://accountinginstruction.com/
These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-06 PDF, January 31, 2022.
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COVID Tax Tip IRS Free File now accepting 2021 tax returns 01.31.22
https://www.irs.gov/newsroom/irs-free...
https://accountinginstruction.info/
IRS Free File, available only through IRS.gov, is now accepting 2021 tax returns.
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EITC Awareness Day: Important changes mean more people qualify for credit that helps millions of Americans
https://www.irs.gov/newsroom/eitc-awa...
https://accountinginstruction.info/
IRS YouTube Video: Earned Income Tax Credit (EITC) Can Put More Money in Your Pocket IR-2022-20, January 28, 2022
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Taxpayers beware: Tax season is prime time for phone scams
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
With the new tax season starting this week, the IRS reminds taxpayers to be aware that criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information.
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All third Economic Impact Payments issued; parents of children born in 2021
https://www.irs.gov/newsroom/all-thir...
https://accountinginstruction.info/
The Internal Revenue Service announced today that all third-round Economic Impact Payments have been issued and reminds people how to claim any remaining stimulus payment
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IRS Tax Tip How a taxpayer’s filing status affects their tax return
https://www.irs.gov/newsroom/how-a-ta...
https://accountinginstruction.info/
A taxpayer's filing status tells the IRS about them and their tax situation.
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IRS Chief Counsel looking for 200 experienced attorneys to focus on abusive tax deals; job openings posted
https://www.irs.gov/newsroom/irs-chie...
https://accountinginstruction.info/
The Internal Revenue Service's Office of Chief Counsel today announced plans to hire up to 200 additional attorneys to help the agency combat syndicated conservation easements, abusive micro-captive insurance arrangements and other tax schemes.
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January 31 wage statement deadline reminder for employers
https://www.irs.gov/newsroom/january-...
https://accountinginstruction.info/
The Internal Revenue Service today urged employers to be aware of the January deadline to file Forms W-2 and other wage statements.
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Understanding the adoption tax credit IRS Tax Tip
https://www.irs.gov/newsroom/understa...
https://accountinginstruction.info/
Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. Taxpayers who adopt their spouse's child can't claim this credit.
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Random Joke
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Get ready for taxes: Bookmark IRS.gov resources and online tools to use before, during and after filing
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
The Internal Revenue Service today encouraged taxpayers to use IRS online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments and advance Child Tax Credit payments.
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National Taxpayer Advocate delivers Annual Report to Congress; focuses on taxpayer impact of processing and refund delays https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
National Taxpayer Advocate Erin M. Collins today released her 2021 Annual Report to Congress, calling calendar year 2021
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IRS updates FAQs for 2021 Child Tax Credit and Advance Child Tax Credit Payments
https://www.irs.gov/newsroom/irs-upda...
https://accountinginstruction.info/
The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit to help eligible families properly claim the credit when they prepare and file their 2021 tax return.
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IRS selects new IRSAC members for 2022
https://www.irs.gov/newsroom/irs-sele...
https://accountinginstruction.info/
The Internal Revenue Service today announced the appointment of nine new members to the Internal Revenue Service Advisory Council (IRSAC).
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2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline https://www.irs.gov/newsroom/2022-tax...
https://accountinginstruction.info/
The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
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Tax filing step 1: Gather all year-end income documents
https://www.irs.gov/newsroom/tax-fili...
https://accountinginstruction.info/
As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records.
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IRS reminder to many: Make final 2021 quarterly tax payment by Jan. 18; avoid surprise tax bill, possible penalty
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes.
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For Colorado wildfire victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16
https://www.irs.gov/newsroom/for-colo...
https://accountinginstruction.info/
Victims of this weekend's wildfires in Colorado will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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Random Joke
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Pay Up Pal
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IRS reminder: For many employers and self-employed people, deferred Social Security tax payment due Jan. 3
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
The Internal Revenue Service today reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on January 3, 2022.
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Random Joke
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IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience
https://www.irs.gov/newsroom/irs-issu...
https://accountinginstruction.info/
The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January.
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Hurricane Ida tax relief extended to February 15 for part or all of six qualifying states
https://www.irs.gov/newsroom/hurrican...
https://accountinginstruction.info/
Victims of Hurricane Ida in six states now have until February 15, 2022, extended from January 3, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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United States, Malta sign a competent authority arrangement (CAA) confirming pension fund meaning
https://www.irs.gov/newsroom/united-s...
https://accountinginstruction.info/
The competent authorities of the United States and Malta signed a competent authority arrangement (CAA) confirming their understanding of the meaning of pension fund for purposes of the United States–Malta income tax treaty (Treaty).
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For Illinois and Tennessee tornado victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16
https://www.irs.gov/newsroom/for-illi...
https://accountinginstruction.info/
Victims of this month's tornadoes in parts of Illinois and Tennessee will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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Man calling in sick for Omicron Joke
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IRS issues standard mileage rates for 2022
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info/
The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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IRS makes Tax Exempt Organization Search primary source to get exempt organization data
https://www.irs.gov/newsroom/irs-make...
https://accountinginstruction.info/
The Internal Revenue Service announced today that the publicly available data it provides on electronically filed Forms 990 in a machine-readable format will be available solely on the Tax Exempt Organization Search webpage.
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Families will soon receive their December advance Child Tax Credit payment; those not receiving payments may claim any missed payments on the upcoming 2021 tax return
https://www.irs.gov/newsroom/families...
https://accountinginstruction.info/
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For Kentucky tornado victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16
https://www.irs.gov/newsroom/for-kent...
https://accountinginstruction.info/
Victims of this weekend's tornadoes in Kentucky will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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IRS joins leading nonprofit groups to highlight special charitable tax benefit available through Dec. 31
https://www.irs.gov/newsroom/irs-join...
https://accountinginstruction.info/
Special rule helps most people get a deduction of up to $300 per individual, $600 for couples for gifts to charity; National Council of Nonprofits and Independent Sector highlight how donations can help the nation's charitable community IR-2021-247, December 13, 2021
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IRS Tax Tip Tax benefits of making a business accessible to workers and customers with disabilities
https://www.irs.gov/newsroom/tax-bene...
https://accountinginstruction.info/
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions.
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Most retirees must take required minimum distributions by Dec. 31
https://www.irs.gov/newsroom/most-ret...
https://accountinginstruction.info/
The Internal Revenue Service today reminded retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by December 31.
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IRS is seeking qualified applicants for the Electronic Tax Administration Advisory Committee
https://www.irs.gov/newsroom/irs-is-s...
https://accountinginstruction.info/
The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC).
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IRS issues guidance regarding the retroactive termination of the Employee Retention Credit
https://www.irs.gov/newsroom/irs-issu...
https://accountinginstruction.info/
The Internal Revenue Service today issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Infrastructure Investment and Jobs Act, which was enacted on November 15, 2021,
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Get ready for taxes: What's new and what to consider when filing in 2022
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
The Internal Revenue Service today encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022,
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National Tax Security Awareness Week, Day 5: Security Summit partners remind businesses to tighten security; be aware of steps to help prevent, protect data loss
https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
The Internal Revenue Service, state tax agencies and the nation's tax industry urged businesses to be alert to cyberattacks aimed at gaining access to business data and customer information and be aware of steps
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National Tax Security Awareness Week: Tax pros, taxpayers can use secure online account and digital signature options https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
The Internal Revenue Service, state tax agencies and the tax industry marked the fourth day of National Tax Security Awareness Week with a reminder to tax professionals and taxpayers
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National Tax Security Awareness Week, Day 4: Security Summit warns tax pros that pandemic adds to data-theft risks; offers tips and outlines common scams
https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
The Internal Revenue Service, state tax agencies and the nation's tax industry today warned tax professionals that they face additional security risks from cybercriminals seeking to use the pandemic and phishing scams to steal sensitive client information.
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National Tax Security Awareness Week, Day 3: Choosing a special Identity Protection PIN adds extra safety for taxpayers https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
As part of a wider effort to increase security, the Internal Revenue Service today reminded taxpayers they can get extra protection starting in January by joining the agency's Identity Protection Personal Identification Number (IP PIN) program.
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National Tax Security Awareness Week, Day 2: Giving Tuesday reminder that scammers can use fake charities to get sensitive information https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
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Taxpayer alert as holidays, tax season approach: Watch out for scams, protect financial information; National Tax Security Awareness Week, Day 1 highlights important tips
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
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Child Tax Credit payments: IRS online portal now available in Spanish; Nov. 29 is last day for families to opt out or make other changes https://www.irs.gov/newsroom/child-ta...
https://accountinginstruction.info/
The Internal Revenue Service this week launched a new Spanish-language version of the Child Tax Credit Update Portal (CTC-UP).
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Interest rates remain the same for the first quarter of 2022
https://www.irs.gov/newsroom/interest...
https://accountinginstruction.info/
The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2022. The rates will be:
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IRS Tax Tip
https://www.irs.gov/newsroom/irs-reso...
https://accountinginstruction.info/
IRS resources help taxpayers determine if an offer in compromise is the right way to resolve tax debt
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Scam risks remain during pandemic; Security Summit focuses special week on taxpayer, tax professional protection against identity theft https://www.irs.gov/newsroom/scam-ris...
https://accountinginstruction.info/
With the 2022 tax season and the holidays rapidly approaching, the Internal Revenue Service, state tax agencies and the nation's tax industry today announced a special week focusing attention on taxpayers protecting sensitive financial information against identity thieves.
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IRS provides answers to states and local governments on taxability and reporting of payments from Coronavirus State and Local Fiscal Recovery Funds
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
The Internal Revenue Service today provided answers regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds).
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IRS Criminal Investigation releases annual report highlighting 2,500+ investigations, law enforcement partnerships https://www.irs.gov/newsroom/irs-crim...
https://accountinginstruction.info/
Over 2,500 criminal investigations, the identification of more than $10 billion from tax fraud and financial crimes,
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IRS: All of Mississippi now qualifies for expanded Hurricane Ida relief; Sept. 15, Oct. 15 deadlines, other dates extended to Jan. 3 https://www.irs.gov/newsroom/irs-all-...
https://accountinginstruction.info/
Victims of Hurricane Ida throughout Mississippi now have additional time--until January 3, 2022--to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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IRS unveils new online identity verification process for accessing self-help tools
https://www.irs.gov/newsroom/irs-unve...
https://accountinginstruction.info/
The Internal Revenue Service today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.
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IRS offers how-to videos to help taxpayers apply for Offers in Compromise and avoid scams
https://www.irs.gov/newsroom/irs-offe...
https://accountinginstruction.info/
The Internal Revenue Service today unveiled a new how-to video series enabling taxpayers to avoid potential scams by considering and applying for an Offer in Compromise (OIC) themselves and avoid paying excessive fees to companies advertising outlandish claims.
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IRS Advisory Council issues 2021 Annual Report
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Tax professionals can now order more transcripts from the IRS
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More California wildfire relief from IRS: Sept. 15, Oct. 15 deadlines, other dates further extended to Jan. 3 for certain areas https://www.irs.gov/newsroom/more-cal...
https://accountinginstruction.info/
Wildfire victims in parts of California now have until January 3, 2022,
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IRS provides guidance on per diem rates and the temporary 100% deduction for food or beverages from restaurants https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
The Internal Revenue Service today issued Notice 2021-63 PDF to make clear how the temporary 100% business deduction for food or beverages from restaurants applies to taxpayers
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Tax Tip Why it’s important that taxpayers know and understand their correct filing status
https://www.irs.gov/newsroom/why-its-...
https://accountinginstruction.info/
As taxpayers get ready for the upcoming filing season, It's important for them to know their correct filing status.
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IRS: Families will soon receive November advance Child Tax Credit payments; time running out to sign up online to get an advance payment in December
https://www.irs.gov/newsroom/irs-fami...
https://accountinginstruction.info/
The Internal Revenue Service and the Treasury Department announced today that millions of American families will soon receive their advance Child Tax Credit (CTC) payment for the month of November.
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IRS announces new online tool to help U.S. withholding agents validate their 1042-S data prior to filing
https://www.irs.gov/newsroom/irs-anno...
https://accountinginstruction.info/
The Internal Revenue Service today launched a new online tool designed to help U.S. withholding agents comply with their reporting and withholding responsibilities
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2 4 6 8 May My Home Appreciate
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The IRS Is Pissing Me Off
https://accountinginstruction.info/
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Families can now report income changes using the Child Tax Credit Update Portal.
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International Accounting Day November 10, 2021
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IRS provides tax inflation adjustments for tax year 2022
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
The Internal Revenue Service today announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
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IRS Financial Report available on IRS.gov
https://www.irs.gov/newsroom/irs-fina...
https://accountinginstruction.info/
The Internal Revenue Service published its Financial Report on IRS.gov today.
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IRS updates 2021 Child Tax Credit and Advance Child Tax Credit Payments Frequently Asked Questions
https://www.irs.gov/newsroom/irs-upda...
https://accountinginstruction.info/
The Internal Revenue Service today updated frequently-asked-questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit Payments to describe how taxpayers can now provide the IRS an estimate of your 2021 income using the Child Tax Credit Update Portal (CTC UP).
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IRS Tax Tip Here’s how businesses can deduct startup costs from their federal taxes
https://www.irs.gov/newsroom/heres-ho...
https://accountinginstruction.info/
When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business.
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IRS Tax Tip Taxpayer Advocate Service: Helping taxpayers navigate their IRS issues or concerns
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayers' rights.
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Get ready for taxes: Easy steps taxpayers can take now to make tax filing easier in 2022
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help them file their federal tax returns in 2022.
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COVID Vaccine Reversal
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COVID Tax Tip IRS help for employers wanting to rehire retirees or keep them after retirement age
https://www.irs.gov/newsroom/irs-help...
https://accountinginstruction.info/
The IRS reminds employers they generally won't jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan's normal retirement age.
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IRS announces 401(k) limit increases to $20,500
https://www.irs.gov/newsroom/irs-anno...
https://accountinginstruction.info/
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020.
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More Ida relief from IRS: Sept. 15, Oct. 15 deadlines, other dates extended to Jan. 3 for parts of Connecticut
https://www.irs.gov/newsroom/more-ida...
https://accountinginstruction.info/
Victims of Hurricane Ida in parts of Connecticut now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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IRS Tax Tip People can stay connected to the IRS through social media and e-news subscriptions
https://www.irs.gov/newsroom/people-c...
https://accountinginstruction.info/
Taxpayers can stay in the know on all things tax-related by following the IRS verified social media accounts and subscribing to the agency's e-news services. Here are some details about these valuable information resources.
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IRS Tax Tip Understanding taxpayer rights: The right to retain representation
https://www.irs.gov/newsroom/understa...
https://accountinginstruction.info/
Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation.
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IRS issues another 430,000 refunds for adjustments related to unemployment compensation
https://www.irs.gov/newsroom/irs-issu...
https://accountinginstruction.info/
The Internal Revenue Service recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020.
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Child Tax Credit: Families with income changes must enter them in IRS online portal on Monday to impact Nov. 15 payment; Spanish version coming in late November
https://www.irs.gov/newsroom/child-ta...
https://accountinginstruction.info/
On Monday, November 1, the Internal Revenue Service will launch a new feature allowing any family receiving monthly Child Tax Credit payments to update their income using the Child Tax Credit Update Portal (CTC UP), found exclusively on IRS.gov.
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IRS News-No Actual News
https://accountinginstruction.info/
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IRS Tax Tip Tax pros should renew PTINs now for the upcoming filing season
https://www.irs.gov/newsroom/tax-pros...
https://accountinginstruction.info/
The IRS reminds all active federal tax return preparers they must renew their Preparer Tax Identification Numbers (PTIN) now for 2022. All current PTINs will expire December 31, 2021.
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Small business advertising and marketing costs may be tax deductible.
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Additional Hurricane Ida relief from IRS: Sept. 15, Oct. 15 deadlines, other dates further extended to Jan. 3 for parts of Mississippi; Nov. 1 deadline still applies to the rest of the state
https://www.irs.gov/newsroom/addition...
https://accountinginstruction.info/
Victims of Hurricane Ida in parts of Mississippi now have additional time – until January 3, 2022
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COVID Tax Tip Tips to help taxpayers decide how and when to file an amended tax return
https://www.irs.gov/newsroom/tips-to-...
https://accountinginstruction.info/
After filing their tax return, taxpayers may find they made an error or forgot to enter something on it. The IRS strongly recommends taxpayers use the Interactive Tax Assistant, Should I File an Amended Return?
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IRS, Security Summit partners remind families to make online safety a priority during National Cybersecurity Month https://www.irs.gov/newsroom/irs-secu...
https://accountinginstruction.info/
The Internal Revenue Service today reminded families, teens and senior citizens about the continued importance of protecting personal and financial information PDF online.
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COVID relief: IRS helps employers wanting to rehire retirees or retain employees after retirement age
https://www.irs.gov/newsroom/covid-re...
https://accountinginstruction.info/
To help address COVID-related labor shortages, the Internal Revenue Service today reminded employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan's normal retirement age.
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IRS reminds tax professionals that it’s time to renew PTINs
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
The Internal Revenue Service reminds the more than 759,000 federal tax return preparers they must renew their Preparer Tax Identification Numbers (PTINs) now for 2022. All current PTINs will expire December 31, 2021.
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IRS Tax Tip Here’s what taxpayers should know about backup withholding
https://www.irs.gov/newsroom/heres-wh...
https://accountinginstruction.info/
Backup withholding ensures that the government is paid the correct amount of taxes on specific types of payments reported on certain Forms 1099 and W-2G.
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IRS reminds employers to e-file payroll tax returns timely
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
The Internal Revenue Service today reminded employers that the next quarterly payroll tax return is due November 1, 2021. The IRS urges employers to use the speed and convenience of filing the returns electronically.
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IRS Tax Tip Here’s how people can become an IRS-certified volunteer The IRS and its community partners encourage people to make a difference in communities across the country by becoming an IRS-certified volunteer. These volunteers will help taxpayers file their tax returns during the upcoming tax season.
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IRS tax resources for the blind and visually impaired
ttps://www.irs.gov/newsroom/irs-tax-...
https://accountinginstruction.info/
All taxpayers should receive tax information in a format that is accessible to them. The IRS Alternative Media Center provides resources and accessibility services to taxpayers with disabilities.
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IRS joins international organizations in fighting charity fraud during special awareness week
https://www.irs.gov/newsroom/irs-join...
https://accountinginstruction.info/
The Internal Revenue Service is joining international organizations and other regulators in highlighting Charity Fraud Awareness Week, October 18-22
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IRS extends videoconferencing to large business taxpayers
https://www.irs.gov/newsroom/irs-exte...
https://accountinginstruction.info/
The Internal Revenue Service today announced that beginning October 18, the IRS's large business division will accept all taxpayer requests to meet with IRS employees using secure videoconferencing.
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IRS updates process for frequently asked questions on new tax legislation and addresses reliance concerns
https://www.irs.gov/newsroom/irs-upda...
https://accountinginstruction.info/
Today, the Internal Revenue Service is updating its process for certain frequently asked questions (FAQs) on newly enacted tax legislation
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IRS sets forth required information for a valid research credit claim for refund
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IRS News IRS: Families now receiving October Child Tax Credit payments; still time for eligible families to sign up for advance payments https://www.irs.gov/newsroom/irs-fami...
https://accountinginstruction.info/
The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of October.
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Most taxpayers who requested an extension to file their 2021 tax return must file by Oct. 15 COVID Tax Tip
https://www.irs.gov/newsroom/most-tax...
https://accountinginstruction.info/
October 15 is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2020 tax return must file tomorrow to avoid the penalty for filing late.
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IRS Tax Tip 2021 IRS Nationwide Tax Forum seminars now available online
https://www.irs.gov/newsroom/2021-irs...
https://accountinginstruction.info/
Eighteen new seminars from the 2021 IRS Nationwide Tax Forum are now available on IRS Nationwide Tax Forums Online.
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Non-traditional families may qualify for advance child tax credit payments
https://www.irs.gov/newsroom/non-trad...
https://accountinginstruction.info/
Families come in all shapes and sizes – and some families may not realize they could receive advance payments of the 2021 child tax credit in the last months of this year.
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Give tax withholding a fresh look as 2021 year-end nears
https://www.irs.gov/newsroom/give-tax...
https://accountinginstruction.info/
The Internal Revenue Service reminds taxpayers today that the last quarter of 2021 is a good time to check withholding.
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Understanding taxpayer rights: The right to finality
https://www.irs.gov/newsroom/understa...
https://accountinginstruction.info/
Taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit.
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IRS Free File program available through Oct. 15
https://www.irs.gov/newsroom/irs-free...
https://accountinginstruction.info/
The Internal Revenue Service announced today that Free File remains available through Oct. 15 for those taxpayers who still need to file their 2020 tax returns.
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Here’s how a taxpayer’s custody situation may affect their advance child tax credit payments
https://www.irs.gov/newsroom/heres-ho...
https://accountinginstruction.info/
Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed.
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IRS Nationwide Tax Forums Online launches 18 new seminars
https://www.irs.gov/newsroom/irs-nati...
https://accountinginstruction.info/
Tax pros: 2021 self-study seminars now available for continuing education credit IR-2021-197, October 4, 2021
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IRS Tax Tip Farmers and ranchers affected by drought have additional time to replace livestock
https://www.irs.gov/newsroom/farmers-...
https://accountinginstruction.info/
Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales.
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Oct. 15 FBAR extension deadline nears for foreign bank and f
https://www.irs.gov/newsroom/oct-15-f...
https://accountinginstruction.info/
The Internal Revenue Service reminds U.S. citizens, resident aliens and any domestic legal entity that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is Oct. 15, 2021.
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IRS Tax Tip Here’s what tax professionals should do after a data theft or loss
https://www.irs.gov/newsroom/heres-wh...
https://accountinginstruction.info/
If a tax pro or their firm is the victim of data or information theft, they must deal with it thoroughly and efficiently.
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IRS Tax Tip Taxpayers who aren’t eligible for the Child Tax Credit should look into the Credit for Other Dependents https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info/
The Credit for Other Dependents is a tax credit available to taxpayers for each of their qualifying dependents who can't be claimed for the Child Tax Credit.
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IRS selects seven new members for the Electronic Tax Administration Advisory Committee
https://www.irs.gov/newsroom/irs-sele...
https://accountinginstruction.info/
The Internal Revenue Service has selected seven new members for the Electronic Tax Administration Advisory Committee (ETAAC).
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Expanded tax benefits help individuals and businesses give to charity in 2021
https://www.irs.gov/newsroom/expanded...
https://accountinginstruction.info/
Recent legislation includes several provisions to help individuals and businesses who give to charity.
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Starting Oct. 28, new $67 user fee applies to estate tax closing letters; IRS reminds executors of free transcript option https://www.irs.gov/newsroom/starting...
https://accountinginstruction.info/
The Internal Revenue Service announced today that starting Oct. 28, a new $67 user fee will apply to any estate that requests a closing letter for its federal estate tax return.
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IRS Tax Tip How to avoid fraud and scams after a disaster
https://www.irs.gov/newsroom/how-to-a...
https://accountinginstruction.info/
Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts.
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IRS: Drought-stricken farmers and ranchers have more time to replace livestock
https://www.irs.gov/newsroom/irs-drou...
https://accountinginstruction.info/
Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.
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IRS Tax Tip All taxpayers have the right to appeal an IRS decision in an independent forum
https://www.irs.gov/newsroom/all-taxp...
https://accountinginstruction.info/
Taxpayers have the right to appeal an IRS decision in an independent forum.
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IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of three groups
https://www.irs.gov/newsroom/irs-new-...
https://accountinginstruction.info/
The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts
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IRS launches new webpage to assist taxpayers with refunds subject to Joint Committee on Taxation review
https://www.irs.gov/newsroom/irs-laun...
https://accountinginstruction.info/
The IRS today introduced a new webpage that provides information to taxpayers whose large refunds are subject to further review by the Joint Committee on Taxation (JCT or Joint Committee).
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IRS Tax Tip Renewed work opportunity tax credit can help employers hire workers
https://www.irs.gov/newsroom/renewed-...
https://accountinginstruction.info/
With many businesses facing a tight job market, the IRS reminds employers to check out the work opportunity tax credit.
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COVID Tax Tip Highlights from National Small Business Week 2021
https://www.irs.gov/newsroom/highligh...
https://accountinginstruction.info/
The IRS continues to provide materials and information to help small business owners and self-employed individuals comply with filing and paying requirements.
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Expanded tax benefits help individuals and businesses give to charity during 2021; deductions up to $600 available for cash donations by non-itemizers
https://www.irs.gov/newsroom/expanded...
https://accountinginstruction.info/
The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses
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Oct. 15 deadline approaches for taxpayers who requested extensions to file 2020 tax returns
https://www.irs.gov/newsroom/oct-15-d...
https://accountinginstruction.info/
The Internal Revenue Service today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns.
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COVID Tax Tip Here are some key reminders for extension filers
https://www.irs.gov/newsroom/here-are...
https://accountinginstruction.info/
October 15 is fast approaching. That's the last day to file for most people who requested an extension for their 2020 tax return.
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IRS Tax Tip Small business owners should see if they qualify for the home office deduction
https://www.irs.gov/newsroom/small-bu...
https://accountinginstruction.info/
Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction. This deduction allows qualifying taxpayers to deduct certain home expenses on their tax return when they file their 2021 tax return next year.
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IRS extends dyed diesel fuel penalty relief in Louisiana due to Hurricanes Ida and Nicholas
https://www.irs.gov/newsroom/irs-exte...
https://accountinginstruction.info/
The Internal Revenue Service, in response to the continued shortages of undyed diesel fuel caused by Hurricanes Ida and Nicholas,
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IRS reminds business owners to correctly identify workers as employees or independent contractors
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
During National Small Business Week, the Internal Revenue Service reminds business owners that it's critical to correctly determine whether the individuals providing services are employees or independent contractors.
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New mailing address for some Western states as Fresno, California, paper tax return processing center closes
https://www.irs.gov/newsroom/new-mail...
https://accountinginstruction.info/
The Internal Revenue Service will close its paper return processing center in Fresno, California, permanently at the end of September this year. Originally announced in 2016, this closure is part of a larger, ongoing efficiency strategy as most taxpayers now file electronically.
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Renewed tax credit can help employers hire workers; key certification requirement applies
https://www.irs.gov/newsroom/renewed-...
https://accountinginstruction.info/
With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check
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COVID Tax Tip IRS resources to help small business employers understand and meet their tax responsibilities
https://www.irs.gov/newsroom/irs-reso...
https://accountinginstruction.info/
This week is National Small Business Week.
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IRS: Tax relief now available to Ida victims in Pennsylvania; Oct. 15 deadline, other dates extended to Jan. 3
https://www.irs.gov/newsroom/irs-tax-...
https://accountinginstruction.info/
Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments,
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IRS Tax Tip Understanding the tax responsibilities that come with starting a business
https://www.irs.gov/newsroom/understa...
https://accountinginstruction.info/
Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one.
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IRS recognizes Small Business Week: Resources available to help employers
https://www.irs.gov/newsroom/irs-reco...
https://accountinginstruction.info/
During National Small Business Week, the Internal Revenue Service wants small business owners to know that information and resources to help them understand and meet their tax obligations are available free
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IRS: Cost of home testing for COVID-19 is eligible medical expense; reimbursable under FSAs, HSAs
https://www.irs.gov/newsroom/irs-cost...
https://accountinginstruction.info/
The Internal Revenue Service reminds taxpayers today that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs),
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IRS Tax Tip Reminder for extension filers: choose a tax preparer wisely https://www.irs.gov/newsroom/reminder...
https://accountinginstruction.info/
The filing extension deadline will be here soon. Taxpayers who requested an extension to file might be considering hiring a tax preparer.
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Treasury, IRS issue guidance for 2021 on reporting qualified sick and family leave wages
https://www.irs.gov/newsroom/treasury...
https://accountinginstruction.info/
The Treasury Department and the Internal Revenue Service today issued Notice 2021-53, which provides guidance to employers about reporting
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IRS Tax Tip Understanding what happens after a disaster that leads to taxpayer relief
https://www.irs.gov/newsroom/understa...
https://accountinginstruction.info/
No matter the type of disaster or how devastating it is, before the IRS can choose to authorize tax relief,
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IRS: Deadline for third quarter estimated tax payments is Sept. 15
https://www.irs.gov/newsroom/irs-dead...
https://accountinginstruction.info/
The Internal Revenue Service reminds people that September 15, 2021, is the deadline for third quarter estimated tax payments.
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Taxpayers can find answers to questions about payments and penalties on IRS.gov
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
Taxpayers can find answers to most questions about tax payments and penalties on IRS.gov.
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IRS grants dyed diesel fuel penalty relief in Louisiana due to Hurricane Ida
https://www.irs.gov/newsroom/irs-gran...
https://accountinginstruction.info/
The Internal Revenue Service, in response to shortages of undyed diesel fuel caused by Hurricane Ida,
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IRS Tax Tip All taxpayers have the right to challenge the IRS’s position and be heard
https://www.irs.gov/newsroom/all-taxp...
https://accountinginstruction.info/
Taxpayers have the right to challenge the IRS's position and be heard.
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IRS Tax Tip Taxpayers should review disaster resources on IRS.gov now in case they need help later
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
Natural disasters can – and do – happen at any time. Preparing in advance of a disaster can give people peace of mind after a disaster hits as they begin the recovery process.
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IRS: Tax relief now available to victims of Hurricane Ida; Oct. 15 deadline, other dates extended to Jan. 3
https://www.irs.gov/newsroom/irs-tax-...
https://accountinginstruction.info/
Victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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September is National Preparedness Month; IRS urges taxpayers to prepare for natural disasters
https://www.irs.gov/newsroom/septembe...
https://accountinginstruction.info/
September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in some parts of the country,
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Low-income families still have time to sign up for advance Child Tax Credit payments
https://www.irs.gov/newsroom/low-inco...
https://accountinginstruction.info/
It's not too late for low-income families to sign up for advance Child Tax Credit payments.
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COVID Tax Tip Tax pros: Beware of pandemic-related email schemes
https://www.irs.gov/newsroom/tax-pros...
https://accountinginstruction.info/
All tax pros need to beware of evolving phishing scams that use various pandemic-related themes to steal client data. It is the tax preparer's responsibility to secure their network to protect taxpayer data.
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Interest rates remain the same for the fourth quarter 2021
https://www.irs.gov/newsroom/interest...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2021. The rates will be:
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Here’s how taxpayers can rebuild records after a natural disaster
https://www.irs.gov/newsroom/heres-ho...
https://accountinginstruction.info/
After a natural disaster, taxpayers need records to help them prove and recover disaster-related losses.
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IRS Tax Tip Taxpayers can protect themselves from scammers by knowing how the IRS communicates
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first.
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IRS accepting applicants for the Compliance Assurance Process for 2022
https://www.irs.gov/newsroom/irs-acce...
https://accountinginstruction.info/
The Internal Revenue Service announced today the opening of the application period for the 2022 Compliance Assurance Process (CAP) program.
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Important additional guidance for employers claiming the employee retention credit
https://www.irs.gov/newsroom/importan...
https://accountinginstruction.info/
The IRS recently issued further guidance on the employee retention credit.
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Child Tax Credit: New update address feature available with IRS online portal; make other changes by August 30 for September payment.. https://www.irs.gov/newsroom/child-ta...
https://accountinginstruction.info/
The Internal Revenue Service has launched a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update Portal
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IRS Tax Tip Truckers must pay heavy highway vehicle use tax by August 31
https://www.irs.gov/newsroom/truckers...
https://accountinginstruction.info/
The heavy vehicle use tax is assessed annually on heavy highway motor vehicles operating on public highways with a taxable gross weight of 55,000 pounds or greater.
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IRS Tax Tip Retirement and taxes: Understanding IRAs
https://www.irs.gov/newsroom/retireme...
https://accountinginstruction.info/
Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement.
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Security Summit warns tax pros to watch for tell-tale signs of identity theft
https://www.irs.gov/newsroom/security...
https://accountinginstruction.info/
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COVID Tax Tip Here’s how tax pros can help clients battle unemployment related identity theft
https://www.irs.gov/newsroom/heres-ho...
https://accountinginstruction.info/
As part of this year's summer campaign Boost Security Immunity: Fight Against Identity Theft,
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COVID Tax Tip What people should and should not do if they get mail from the IRS
https://www.irs.gov/newsroom/what-peo...
https://accountinginstruction.info/
Every year the IRS mails letters or notices to taxpayers for many different reasons.
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IRS: Families now receiving August Child Tax Credit payments; still time for low-income families to sign up
https://www.irs.gov/newsroom/irs-fami...
https://accountinginstruction.info/
The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of August
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IRS Tax Tip What taxpayers need to know about making 2021 estimated tax payments
https://www.irs.gov/newsroom/what-tax...
https://accountinginstruction.info/
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year.
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COVID Tax Tip Common questions about the advance Child Tax Credit payments
https://www.irs.gov/newsroom/common-q...
https://accountinginstruction.info/
The advance Child Tax Credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season.
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IRS provides relief for certain employers claiming the Work Opportunity Tax Credit
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
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Treasury, IRS provide gross receipts safe harbor for employers claiming the Employee Retention Credit
https://www.irs.gov/newsroom/treasury...
https://accountinginstruction.info/
The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) today issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC).
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Tax security tip: Get an IP PIN to help stop identity thieves
https://www.irs.gov/newsroom/tax-secu...
https://accountinginstruction.info/
The IRS and its Security Summit partners recently kicked off their annual summer campaign. This year's theme, Boost Security Immunity: Fight Against Identity Theft, urges tax pros to step up their efforts to protect client data.
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Security Summit warns tax pros to be wary of pandemic-related email schemes
https://www.irs.gov/newsroom/security...
https://accountinginstruction.info/
In a continuing twist on a common scam, the Internal Revenue Service, state tax agencies and tax industry today warned tax professionals to beware of evolving phishing scams that use various pandemic-related themes to steal client data.
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IRS Tax Tip Financial safety: The often forgotten piece of disaster preparedness
https://www.irs.gov/newsroom/financia...
https://accountinginstruction.info/
After a natural disaster, having access to personal financial, insurance, medical and other records can help people starting the recovery process quickly.
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COVID Tax Extension filers: IRS Free File, other resources available until Oct. 15 for 2020 tax returns
https://www.irs.gov/newsroom/extensio
https://accountinginstruction.info
The IRS reminds taxpayers who filed extensions for their 2020 tax return that electronic filing, payment and other options for help with taxes are available until the October 15 deadline.
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Treasury, IRS provide additional guidance to employers claiming the employee retention credit, including for the third and fourth quarters of 2021 https://www.irs.gov/newsroom/treasury...
https://accountinginstruction.info/
The Treasury Department and the Internal Revenue Service today issued further guidance on the employee retention credit, including guidance for employers who pay qualified wages
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IRS Tax Tip Multi-factor authentication is essential to protecting against data theft
https://www.irs.gov/newsroom/multi-fa...
https://accountinginstruction.info/
The IRS and its Security Summit partners recently kicked off their annual summer campaign.
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IRS reminds heavy vehicle owners of August 31 highway use tax return deadline
https://www.irs.gov/newsroom/irs-remi
https://accountinginstruction.info
The Internal Revenue Service reminds those who have registered, or are required to register, large trucks and buses
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Taxpayer Bill of Rights: The ten rights of every taxpayer IRS Tax Tip America's taxpayers have specific rights when they interact with the IRS. These ten rights are known collectively as the Taxpayer Bill of Rights.
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Security Summit: Tax Pros can help clients battle identity theft risk related to unemployment
https://www.irs.gov/newsroom/security...
https://accountinginstruction.info/
Internal Revenue Service Security Summit partners today outlined for tax professionals how they can assist clients who were victims of unemployment compensation fraud schemes that targeted state workforce agencies in 2020 and 2021.
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IRS Tax Tip Excise tax filers should give e-file a try
https://www.irs.gov/newsroom/excise-t...
https://accountinginstruction.info/
The IRS encourages taxpayers who file federal excise taxes to file electronically. The following excise forms can be e-filed:
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IRS: Businesses, charities, others with Employer Identification Numbers must update responsible party information within 60 days of any change https://www.irs.gov/newsroom/irs-busi...
Calling it a key security issue, the Internal Revenue Service today urged those entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information.
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IRS: Businesses, charities, others with Employer Identification Numbers must update responsible party information within 60 days of any change https://www.irs.gov/newsroom/irs-busi...
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Paid leave credit available for providing leave to employees caring for individuals obtaining or recovering from a COVID-19 immunization https://www.irs.gov/newsroom/paid-lea...
https://accountinginstruction.info/
The IRS today updated frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARP).
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IRS Tax Tip Taxpayers and tax pros should be ready to verify their identity when calling the IRS
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info
Taxpayers and tax professionals calling the IRS will be asked to verify their identity.
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IRS continues unemployment compensation adjustments, prepares another 1.5 million refunds
https://www.irs.gov/newsroom/irs-cont...
https://accountinginstruction.info/
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IRS Tax Tip IRS cautions taxpayers about fake charities and scammers targeting immigrants
https://www.irs.gov/newsroom/irs-caut
https://accountinginstruction.info/
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Tax tips for students working summer jobs
https://www.irs.gov/newsroom/tax-tips...
https://accountinginstruction.info/
During the summer many students focus on making money from a summer job. They may want to gain work experience, earn some spending money or help pay for college. Here are some facts all student workers should know about summer jobs and taxes.
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Security Summit: Tax pros should encourage clients to obtain IP PINs to protect against tax-related identity theft https://www.irs.gov/newsroom/security...
https://accountinginstruction.info/
WASHINGTON — Internal Revenue Service Security Summit partners today called on tax professionals to increase efforts to inform clients about the Identity Protection PIN Opt-In Program that can protect against tax-related identity theft.
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IRS Tax Tip Here’s why taxpayers should have an IRS online account
https://www.irs.gov/newsroom/heres-wh
https://accountinginstruction.info
An IRS online account is a safe and easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system.
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More than 2.2 million additional Economic Impact Payments disbursed under the American Rescue Plan
https://www.irs.gov/newsroom/more-tha
https://accountinginstruction.info
The Internal Revenue Service, U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced today they have disbursed more than 2.2 million additional Economic Impact Payments under the American Rescue Plan.
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COVID Tax Tip Multilingual resources help families see if they qualify for advance child tax credit payments
https://www.irs.gov/newsroom/multilin
https://accountinginstruction.info
Among other multilingual advance child tax credit resources, the IRS now has a Spanish-language version of its Child Tax Credit Eligibility Assistant. This tool helps families determine whether they qualify for the child tax credit and the special monthly advance payments of the credit.
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IRS holds additional weekend events July 23-24 to help people with Child Tax Credit payments and Economic Impact Payments https://www.irs.gov/newsroom/irs-hold
https://accountinginstruction.info
The Internal Revenue Service and partners in non-profit organizations, churches, community groups and others will host additional events in several cities this weekend to help eligible families register for the monthly Advance Child Tax Credit (AdvCTC) payments.
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Security Summit partners urge tax pros to use multi-factor authentication; critical step to boost protection against data theft https://www.irs.gov/newsroom/security
https://accountinginstruction.info
With security incidents on the rise, the Internal Revenue Service, state tax agencies and the tax industry urged tax professionals and taxpayers to use a special feature – multi-factor authentication
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Tax Tip A tip for teachers: Some educator expenses may be tax deductible
https://www.irs.gov/newsroom/a-tip-fo
https://accountinginstruction.info
The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.
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Tax Tip Employers should choose their payroll service provider carefully to protect against fraud
https://www.irs.gov/newsroom/employer...
https://accountinginstruction.info/
When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills.
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IRS: Monthly Child Tax Credit payments begin
https://www.irs.gov/newsroom/irs-mont
https://accountinginstruction.info
The Internal Revenue Service and the Treasury Department announced today that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes.
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IRS Tax Tip Things people do during the summer that might affect their tax return next year
https://www.irs.gov/newsroom/things-p
https://accountinginstruction.info
It's summertime and for many people, summertime means change. Whether it's a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season.
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COVID Tax Tip The Child Tax Credit Update Portal allows families to update direct deposit information or unenroll https://www.irs.gov/newsroom/the-chil
https://accountinginstruction.info
The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The tool also allows families to unenroll from the advance payments if they don't want to receive them. The Update Portal is available only on IRS.gov.
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IRS Security Summit announces summer campaign to raise awareness among tax pros about identity theft; urges practitioners to boost security immunity
https://www.irs.gov/newsroom/irs-secu
https://accountinginstruction.info/
WASHINGTON — Continuing an effort to battle tax-related identity theft, the IRS, state tax agencies and the tax industry announced today that the annual campaign to raise awareness among tax professionals about data security will begin next week.
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IRS readies nearly 4 million refunds for unemployment compensation overpayments
https://www.irs.gov/newsroom/irs-read
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service announced today it will issue another round of refunds this week to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year.
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COVID Tax Tip IRS online tool helps families determine if they qualify for the child tax credit
https://www.irs.gov/newsroom/irs-onli
https://accountinginstruction.info
The IRS urges families to use a special online tool, available only on IRS.gov, to help them determine whether they qualify for the child tax credit and the special monthly advance payments beginning July 15.
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COVID Tax Tip Making payments for deferred tax reported by third party payers
https://www.irs.gov/newsroom/making-p
https://accountinginstruction.info/
The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.
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IRS: Online Child Tax Credit eligibility tool now available in Spanish; other multi-lingual materials help families see if they qualify for advance payments
https://www.irs.gov/newsroom/irs-onli...
https://accountinginstruction.info/
The Internal Revenue Service has launched a new Spanish-language version of its online tool, Child Tax Credit Eligibility Assistant, designed to help families determine whether they qualify for the Child Tax Credit and the special monthly advance payments of the credit, due to begin on July 15.
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IRS.gov: The 24/7 summertime spot for tax help
https://www.irs.gov/newsroom/irsgov-t
https://accountinginstruction.info/
WASHINGTON — The IRS website provides millions of visitors with the answers they need to fit their busy summer schedules. On IRS.gov, waiting for service is not a problem and no appointment is needed to use the online tools.
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IRS provides guidance for multiemployer retirement plans receiving assistance from the PBGC
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today provided guidance for multiemployer qualified retirement plans that receive special financial assistance from the Pension Benefit Guaranty Corporation (PBGC) and for participants and beneficiaries in those plans.
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IRS Nationwide Tax Forum kicks off July 20
https://www.irs.gov/newsroom/irs-nati...
https://accountinginstruction.info/
July 13 is the last day to register to attend keynote address by IRS Commissioner Chuck Rettig
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IRS Tax Tip What taxpayers need know about using the IRS Tax Withholding Estimator
https://www.irs.gov/newsroom/what-tax
https://accountinginstruction.info/
All taxpayers should use the IRS Tax Withholding Estimator to check their withholding. This tool helps people make sure their employers are taking out the right amount of tax from the employee's paychecks. It can be used by workers, as well as retirees, self-employed individuals and other taxpayers.
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IRS holds special weekend events to help people who don’t normally file taxes get Child Tax Credit payments and Economic Impact Payments https://www.irs.gov/newsroom/irs-hold...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service and partners in non-profit organizations, churches, community groups and others will host events in 12 cities this weekend to help people who don't normally file a federal tax return to register for the monthly Advance Child Tax Credit (AdvCTC) payments.
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IRS Tax Tip What organizations should understand about applying for tax-exempt status
https://www.irs.gov/newsroom/what-org...
https://accountinginstruction.info/
Organizations that want to apply for recognition of tax-exempt status under Section 501(c)(3) of the tax code use a Form 1023-series application. Here are some tips to help them understand the process.
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How self-employed individuals and household employers repay deferred Social Security tax
https://www.irs.gov/newsroom/how-self...
https://accountinginstruction.info/
The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, 2021, and the remainder is due by December 31, 2022.
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IRS Tax Tip Understanding the taxpayer’s right to quality service
https://www.irs.gov/newsroom/understa
https://accountinginstruction.info
It's important for all taxpayers to know their rights in case they need to work with the agency on a tax matter. The Taxpayer Bill of Rights, lists and defines 10 fundamental rights of every taxpayer. Included on that list is the Right to Quality Service:
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IRS wraps up its 2021 "Dirty Dozen" scams list with warning about promoted abusive arrangements
https://www.irs.gov/newsroom/irs-wrap...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today concludes the "Dirty Dozen" list of tax scams with a warning to taxpayers to watch out for schemes peddled by tax promoters, including syndicated conservation easements, abusive micro-captive insurance arrangements and other abusive arrangements.
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IRS extends tax relief for employer leave-based donation programs that aid victims of the COVID-19 pandemic
https://www.irs.gov/newsroom/irs-exte...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today extended the tax relief provided in Notice 2020-46 for calendar year 2021 for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.
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Draft Instructions for the Schedules K-2 and K-3 released to enhance reporting of international tax matters by pass-through entities https://www.irs.gov/newsroom/draft-in
accountinginstruction.info WASHINGTON — The Treasury and the IRS released today early draft instructions for the Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022). The early release drafts of the instructions provide a preview of the instructions before final versions are released. The new Schedules K-2 and K-3 were released on June 3 and 4, 2021.
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National Taxpayer Advocate assesses tax filing season and identifies areas for IRS improvement in midyear report to Congress https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
WASHINGTON — National Taxpayer Advocate Erin M. Collins today released her statutorily mandated midyear report to Congress. The report presents an assessment of the 2021 filing season, identifies key objectives the Taxpayer Advocate Service (TAS) will pursue during the upcoming fiscal year, and contains the IRS's responses to each of the 73 administrative recommendations the Advocate made in her 2020 Annual Report to Congress.
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IRS: Families receiving monthly Child Tax Credit payments can now update their direct deposit information
https://www.irs.gov/newsroom/irs-fami...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment.
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IRS "Dirty Dozen" list warns people to watch out for tax-related scams involving fake charities, ghost preparers and other schemes https://www.irs.gov/newsroom/irs-dirt...
https://accountinginstruction.info/
Agency reminds seniors and immigrants to watch out for predators IR-2021-141, June 30, 2021
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IRS Tax Tip Here’s what taxpayers need to know about paying taxes on their hobby activities
https://www.irs.gov/newsroom/heres-wh...
https://accountinginstruction.info/
Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return.
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Treasury, IRS extend safe harbor for renewable energy projects
https://www.irs.gov/newsroom/treasury
https://accountinginstruction.info
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance for taxpayers developing renewable energy projects to address delays related to the COVID-19 pandemic.
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IRS, Treasury release state-by-state data on third round of Economic Impact Payments
https://www.irs.gov/newsroom/irs-trea
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service and the Treasury Department released information today detailing how many people in each state received the third round of Economic Impact Payments through early June.
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IRS urges caution with email, social media and phones as part of ‘Dirty Dozen’ series
https://www.irs.gov/newsroom/irs-urge
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today continues its "Dirty Dozen" scam series with a warning to taxpayers to watch out for unexpected schemes in the form of emails, text or social media messages and phone calls.
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COVID Tax Tip Errors employers should avoid when requesting advance payment of employer credits
https://www.irs.gov/newsroom/errors-e
https://accountinginstruction.info
Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes.
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IRS announces "Dirty Dozen" tax scams for 2021
https://www.irs.gov/newsroom/irs-anno
https://accountinginstruction.info
Americans urged to watch out for tax scams during the pandemic IR-2021-135, June 28, 2021
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COVID Tax Tip People who don’t have to file taxes may need to register for monthly advance child tax credit payments https://www.irs.gov/newsroom/people-w
https://accountinginstruction.info
The IRS Non-filer Sign-up Tool offers a free and easy way for eligible people who don't normally have to file taxes to provide the IRS the basic information needed - name, address, and Social Security numbers – to figure and issue advance child tax credit payments. Often, these are individuals and families who receive little or no income, including those experiencing homelessness.
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IRS releases Data Book for fiscal 2020 describing agency’s activities during pandemic
https://www.irs.gov/newsroom/irs-rele
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today issued the Data Book detailing the agency's activities during fiscal year 2020 (Oct. 1, 2019 – Sept. 30, 2020).
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IRS Tax Tip IRS.gov should be a taxpayer’s first stop for their tax transcript
https://www.irs.gov/newsroom/irsgov-s
https://accountinginstruction.info
Tax transcripts are used for a variety of things, like applying for a mortgage or a student loan. Taxpayers order a tax transcript on IRS.gov. They can also learn about the different types of transcripts available from the IRS.
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IRS online tool helps families see if they qualify for the Child Tax Credit; one of three tools now available for the upcoming advance payments
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IRS and community partners team up to provide free tax help for families to get advance CTC
https://www.irs.gov/newsroom/irs-and-...
https://accountinginstruction.info/
Partners urged to use AdvCTC online information and tools to help eligible taxpayers get registered IR-2021-132, June 23, 2021
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COVID Tax Tip Reviewing eligibility for credits and deductions is an important part of year-round tax planning https://www.irs.gov/newsroom/reviewin
Tax credits and deductions can mean more money in a taxpayer's pocket. Most people only think about this when they file their tax return, but early planning can help make filing their 2021 tax return easier.
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ETAAC delivers 2021 Annual Report with recommendations to Congress and IRS
https://www.irs.gov/newsroom/etaac-de
https://accountinginstruction.info
The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring 10 recommendations with a focus on the prevention of identity theft and refund fraud.
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IRS announces two new online tools to help families manage Child Tax Credit payments
https://www.irs.gov/newsroom/irs-anno
https://accountinginstruction.info
Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments IR-2021-130, June 22, 2021
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COVID Tax Tip The first step of good tax planning is good recordkeeping
https://www.irs.gov/newsroom/the-firs
https://accountinginstruction.info
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.
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IRS Tax Tip Businesses must report nonemployee compensation and backup withholding
https://www.irs.gov/newsroom/business...
https://accountinginstruction.info/
By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation.
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Taxpayers may receive a refund for taxes paid on 2020 unemployment compensation
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable amount of unemployment compensation and tax. For eligible taxpayers, this could result in a refund, a reduced balance due or no change to tax.
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IRS Tax Tip Filing payroll taxes electronically makes good business sense
https://www.irs.gov/newsroom/filing-p
https://accountinginstruction.info
Running a business with employees can be hard work. One way business owners can make things a little easier on themselves is by filing payroll and employment taxes electronically.
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IRS Tax Tip Facts to help taxpayers understand backup withholding
https://www.irs.gov/newsroom/facts-to...
https://accountinginstruction.info/
Backup withholding is a federal tax on income that otherwise typically doesn't require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments.
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IRS unveils online tool to help low-income families register for monthly Child Tax Credit payments
https://www.irs.gov/newsroom/irs-unve...
https://accountinginstruction.info/
The Treasury Department and the Internal Revenue Service today unveiled an online Non-filer Sign-up tool designed to help eligible families who don't normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15.
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COVID Tax Tip IRS offers information and resources in a variety of multilingual and alternative formats
https://www.irs.gov/newsroom/irs-offe...
https://accountinginstruction.info/
As part of an ongoing effort to increase multilingual outreach, the IRS offers tax information in multiple languages. IRS.gov pages have links to any available translations on the right side, just below the title. Languages currently available include Spanish, Chinese simplified and traditional, Korean, Russian, Vietnamese and Haitian-Creole.
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New FAQs available to aid families and small business under the American Rescue Plan
https://www.irs.gov/newsroom/new-faqs...
https://accountinginstruction.info/
Information for enhanced 2021 child and dependent care tax credits; updated paid sick and family leave credits for Q2 and Q3 of 2021 IR-2021-128, June 11, 2021
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IRS Tax Tip Homeownership and taxes: Things taxpayers should consider when selling a house h
ttps://www.irs.gov/newsroom/homeowne
https://accountinginstruction.info
It's important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income.
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More than 2.3 million additional Economic Impact Payments disbursed under the American Rescue Plan; total payments top 169 million https://www.irs.gov/newsroom/more-tha...
https://accountinginstruction.info/
The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced today they have disbursed more than 2.3 million additional Economic Impact Payments under the American Rescue Plan.
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IRS Tax Tip Here’s how saying “I do” can affect a couple’s tax situation
https://www.irs.gov/newsroom/heres-ho
https://accountinginstruction.info/
The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation.
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IRS reminder: Approaching June 15 deadline for second quarter estimated tax payments
https://www.irs.gov/newsroom/irs-remi...
WASHINGTON — The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until June 15 to pay their estimated tax payment for the second quarter of tax year 2021 without penalty.
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IRS Procurement office to hire 80 new employees nationwide, including contract specialists
https://www.irs.gov/newsroom/irs-proc...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service is looking to hire motivated acquisition professionals interested in providing America's taxpayers top quality service. The agency's Procurement office plans to fill 80 vacancies nationwide, many of which are contract specialists.
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IRS Tax Tip Here’s how taxpayers can pay the right amount of tax throughout the year
https://www.irs.gov/newsroom/heres-ho...
https://accountinginstruction.info/
Federal taxes are pay-as-you-go. This means that people need to pay most of their tax during the year, as they earn income. This can be done either through withholding or estimated tax payments.
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IRS sending letters to more than 36 million families who may qualify for monthly Child Tax Credits; payments start July 15 https://www.irs.gov/newsroom/irs-send...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July.
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Tax pros can earn continuing education credits during virtual IRS Tax Forum
https://www.irs.gov/newsroom/tax-pros...
https://accountinginstruction.info/
The 2021 Virtual IRS Nationwide Tax Forum will be held over five weeks, July 20 through August 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday. These events will be virtual.
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IRS sending more than 2.8 million refunds to those who already paid taxes on 2020 unemployment compensation https://www.irs.gov/newsroom/irs-send...
https://accountinginstruction.info/
The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.
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COVID Tax Tip Looking ahead: How the American Rescue Plan affects 2021 taxes, part 2
https://www.irs.gov/newsroom/lookin
https://accountinginstruction.info
This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people's 2021 taxes. Part 1 is available on IRS.gov.
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COVID Tax Tip Looking ahead: How the American Rescue Plan affects 2021 taxes, part 1
https://www.irs.gov/newsroom/looking
https://accountinginstruction.info
This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual's 2021 taxes.
This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
IRS reminds taxpayers living and working abroad of June 15 deadline
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
WASHINGTON – The Internal Revenue Service today reminded taxpayers living and working outside of the United States that they must file their 2020 federal income tax return by Tuesday, June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.
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IRS seeks nominations for the 2022 Internal Revenue Service Advisory Council
https://www.irs.gov/newsroom/irs-seek...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today announced it is accepting applications for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted through July 9, 2021.
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IRS Tax Tip Identity theft protection for taxpayers in six steps
https://www.irs.gov/newsroom/identity...
https://accountinginstruction.info/
Thieves are actively working to steal the taxpayer information and identities. Everyone should do everything they can to prevent identity theft.
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IRS Tax Tip Understanding the taxpayer’s right to be informed
https://www.irs.gov/newsroom/understa...
https://accountinginstruction.info/
Taxpayers have the right to know what they need to do to comply with the tax laws. Not just during filing season but, all year.
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IRS NEWS Interest rates remain the same for the third quarter of 2021
https://www.irs.gov/newsroom/interest...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021.
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IRS Tax Tip Checking withholding can help taxpayers decide if they need to give their employer a new W-4 https://www.irs.gov/newsroom/checking...
https://accountinginstruction.info/
All taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld.
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More than 1.8 million additional Economic Impact Payments disbursed under the American Rescue Plan; total payments reach nearly 167 million https://www.irs.gov/newsroom/more-tha...
https://accountinginstruction.info/
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they have disbursed more than 1.8 million additional Economic Impact Payments under the American Rescue Plan.
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The American Rescue Plan includes retroactive tax benefits that can help taxpayers
https://www.irs.gov/newsroom/the-amer
https://accountinginstruction.info/
The IRS reminds taxpayers who still haven't filed, that several provisions of the American Rescue Plan affect their 2020 tax returns.
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COVID Tax Tip Tips for troubleshooting common after-tax day issues
irs.gov/newsroom/tips-for-troubleshooting-common-after-tax-day-issues
While the deadline to file and pay federal income taxes has passed for most people, some taxpayers may still be dealing with tax-related issues. Here are some tips for taxpayers handling some of the most common after-tax-day issues.
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2021 IRS Virtual Nationwide Tax Forum begins in July
https://www.irs.gov/newsroom/2021-irs...
https://accountinginstruction.info/
Tax pros may earn continuing education credits and more IRS YouTube Video: 2021 IRS Tax Forum Will Be Virtual – English IR-2021-118, May 24, 2021 WASHINGTON — The Internal Revenue Service today announced that the 2021 Virtual IRS Nationwide Tax Forum will be held over five weeks starting July 20, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday.
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COVID Tax Tip IRS working to help those without a permanent address get benefits including stimulus payments and tax credits https://www.irs.gov/newsroom/irs-work
https://accountinginstruction.info
While the third round of Economic Impact Payments continue to be made automatically to most people, the IRS can't issue a payment to eligible Americans when information about them isn't available in the tax agency's systems.
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With the May 17 deadline in the past, file taxes now to get refund or cut penalties and interest
https://www.irs.gov/newsroom/with-the
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service reminds taxpayers who missed the recent tax-filing deadline who are due a refund that there is no penalty for filing late. Those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.
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COVID Tax Tip Attention extension filers: Tax help is available anytime on IRS.gov
https://www.irs.gov/newsroom/attentio
https://accountinginstruction.info
The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2020 federal tax returns is Friday, October 15, 2021. The IRS has a variety of helpful tools and resources and many of them are available anytime on IRS.gov.
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IRS urges groups to share information to help those without permanent addresses get benefits including Economic Impact Payments, upcoming advance Child Tax Credit
https://www.irs.gov/newsroom/irs-urge
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness by reminding people who don't have a permanent address or a bank account that they may still qualify for stimulus payments and other credits, including the advance Child Tax Credit.
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IRS Tax Tip Here’s how taxpayers can check the status of their federal tax return
https://www.irs.gov/newsroom/heres
https://accountinginstruction.info
The most convenient way to check on a tax refund is by using the Where's My Refund? tool. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. The tool also provides a personalized refund date after the return is processed and a refund is approved.
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IRS provides guidance on premium assistance and tax credit for continuation health coverage
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).
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What someone should do if they missed the May 17 deadline to file and pay taxes
https://www.irs.gov/newsroom/what-som
The federal income tax deadline has passed for most individual taxpayers. However, some haven't filed their 2020 tax returns or paid their tax due.
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IRS reminds taxpayers of May 17 deadline for individual income tax returns: extensions, other help available
https://www.irs.gov/newsroom/irs-remi...
https://www.irs.gov/newsroom/most-fed...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service reminds taxpayers that the deadline for filing most individual income tax returns this year is May 17. The agency also wants taxpayers who have yet to file their tax returns to know that there are a variety of options available to help them.
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Most federal tax returns are due those who can’t pay should still file on time
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IRS, Treasury announce families of 88 percent of children in the U.S. to automatically receive monthly payment of refundable Child Tax Credit https://www.irs.gov/newsroom/irs-trea
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.
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IRS extends May 17, other tax deadlines for victims of Tennessee storms; provides special guidelines for disaster area individuals needing further extensions
https://www.irs.gov/newsroom/irs-exte
https://accountinginstruction.info
WASHINGTON — Victims of this spring's storms and tornadoes in Tennessee will have until August 2, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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IRS begins correcting tax returns for unemployment compensation income exclusion; periodic payments to be made May through summer https://www.irs.gov/newsroom/irs-begi...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income.
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Facing a surprise tax bill? Be sure to still file by May 17
https://www.irs.gov/newsroom/facing-a
https://accountinginstruction.info
It's easy for most people to set up an online payment agreement with IRS IR-2021-110, May 14, 2021
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IRS extends deadline to apply for the 2022-2024 volunteer Taxpayer Advocacy Panel
https://www.irs.gov/newsroom/irs-exte...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service has extended the deadline for civic-minded volunteers to apply for membership on the Taxpayer Advocacy Panel (TAP) for 2022. Taxpayers may submit a TAP application online at www.improveirs.org through June 1, 2021.
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IRS grants dyed diesel fuel penalty relief due to disruptions of the fuel supply chain
https://www.irs.gov/newsroom/irs-gran...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service, in response to disruptions of the fuel supply chain, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the states of Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and the District of Columbia.
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IRS Tax Tip Here’s what taxpayers need to know about reporting tip income on their tax return
https://www.irs.gov/newsroom/heres-wh...
https://accountinginstruction.info/
Generally, income received from any source, including tips, is taxable. Here's some information to help taxpayers report tip income.
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Nearly 1 million additional Economic Impact Payments disbursed under the American Rescue Plan; total payments reach nearly 165 million https://www.irs.gov/newsroom/nearly-1...
https://accountinginstruction.info/
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 1 million payments in the ninth batch of Economic Impact Payments from the American Rescue Plan
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IRS Tax Tip Filing season reminder: Social Security benefits may be taxable https://www.irs.gov/newsroom/filing-s...
Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits.
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IRS offers overview of tax provisions in American Rescue Plan; retroactive tax benefits help many people now preparing 2020 returns https://www.irs.gov/newsroom/irs-offe
https://accountinginstruction.info
Taxpayers with children should file returns soon for advance payments of Child Tax Credit IR-2021-106, May 11, 2021 WASHINGTON — The Internal Revenue Service today provided an overview of some of the key tax provisions in the American Rescue Plan Act.
Filing season reminder: Military members and their families may qualify for special tax benefits
https://www.irs.gov/newsroom/filing-s
https://accountinginstruction.info
With the filing deadline around the corner, the IRS reminders members of the military that they may qualify for special tax benefits. For example, they don't have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.
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IRS issues guidance on taxability of dependent care assistance programs for 2021, 2022
https://www.irs.gov/newsroom/irs-issu...
https://accountinginstruction.info/
IR-2021-105, May 10, 2021 WASHINGTON — The Internal Revenue Service today issued guidance on the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for incurring claims generally are not taxable.
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Common but costly errors employers should avoid when filing taxes or claiming credits https://www.irs.gov/newsroom/common-b...
Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 and carefully complete the form to avoid mistakes.
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Reminder to tax-exempt organizations: 990s, other forms due on May 17; information and tools available to help WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021. These returns are:
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IRS Tax Tip Tips for taxpayers who work in the gig economy
https://www.irs.gov/newsroom/tips-for...
https://accountinginstruction.info/
The gig economy allows people to earn income by using technology to arrange transactions. This could include performing rideshare services or deliveries, renting out property, selling goods online, or providing freelance work.
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More than 1.1 million additional Economic Impact Payments disbursed under the American Rescue Plan; payments total approximately 164 million https://www.irs.gov/newsroom/more-tha...
https://accountinginstruction.info/
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan.
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IRS announces use of Projected Contract Award Date web app that predicts when contracts will be signed
https://www.irs.gov/newsroom/irs-anno...
https://accountinginstruction.info/
WASHINGTON —The Internal Revenue Service's Office of the Chief Procurement Officer today announced the successful development of a web app called Projected Contract Award Date. The interactive forecast dashboard statistically predicts when contracts will be signed.
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COVID Tax Tip Filing season reminder: An extension to file is not an extension to pay taxes
https://www.irs.gov/newsroom/filing-s...
https://accountinginstruction.info/
For most individual taxpayers the tax filing and payment deadline was postponed to May 17. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by May 17, or they may face a failure to file penalty. This extension gives them until October 15 to file their tax return.
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Follow the IRS on social media and sign up for e-news subscriptions for the latest IRS news
https://www.irs.gov/newsroom/follow-t
Taxpayers, businesses, tax professionals and others can follow the agency's official social media accounts and email subscription lists to get urgent information on Economic Impact Payments and other tax information. These platforms provide the latest alerts and information on various tax topics, including tax relief related to COVID 19.
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As hurricane season nears, IRS reminds people to prepare for natural disasters
https://www.irs.gov/newsroom/as-hurri...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Week and is also National Wildfire Awareness Month. Now is a good time to create or review emergency preparedness plans for surviving natural disasters.
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Low Income Taxpayer Clinic 2022 grant application period now open
https://www.irs.gov/newsroom/low-inco
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2022 will run from May 3, 2021, to June 18, 2021.
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IRS Tax Tip An offer in compromise may help some taxpayers settle their tax bill
https://www.irs.gov/newsroom/an-offer
https://accountinginstruction.info
Individual taxpayers and business owners can use the IRS's recently updated Offer in Compromise Booklet PDF to learn how an offer in compromise works and decide if it could help them resolve their tax debt.
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IRS now accepting TCE and VITA grant applications
https://www.irs.gov/newsroom/irs-now
https://accountinginstruction.info/
WASHINGTON — Eligible organizations can now submit applications for the Internal Revenue Service's Tax Counseling for the Elderly and Volunteer Income Tax Assistance grant programs, allowing some organizations to apply for up to three years of annual funding.
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Draft Schedules K-2 and K-3 released to enhance reporting of international tax matters by pass-through entities
https://www.irs.gov/newsroom/draft-sc
https://accountinginstruction.info
WASHINGTON — The Treasury and the IRS released today updated early drafts of new Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022).
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Tax Tip IRS2Go mobile app is a quick way to access IRS tools and services
https://www.irs.gov/newsroom/irs2go-m
https://accountinginstruction.info/
The IRS mobile app – IRS2Go – provides taxpayers with quick access to helpful IRS tools on their mobile devices. The app is free to download on any iOS or Android device, and it's available in English and Spanish.
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IRS: Some people get more time to file without asking; anyone else can request an automatic extension
https://www.irs.gov/newsroom/irs-some...
https://accountinginstruction.info/
WASHINGTON — Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
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IRS has options for gig economy workers and those with unemployment benefits
https://www.irs.gov/newsroom/irs
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations.
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Nearly 2 million more Economic Impact Payments disbursed under the American Rescue Plan; continuing payments reach approximately 163 million
https://www.irs.gov/newsroom/nearly-2
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the seventh batch of Economic Impact Payments from the American Rescue Plan.
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Here’s why some people got more than one notice about their Economic Impact Payments
https://www.irs.gov/newsroom/heres-wh
After each of the three Economic Impact Payments is issued, the IRS is required to mail a notice to each recipient's last known address. The notice provides information about the amount of the payment, how it was made and how to report any payment that wasn't received.
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IRS Free File can help people who aren’t required to file find tax credits and get a refund
https://www.irs.gov/newsroom/irs-free
The IRS urges low- and moderate-income individuals and families, especially those who don't normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for taxpayers to claim a refund or claim benefits like the recovery rebate credit and Earned Income Tax Credit.
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Electronic options on IRS.gov are available 24/7; save time online for filing information and help
https://www.irs.gov/newsroom/electron
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today urged taxpayers and tax professionals to continue using electronic options to speed the processing of tax returns, refunds and payments. IRS.gov showcases many task-based tools and features to help people navigate their taxes. All are available 24/7/365.
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IRS Office of Chief Counsel's first National Virtual Settlement Month successful in resolving almost 150 Tax Court cases https://www.irs.gov/newsroom/irs-offi
https://accountinginstruction.info
WASHINGTON — Building on the success of Settlement Days and Virtual Settlement Days, the Internal Revenue Service Office of Chief Counsel hosted its first National Virtual Settlement Month in March 2021. The results are impressive.
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Tax Tip Taxpayers shouldn’t believe these myths about federal tax refunds
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info
Now that many taxpayers have filed their federal tax returns, they're eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers.
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Two million more Economic Impact Payments disbursed under the American Rescue Plan; total reaches approximately 161 million as payments continue https://www.irs.gov/newsroom/two-mill...
https://accountinginstruction.info/
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly two million payments in the sixth batch of Economic Impact Payments from the American Rescue Plan.
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Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans https://www.irs.gov/newsroom/treasury
https://accountinginstruction.info
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Revenue Procedure 2021-20 PDF for certain businesses that received first-round Paycheck Protection
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IRS suspends requirement to repay excess advance payments of the 2020 premium tax credit
https://www.irs.gov/newsroom/irs-susp
The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf.
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American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines; new fact sheet outlines details
https://www.irs.gov/newsroom/american...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.
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People experiencing homelessness can get Economic Impact Payments and other tax benefits
https://www.irs.gov/newsroom/people-e
Economic Impact Payments, also known as stimulus payments, are different from most other tax benefits. People can get the payments even if they have little or no income and even if they don't usually file a tax return.
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Taxpayers should file their tax return on time even if they can’t pay their tax bill in full
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info
Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due.
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Steer clear of typical tax return errors; May 17 deadline nears
https://www.irs.gov/newsroom/steer-cl...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today reminded taxpayers to check their tax returns for common errors that could delay refunds or otherwise affect normal processing. Here are some ways to avoid tax return slipups as the May 17 due date gets closer.
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IRS Tax Tip Do’s and Don’ts for taxpayers who get a letter or notice from the IRS
https://www.irs.gov/newsroom/dos-and-...
https://accountinginstruction.info/
The IRS mails letters or notices to taxpayers for a variety of reasons including if:
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Those experiencing homelessness can get Economic Impact Payments and other tax benefits; permanent address not required https://www.irs.gov/newsroom/those-ex
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don't have a permanent address or a bank account that they may still qualify for Economic Impact Payments and other tax benefits.
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IRS Tax Tip Taxpayers should use the correct filing status for accuracy
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
Taxpayers need to know their correct filing status and be familiar with each option. The IRS Interactive Tax Assistant can help them determine their filing status.
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IRS, Treasury disburse 2 million more Economic Impact Payments under the American Rescue Plan; VA beneficiaries bring total to approximately 159 million as payments continue
https://www.irs.gov/newsroom/irs-trea
https://accountinginstruction.info
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the fifth batch of Economic Impact Payments from the American Rescue Plan.
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IRS Free File can help people who have no filing requirement find overlooked tax credits and get a refund
https://www.irs.gov/newsroom/irs-free
https://accountinginstruction.info
WASHINGTON – The Internal Revenue Service today urged low- and moderate-income individuals and families, especially those who don't normally file a tax return, to use IRS Free File to prepare their own federal tax return, e-file it and get a refund – all for free.
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COVID Tax Tip Claiming the employee retention credit in the first and second calendar quarters 2021
https://www.irs.gov/newsroom/claimin
IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
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IRS Tax Tip What taxpayers need to know about getting their unclaimed 2017 tax refunds
https://www.irs.gov/newsroom/what-tax
https://accountinginstruction.info/
The IRS reminds taxpayers they may have money waiting for them. An estimated 1.3 million taxpayers didn't file a 2017 Form 1040 federal income tax return and are due a refund.
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IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit; those claiming net Premium Tax Credit must file Form 8962
https://www.irs.gov/newsroom/irs-susp...
https://accountinginstruction.info/
WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020.
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IRS urges participants of abusive micro-captive insurance arrangements to exit from arrangements
https://www.irs.gov/newsroom/irs-urge...
https://accountinginstruction.info/
WASHINGTON — Internal Revenue Service officials today urged participants in abusive micro-captive insurance arrangements to exit these transactions as soon as possible.
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IRS reminds foreign bank and financial account holders the FBAR deadline remains April
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021.
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Free recorded workshop helps small business owners understand their tax obligations
https://www.irs.gov/newsroom/free-rec...
https://accountinginstruction.info/
The Small Business Virtual Tax Workshop helps small business owners understand and meet their tax obligations. It's free and available online 24/7.
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Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants
https://www.irs.gov/newsroom/treasury
https://accountinginstruction.info/
Businesses can temporarily deduct 100% beginning January 1, 2021 IR-2021-79, April 8, 2021
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COVID Tax Tip - IRS will recalculate taxes on 2020 unemployment benefits and start issuing refunds in May
https://www.irs.gov/newsroom/irs-will
Normally, any unemployment compensation someone receives is taxable. However, a recent law change allows some recipients to not pay tax on some 2020 unemployment compensation.
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IRS reminds U.S. territory residents about U.S. income tax rules relating to pandemic unemployment compensation https://www.irs.gov/newsroom/irs-remi
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service reminds eligible residents of the U.S. territories that if they receive unemployment compensation payments that are otherwise subject to U.S. income tax, they may be eligible to exclude up to $10,200 per person of unemployment compensation from U.S. income tax for 2020, following legislation that was passed March 11, 2021.
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IRS reminds taxpayers to make April 15 estimated tax payment
https://www.irs.gov/newsroom/irs-remi
WASHINGTON — The Internal Revenue Service today reminded self-employed individuals, retirees, investors, businesses, corporations, and others who pay their taxes quarterly that the payment for the first quarter of 2021 is due Thursday, April 15, 2021.
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IRS, Treasury disburse 25 million more Economic Impact Payments under the American Rescue Plan
https://www.irs.gov/newsroom/irs-trea
Social Security and other beneficiaries bring total to more than 156 million payments; VA beneficiaries’ payments to be disbursed on April 14 IR-2021-77, April 7, 2021
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COVID Tax Tip IRS extends additional tax deadlines to May 17
https://www.irs.gov/newsroom/irs-exte
Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date.
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Here’s how the third Economic Impact Payment is different from earlier payments
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IRS letters explain why some 2020 Recovery Rebate Credits are different than expected
https://www.irs.gov/newsroom/irs-lett
https://accountinginstruction.info/
WASHINGTON − As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected.
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COVID Tax Tip IRS issuing third Economic Impact Payments to non-filers and most federal beneficiaries
https://www.irs.gov/newsroom/irs-issu
The IRS continues to issue the third Economic Impact Payment to eligible individuals. This includes Social Security recipients and other federal beneficiaries who do not normally file a tax return. Most of these payments will be sent electronically and received on April 7
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IRS has refunds totaling $1.3 billion for people who have not filed a 2017 federal income tax return
https://www.irs.gov/newsroom/irs-has
https://accountinginstruction.info/
WASHINGTON – Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service.
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Join the Taxpayer Advocacy Panel and help improve the IRS; apply by May 14
https://www.irs.gov/newsroom/join-the
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today announced it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP).
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IRS provides guidance for employers claiming the Employee Retention Credit for first two quarters of 2021
https://www.irs.gov/newsroom/irs-prov...
WASHINGTON — The Internal Revenue Service today issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act).
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IRS, Treasury disburse more Economic Impact Payments under the American Rescue Plan; total tops 130 million with more to come https://www.irs.gov/newsroom/irs-trea
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing several million more payments in the third batch of Economic Impact Payments from the American Rescue Plan.
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University students and staff should be aware of IRS impersonation email scam
https://www.irs.gov/newsroom/universi
https://accountinginstruction.info/
People should be aware of an ongoing IRS-impersonation scam that appears to target educational institutions, including students and staff who have
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IRS YouTube channels have helpful videos on a variety of tax https://www.irs.gov/newsroom/irs-yout...
Taxpayers can subscribe to three different IRS YouTube channels to get tax information in a short and easy to understand format and see community updates from the agency.
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IRS to recalculate taxes on unemployment benefits refunds to start in May
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More IRS materials and resources are now available in multiple languages
https://www.irs.gov/newsroom/more-irs
https://accountinginstruction.info
The IRS continues its efforts to expand ways to communicate to taxpayers who prefer to get information in other languages.
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IRS extends additional tax deadlines for individuals to May 17
https://www.irs.gov/newsroom/irs-exte
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today announced that individuals have until May 17, 2021
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COVID Tax Tip People should check Get My Payment for status of third EIP and watch their mail
https://www.irs.gov/newsroom/people-s
The IRS continues to issue the third round of Economic Impact Payments to eligible individuals,
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IRS warns university students and staff of impersonation email scam
https://www.irs.gov/newsroom/irs-warn...
https://accountinginstruction.info/
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IRS projects stimulus payments to non-filer Social Security and other federal beneficiaries will be disbursed later this week https://www.irs.gov/newsroom/irs-proj...
https://accountinginstruction.info/
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COVID Tax Tip Here’s how taxpayers can track the status of their refund https://www.irs.gov/newsroom/heres-ho...
Tracking the status of a tax refund is easy with the Where's My Refund? tool. It's conveniently accessible at IRS.gov or through the IRS2Go App.
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Face masks and other personal protective equipment to prevent the spread of COVID-19 are tax deductible
https://www.irs.gov/newsroom/face-mas
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service issued Announcement 2021-7 PDF today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses.
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People who adopt may benefit from this special tax credit
https://www.irs.gov/newsroom/people-w
https://accountinginstruction.info
The adoption process can be expensive. Fortunately, the adoption tax credit can help offset some those expenses Taxpayers who adopted or started the adoption process in 2020 should review the rules for this credit.
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J5 countries host ‘Challenge’ aimed at FINtech companies
https://www.irs.gov/newsroom/j5-count
https://accountinginstruction.info/
WASHINGTON — The Joint Chiefs of Global Tax Enforcement (J5) brought together investigators, cryptocurrency experts and data scientists in a coordinated push to track down individuals and organizations perpetrating tax crimes around the world this week.
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IRS Criminal Investigation (CI) pledges continued commitment to investigating COVID-19 fraud as CARES Act reaches one-year anniversary https://www.irs.gov/newsroom/irs-crim
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service's Criminal Investigation Division (IRS-CI) marks the one-year anniversary of the Coronavirus Aid, Relief and Economic Security (CARES) Act by pledging its continued commitment to investigating COVID-19 fraud.
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IRS, Treasury disburse another 37 million Economic Impact Payments from the American Rescue Plan
https://www.irs.gov/newsroom/irs-trea
https://accountinginstruction.info
WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing approximately 37 million payments in the second batch of Economic Impact Payments from the American Rescue Plan.
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COVID Tax Tip - Answers to tax questions are available anytime on IRS.gov
https://www.irs.gov/newsroom/answers
https://accountinginstruction.info
IRS.gov is always available and has tools to help people file and pay taxes, find information about their account, and get answers to tax questions.
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COVID Tax Tip - IRS is issuing third round of Economic Impact Payments
https://www.irs.gov/newsroom/irs-is-i
https://accountinginstruction.info/
The IRS started issuing the third round of Economic Impact Payments. No action is needed by most taxpayers. The IRS will issue payments automatically by direct deposit and through the mail as a check or debit card.
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The right to confidentiality is a fundamental right of all taxpayers IRS Tax Tip
https://www.irs.gov/newsroom/the-righ
https://accountinginstruction.info/
Information a taxpayer gives the IRS won't be shared with outside parties, unless allowed by the taxpayer or by law. This is the right to confidentiality. It's one of ten rights known collectively as the Taxpayer Bill of Rights.
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More Economic Impact Payments set for disbursement in coming days; taxpayers should watch mail for paper checks, debit cards https://www.irs.gov/newsroom/more-eco
WASHINGTON — The Internal Revenue Service announced today that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card.
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Tax Time Guide: Use the Where’s My Refund? tool or IRS2Go app to check tax refund status
https://www.irs.gov/newsroom/tax-time
https://accountinginstruction.info
The Internal Revenue Service today reminds taxpayers that the most convenient way to check on a tax refund is by using the Where's My Refund? tool at IRS.gov or through the IRS2Go Mobile App.
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IRS Office of Chief Counsel unveils National Virtual Settlement Days effort this year to reach more taxpayers in more parts of the nation https://www.irs.gov/newsroom/irs-offi
https://accountinginstruction.info
The Internal Revenue Service Office of Chief Counsel has embarked on its most far-reaching Settlement Days program ever, declaring the month of March 2021 as "National Settlement Month."
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Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline
https://www.irs.gov/newsroom/tax-day
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021
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IRS, Treasury disbursed 90 million Economic Impact Payments from the American Rescue Plan Economic Impact Payment https://www.irs.gov/newsroom/irs-trea
WASHINGTON – Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they disbursed approximately 90 million Economic Impact Payments from the American Rescue Plan.
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Tax Time Guide: IRS reminds taxpayers of recent changes to retirement plans
https://www.irs.gov/newsroom/tax-time
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today reminded taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.
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IRS expands help to taxpayers in multiple languages with new forms, communication preferences
https://www.irs.gov/newsroom/irs-expa
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today said that it continues its efforts to expand ways to communicate to taxpayers who prefer to get information in other languages. For the first time ever, the agency has posted to IRS.gov a Spanish language version of Form 1040 PDF and the related instructions PDF.
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Low Income Taxpayer Clinic 2021 supplemental application period now open
https://www.irs.gov/newsroom/low-inco
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today announced it will accept applications for an 18-month Low Income Taxpayer Clinic (LITC) matching grant from all qualified organizations.
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IRS begins delivering third round of Economic Impact Payments to Americans
https://www.irs.gov/newsroom/irs-begi
WASHINGTON — The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week.
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Tax Time Guide: Get credit for IRA contributions made by April 15 on 2020 tax returns
https://www.irs.gov/newsroom/tax-tim
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service notes that taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 15, 2021. There is no longer a maximum age for making IRA contributions.
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Here’s how people can request a copy of their previous tax return
https://www.irs.gov/newsroom/heres-ho
https://accountinginstruction.info
Taxpayers who didn't save a copy of their prior year's tax return, but now need it, have a few options to get the information. Individuals should generally keep copies of their tax returns and any documents for at least three years after they file.
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COVID Tax Tip - What employers need to know about repayment of deferred payroll taxes
https://www.irs.gov/newsroom/what-emp
To give people a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security Act allowed employers to defer payment of the employer's share of Social Security tax. IRS Notice 2020-65 PDF allowed employers to defer withholding and payment of the employee's Social Security taxes on certain wages paid in calendar year 2020. Employers must pay back these deferred taxes by their applicable dates.
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Tax Time Guide: Make protecting tax and financial information a habit
https://www.irs.gov/newsroom/tax-time
https://accountinginstruction.info/
WASHINGTON – The Internal Revenue Service today urged people to continue practicing proper cybersecurity habits by securing computers, phones and other devices. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital.
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IRS provides resources and services for visually impaired taxpayers
https://www.irs.gov/newsroom/irs-prov
https://accountinginstruction.info/
The IRS Alternative Media Center offers resources and accessibility services for taxpayers. Tax-related content is available in several formats for use with assistive technology. This includes screen reading software, refreshable Braille displays and screen magnifying software.
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Tips to help taxpayers spot and avoid tax scams
https://www.irs.gov/newsroom/tips-to
Tax season is also busy season for savvy criminals. Scammers impersonating the IRS either over-the-phone, by email or in-person can steal money from people. All taxpayers should stay vigilant against these schemes.
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Tips to help take the stress out of tax season
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Tax Time Guide: Make IRS.gov first stop for tax help
https://www.irs.gov/newsroom/tax-time
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service reminds taxpayers that its website, IRS.gov, continues to be the first and best place for people seeking information and assistance on their federal taxes. It is available 24 hours a day from the comfort of home, on a desktop, or from just about anywhere with a mobile device.
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COVID Tax Tip IRS Online Account can help taxpayers get ready to file their tax return
https://www.irs.gov/newsroom/irs-onli
Taxpayers can securely access and view their IRS tax information anytime through their individual online account. They can see important information when preparing to file their tax return or following up on balances or notices. This includes:
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Interest rates remain the same for the second quarter of 2021
https://www.irs.gov/newsroom/interest
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be:
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Tax Time Guide: Didn’t get Economic Impact Payments? Check eligibility for Recovery Rebate Credit
https://www.irs.gov/newsroom/tax-time
https://accountinginstruction.info/
WASHINGTON – The Internal Revenue Service reminds first-time filers and those who usually don't have a federal filing requirement to consider filing a 2020 tax return.
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Here’s why people filing taxes for the first time should use Free File COVID Tax Tip https://www.irs.gov/newsroom/heres-wh...
Many people will be filing federal taxes for the first time this year. For these taxpayers, IRS Free File is a great option, especially if they are looking to save money on tax preparation.
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IRS provides guidance for employers claiming the Employee Retention Credit for 2020, including eligibility rules for PPP borrowers https://www.irs.gov/newsroom/irs-prov
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters in 2020.
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Here’s what taxpayers should do if they have missing or incorrect documents
https://www.irs.gov/newsroom/heres-w
https://accountinginstruction.info/
Taxpayers should double-check to make sure they have all their documents before filing a tax return. Taxpayers who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099.
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IRS reminds businesses to report large cash transactions; e-file encouraged
https://www.irs.gov/newsroom/irs-remi
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.
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IRS issues alert on improper corporate domestic production activities deduction refund claims
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info/
WASHINGTON — IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction (DPAD). This provision of tax law was repealed as part of the Tax Cuts and Jobs Act for taxable years after December 31, 2017.
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Tax Time Guide: Select a tax return preparer with care
https://www.irs.gov/newsroom/tax-time
https://accountinginstruction.info/
WASHINGTON – The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some cause great harm through fraud, identity theft and other scams every year.
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COVID Tax Tip Free electronic filing options for military members and their families
https://www.irs.gov/newsroom/free-ele
Active duty military personnel have multiple options for free federal tax preparation. One is IRS Free File. This program offers online tax preparation, electronic filing and direct deposit of refunds, at no cost.
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COVID Tax Tip - People should be on the lookout for identity theft involving
https://www.irs.gov/newsroom/people-s
The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received.
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Tax Time Guide: How to do taxes for free and get refunds fast
https://www.irs.gov/newsroom/tax-time
https://accountinginstruction.info/
IRS YouTube Videos: Free Help Preparing Your Tax Return -- English | Spanish | ASL Do-It-Yourself Free Tax Preparation -- English | Spanish Do Your Taxes for Free With Free File – English | Spanish | ASL WASHINGTON — During this tax season when many people are trying to stay safe at home, the Internal Revenue Service reminds taxpayers about ways to do their taxes for free online or with help from volunteers.
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All taxpayers have the right to pay no more than the correct amount of tax
https://www.irs.gov/newsroom/all-taxp
https://accountinginstruction.info/
When taxpayers complete their tax returns, they may discover they will owe taxes. By law, they have the right to pay no more than the correct amount of tax.
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Victims of Texas winter storms get deadline extensions and other tax relief
https://www.irs.gov/newsroom/victims
https://accountinginstruction.info/
WASHINGTON — Victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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Optometrist's favorite movie line
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Accounting firm looking to hire candidate who is highly: COUNTERPRODUCTIVE
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COVID Tax Tip Things taxpayers should know when choosing between standard and itemized deductions
https://www.irs.gov/newsroom/things-t
https://accountinginstruction.info/
Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.
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Low Income Taxpayer Clinics represented over 20,000 taxpayers dealing with an IRS tax controversy; see the latest program report and the 2021 LITC grant recipient list
https://www.irs.gov/newsroom/low-inco
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service's Low Income Taxpayer Clinic (LITC) Program office today announced highlights from its 2020 annual report PDF, featuring successful taxpayer outreach to thousands of taxpayers.
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IRS reminds farmers and fishers of March 1 tax deadline
https://www.irs.gov/newsroom/irs-remi
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service is reminding those with income from a farming or fishing business can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1.
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New law provides additional flexibility for health FSAs and dependent care assistance programs
https://www.irs.gov/newsroom/new-law
https://accountinginstruction.info/
Employers may allow participants to carry over unused amounts IR-2021-40, February 18, 2021
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Twenty-four new members join the 2021 Taxpayer Advocacy Panel
https://www.irs.gov/newsroom/twenty-f...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service recommended, and the Department of the Treasury has approved, the selection of 24 new members to serve on the Taxpayer Advocacy Panel for 2021.
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Co-Instructor Spanish Voice Over Offers in languages other than Spanish also welcome
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IRS Tax Tip Taxpayers should beware of ghost preparers
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
people begin to file their 2020 tax returns, taxpayers are reminded to avoid unethical ghost tax return preparers.
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As required by law, all first and second Economic Impact Payments issued; eligible people can claim Recovery Rebate Credit https://www.irs.gov/newsroom/as-requi
https://accountinginstruction.info/
WASHINGTON – The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.
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Free File can make taxes easier for seniors and retirees
https://www.irs.gov/newsroom/free-fil...
https://accountinginstruction.info/
In times like these, every penny counts. This is especially true for taxpayers on a fixed income. Many of these are seniors and retirees who can file their taxes for free. Free File offers online tax preparation, direct deposit of refunds and electronic filing.
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Get ready for tax season using IRS Online Account
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today reminded taxpayers they can securely access their IRS account information through their individual online account.
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What taxpayers need to know about claiming the credit for other dependents
https://www.irs.gov/newsroom/what-tax
https://accountinginstruction.info/
Taxpayers with dependents who don't qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500 for each dependent who meets certain conditions. These include:
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Avoid pandemic paper delays: Use e-file with direct deposit for faster refunds as IRS prepares to open 2020 filing season https://www.irs.gov/newsroom/avoid-pa
https://accountinginstruction.info/
WASHINGTON – With filing season opening on February 12, the Internal Revenue Service urged taxpayers to take some simple steps to help ensure they file accurate tax returns and speed their tax refunds to avoid a variety of pandemic-related issues.
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IRS, Summit partners issue urgent EFIN scam alert to tax professionals
https://www.irs.gov/newsroom/irs-summ...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service, state tax agencies and tax industry today warned tax professionals of a new scam email that impersonates the IRS and attempts to steal Electronic Filing Identification Numbers (EFINs).
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Common and costly errors taxpayers should avoid when preparing a tax return COVID Tax Tip https://www.irs.gov/newsroom/common-a...
Electronically filing a tax return reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions.
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IRS News - The first step of tax preparation is gathering records
https://www.irs.gov/newsroom/the-firs...
As taxpayers get ready to file their 2020 tax return, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate 2020 tax return and avoid refund delays.
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IRS Free File can save families money
https://www.irs.gov/newsroom/irs-free...
https://accountinginstruction.info/
COVID Tax Tip 2021-15, February 8, 2021 Families are often looking for ways to save money. One way they can do this is by using IRS Free File to do their taxes. Free File offers online tax preparation, direct deposit of refunds and electronic filing, at no cost.
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Tips to help people choose a reputable tax preparer
https://www.irs.gov/newsroom/tips-to-...
https://accountinginstruction.info/
Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers are responsible for all the information on their income tax return. This is true regardless of who prepares the return.
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Educators can now deduct out-of-pocket expenses for COVID-19 protective items
https://www.irs.gov/newsroom/educator...
WASHINGTON — Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to:
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Beware of "ghost" preparers who don’t sign tax returns
https://www.irs.gov/newsroom/beware-o
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service reminds taxpayers to avoid "ghost" tax return preparers whose refusal to sign returns can cause a frightening array of problems. It is important to file a valid, accurate tax return because the taxpayer is ultimately responsible for it.
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Here are reasons taxpayers should file a 2020 federal tax return – and why e-file is best
https://www.irs.gov/newsroom/here-are
COVID Tax Tip 2021-13, February 4, 2021 Most people with gross income of $12,400 or more must file a federal tax return. Some people with a lower income are not required to file. However, these individuals should still consider filing for a refund of federal income tax withheld. They may also be eligible for certain tax credits, like the earned income tax credit, the recovery rebate credit and others.
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People can get their federal tax refund faster with direct deposit
https://www.irs.gov/newsroom/people-c...
https://accountinginstruction.info/
As taxpayers prepare for the start of the 2021 filing season, the best way to get a refund is to combine electronic filing with direct deposit. It's fast, secure and easy.
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IRS offers contact-free signature options for authorization forms
https://www.irs.gov/newsroom/irs-offe...
https://accountinginstruction.info/
IRS Tax Tip 2021-11, February 2, 2021 The IRS has a new online option to help tax professionals remotely get signatures from individual and business clients on authorization forms and submit those forms electronically.
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New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief https://www.irs.gov/newsroom/new-law-...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.
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IRS updates FAQs on paid sick leave credit and family leave credit
https://www.irs.gov/newsroom/irs-upda...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The FAQs are available at COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs.
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EITC Awareness Day: Critical tax credit provides a significant refund boost to millions
https://www.irs.gov/newsroom/eitc-awa...
https://accountinginstruction.info/
IR-2021-25, January 29, 2021 WASHINGTON — The Internal Revenue Service and partners across the nation remind taxpayers about the Earned Income Tax Credit today on "EITC Awareness Day" 2021. The IRS and partners nationwide urge people to check to see if they qualify for this important credit.
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IRS offers guidance to taxpayers on identity theft involving unemployment benefits
https://www.irs.gov/newsroom/irs-offe
https://accountinginstruction.info/
WASHINGTON – The Internal Revenue Service today urged taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form.
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2021 tax filing season set to begin February 12
https://www.irs.gov/newsroom/2021-tax...
COVID Tax Tip 2020-09, January 28, 2021 The IRS will begin accepting and processing 2020 tax year returns on Friday, February 12, 2021.
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Tax resources for military members, veterans and their families
https://www.irs.gov/newsroom/tax-reso
https://accountinginstruction.info/
The IRS has a variety of resources to help members of the military, veterans and their families navigate the unique and sometimes complex circumstances that come with filing taxes while in the military.
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Important reminders before filing 2020 tax returns
https://www.irs.gov/newsroom/importan
https://accountinginstruction.info/
WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today shared important reminders for taxpayers who are about to file their 2020 federal tax returns.
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New law extends COVID tax credit for employers who keep workers on payroll
https://www.irs.gov/newsroom/new-law-...
WASHINGTON — The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll.
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IRS News - All taxpayers are now eligible for identity protection PINs
https://www.irs.gov/newsroom/irs-tax-...
https://accountinginstruction.info/
The IRS has expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identity.
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What taxpayers need to know to claim the earned income tax credit
https://www.irs.gov/newsroom/what-tax... https://accountinginstruction.info/
IRS Tax Tip
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New IRS "Submit Forms 2848 and 8821 Online" offers contact-free signature options for tax pros and clients sending authorization forms https://www.irs.gov/newsroom/new-irs-...
https://accountinginstruction.info/
WASHINGTON – The Internal Revenue Service today rolled out a new online option that will help tax professionals remotely obtain signatures from individual and business clients and submit authorization forms electronically.
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Get a federal tax refund faster with direct deposit
https://www.irs.gov/newsroom/get-a-fe...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today reminds taxpayers that the fastest way to get their tax refund is by filing electronically and choosing direct deposit.
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IRS urges taxpayers to gather tax documents now for smooth filing later
https://www.irs.gov/newsroom/irs-urge...
WASHINGTON —The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return.
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Tax time is seasonal, but the Taxpayer Bill of Rights applies all year
https://www.irs.gov/newsroom/tax-time...
https://accountinginstruction.info/
All taxpayers have fundamental rights when they’re interacting with the IRS. These rights apply all year long, not just during tax season. The Taxpayer Bill of Rights presents these rights in 10 categories.
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Taxpayers can start the new tax year off right by checking their withholding
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
IRS Tax Tip 2021-04, January 20, 2021 A new year means a fresh start. One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov.
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Employers can withhold, make payments of deferred Social Security taxes from 2020
https://www.irs.gov/newsroom/employer...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today released Notice 2021-11 PDF addressing how employers who elected to defer certain employees' taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.
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Taxpayers can visit IRS.gov from the safety of their home for answers to tax questions
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
IRS Tax Tip 2021-03, January 19, 2021 As people get ready to file their 2020 tax return, the IRS reminds taxpayers they can find answers to their tax questions from the safety of their home using IRS online tools and resources. These IRS.gov tools are easy to use and available 24 hours a day.
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IRS Free File Online
https://www.irs.gov/filing/free-file-...
IRS Free File lets you prepare and file your federal income tax online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost to you. Pick an option based on your income What Is IRS Free File?
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IRS Free File available today; claim Recovery Rebate Credit and other tax credits
https://www.irs.gov/newsroom/irs-free...
IR-2021-15, January 15, 2021 WASHINGTON — IRS Free File – online tax preparation products available at no charge – launched today, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced.
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2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic
https://www.irs.gov/newsroom/2021-tax...
https://accountinginstruction.info/
WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
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Millions of taxpayers will receive their second Economic Impact Payments by debit card
https://www.irs.gov/newsroom/millions...
COVID Tax Tip 2021-02, January 14, 2021 The Treasury Department and the IRS are issuing millions of second Economic Impact Payments by prepaid debit card to speed delivery of the payments to as many people as possible.
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IRS reminds taxpayers to make final estimated tax payment for 2020
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
WASHINGTON − Taxpayers who paid too little tax during 2020 can still avoid a tax-time bill and possible penalties by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2020 is Friday, January 15, 2021.
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Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients
https://www.irs.gov/newsroom/business...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income PDF, and the new Form 1099-NEC, Nonemployee Compensation PDF, must be furnished to most recipients by February 1, 2021.
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IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions
https://www.irs.gov/newsroom/irs-read...
WASHINGTON – The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns.
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National Taxpayer Advocate delivers Annual Report to Congress; focuses on taxpayer impact of COVID-19 and IRS funding needs https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
WASHINGTON — National Taxpayer Advocate Erin M. Collins today released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pandemic.
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All taxpayers now eligible for Identity Protection PINs
https://www.irs.gov/newsroom/all-taxp...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities.
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IRS sends Taxpayer First Act Report to Congress
https://www.irs.gov/newsroom/irs-send...
https://accountinginstruction.info/
Recommendations aimed at providing greater ease, convenience to taxpayers and the tax community IR-2021-07, January 11, 2021 WASHINGTON — The IRS today sent the Taxpayer First Act Report PDF to Congress, a comprehensive set of recommendations that will reimagine the taxpayer experience, enhance employee training and restructure the organization to increase collaboration and innovation.
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Treasury issues millions of second Economic Impact Payments by debit card
https://www.irs.gov/newsroom/treasury...
https://accountinginstruction.info/
WASHINGTON — Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card.
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Treasury, IRS provide final regulations to help businesses claim credits for carbon capture
https://www.irs.gov/newsroom/treasury...
WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations PDF regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018.
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Eligible Paycheck Protection Program expenses now deductible
https://www.irs.gov/newsroom/eligible...
https://accountinginstruction.info/
WASHINGTON — The Treasury Department and the Internal Revenue Service issued guidance PDF today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).
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IRS revises Form 1024-A, application for Section 501(c)(4) tax-exempt status as part of ongoing efforts to improve service https://www.irs.gov/newsroom/irs-revi...
https://accountinginstruction.info/
WASHINGTON — As part of ongoing efforts to improve service for the tax-exempt community, the Internal Revenue Service issued the revised Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4), and its instructions to allow electronic filing.
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IRS releases 2020 Progress Update; annual report details unprecedented year
https://www.irs.gov/newsroom/irs-rele...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today released its 2020 annual report describing the agency's work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees to help people during the challenging year.
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IRS News - February 1 is the deadline for employers to issue and file wage statements
https://www.irs.gov/newsroom/february...
https://accountinginstruction.info/
Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees.
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IRS News - Economic Impact Payments on their way, visit IRS.gov instead
https://www.irs.gov/newsroom/economic...
https://accountinginstruction.info/
WASHINGTON – The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov.
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Treasury, IRS provide relief for those developing renewable energy projects offshore or on federal land
https://www.irs.gov/newsroom/treasury
https://accountinginstruction.info/
IR-2020-281, December 31, 2020 WASHINGTON –The Treasury Department and the Internal Revenue Service today issued guidance PDF providing an extension of the safe harbor for taxpayers developing renewable energy projects offshore or on federal land.
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Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans
https://www.irs.gov/newsroom/treasury
IR-2020-280, December 29, 2020 WASHINGTON – Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.
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IRS issues standard mileage rates for 2021
https://www.irs.gov/newsroom/irs-issu...
https://accountinginstruction.info/
IR-2020-279, December 22, 2020 WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
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Year-end reminder: Expanded tax benefits help individuals and businesses give to charity during 2020
https://www.irs.gov/newsroom/year-end...
https://accountinginstruction.info/
IR-2020-278, December 18, 2020 WASHINGTON – The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.
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How people can give back by becoming an IRS-certified volunteer
https://www.irs.gov/newsroom/how-peop...
https://accountinginstruction.info/
IRS Tax Tip 2020-174, December 18, 2020 The IRS and its community partners are looking for people around the country to become IRS-certified volunteers for the upcoming tax season.
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Small businesses should make sure to use the right form when filing employment tax returns
https://www.irs.gov/newsroom/small-bu...
https://accountinginstruction.info/
IRS Tax Tip 2020-173, December 17, 2020 Some small businesses pay employment tax quarterly while others may pay it just once a year.
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New things taxpayers should consider as they get ready to file taxes in 2021
https://www.irs.gov/newsroom/new-thin...
https://accountinginstruction.info/
COVID Tax Tip 2020-172, December 16, 2020 When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive.
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Get Ready for Taxes: Stay home and stay safe with IRS online tools
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
IR-2020-277, December 16, 2020 WASHINGTON — The Internal Revenue Service today encouraged taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021.
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Every taxpayer has the right to challenge the IRS’s position and be heard
https://www.irs.gov/newsroom/every-ta...
https://accountinginstruction.info/
IRS Tax Tip 2020-171, December 15, 2020 Taxpayers have the right to challenge the IRS's position and be heard. This is part of Taxpayer Bill of Rights, which clearly outlines the fundamental rights every taxpayer has when working with the IRS.
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Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions
https://www.irs.gov/newsroom/most-tax...
https://accountinginstruction.info/
COVID Tax Tip 2020-170, December 14, 2020 Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021.
IRS: Volunteers needed for free tax prep help
https://www.irs.gov/newsroom/irs-volu...
https://accountinginstruction.info/
IRS YouTube Video: Volunteer Income Tax Assistance Recruitment − English WASHINGTON — Safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs.
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IRS News All tax prep software will offer multi-factor authentication beginning in 2021
https://www.irs.gov/newsroom/all-tax-...
https://accountinginstruction.info/
The IRS and its Security Summit partners recently announced that multi-factor authentication will be available on all 2021 online tax preparation products. This security feature is designed to protect both taxpayers and tax professionals.
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Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses https://www.irs.gov/newsroom/treasury...
https://accountinginstruction.info/
WASHINGTON — The Treasury Department and Internal Revenue Service issued final regulations PDF on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA).
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IRS provides guidance on legislation that increases automatic enrollment cap percentage and eases burdens for certain safe harbor plan https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
The Internal Revenue Service today issued Notice 2020-86 PDF addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans.
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IRS has begun sending letters to taxpayers that may need to take action related to Qualified Opportunity Funds
https://www.irs.gov/newsroom/irs-has-...
https://accountinginstruction.info/
The Internal Revenue Service has started sending letters to taxpayers that may need to take additional actions related to Qualified Opportunity Funds (QOF).
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Identity Protection PIN Program will soon be available to taxpayers nationwide
https://www.irs.gov/newsroom/identity...
https://accountinginstruction.info/In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity.
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IRS warns people about a COVID-related text message scam
https://www.irs.gov/newsroom/irs-warn...
https://accountinginstruction.info/
COVID Tax Tip 2020-167, December 8, 2020 The IRS and it's Security Summit partners are warning people to be aware of a new text message scam. The thief's goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment.
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Highlights from the 2020 National Tax Security Awareness Week
https://www.irs.gov/newsroom/highligh...
https://accountinginstruction.info/
Recently, the IRS and its Security Summit partners hosted the 2020 National Tax Security Awareness Week. The goal of this week is to encourage taxpayers, businesses and tax pros to take steps to protect their tax data and identities.
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Get Ready for Taxes: What’s new and what to consider when filing in 2021
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.
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National Tax Security Awareness Week, Day 5: Security Summit alerts tax professionals to potential telework scams during COVID-19, urges all practitioners to use multi-factor authentication
https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
WASHINGTON — The IRS, state tax agencies and the tax industry marked the final day of National Tax Security Awareness Week with a warning to all tax professionals that they face additional challenges from cybercriminals seeking to exploit COVID-19 fears.
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Interest rates remain the same for the first quarter of 2021
https://www.irs.gov/newsroom/interest...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021. The rates will be:
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Taxpayers should check out these tips before choosing a tax preparer
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
IRS Tax Tip 2020-165, December 3, 2020 As taxpayers get ready to file their 2021 taxes, they may be thinking about hiring a tax preparer. People should choose a tax preparer wisely. This is important because taxpayers are responsible for all the information on their return, no matter who prepares it for them.
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National Tax Security Awareness Week, Day 4: Security Summit urges businesses to tighten security, offers new protections against identity theft https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
IRS YouTube Video: New Security Measures Help Protect Against Tax-Related Identity Theft English WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry urged businesses to be on guard as thieves try to use their stolen names and data to file fraudulent tax returns.
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IRS to employers: Remember February 1, 2021 deadline for Form W-2, other wage statements
https://www.irs.gov/newsroom/irs-to-e...
https://accountinginstruction.info/
The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud.
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National Tax Security Awareness Week, Day 3: IRS expands Identity Protection PIN Opt-In Program to taxpayers nationwide https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities.
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IRS will soon conceal sensitive data on business tax transcripts irs.gov/newsroom/irs-will-soon-conceal-sensitive-data-on-business-tax-transcripts https://accountinginstruction.info/
IRS Tax Tip 2020-164, December 2, 2020 Business tax transcripts will soon look a little different. Beginning December 13, the IRS will conceal some information on business tax transcripts to better protect people from possible identity theft.
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Get An Identity Protection PIN (IP PIN)
https://www.irs.gov/identity-theft-fr...
https://accountinginstruction.info/
An Identity Protection PIN (IP PIN) is a six-digit number that prevents someone else from filing a tax return using your Social Security number. The IP PIN is known only to you and the IRS and helps us verify your identity when you file your electronic or paper tax return.
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Tips to help people stay safe online
https://www.irs.gov/newsroom/tips-to-...
https://accountinginstruction.info/
These days most people are spending more time at home and a lot more time online. Whether people are online for work, school, a virtual gathering or shopping, online security is more important than ever. Everyone should be mindful of risks they may encounter when they share devices, shop online and interact on social media.
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IRS National Tax Security Awareness Week, Day 2: 2021 online tax preparation products to offer multi-factor authentication for taxpayers, tax pros https://www.irs.gov/newsroom/irs-nati...
https://accountinginstruction.info/
New Security Measures Help Protect Against Tax-Related Identity Theft English WASHINGTON — The Internal Revenue Service, state tax agencies and the tax industry today marked the second day of National Tax Security Awareness Week by announcing an improved feature that will be available on all 2021 online tax preparation products.
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National Tax Security Awareness Week opens with warnings to all taxpayers and tax professionals as holidays, 2021 tax season approach https://www.irs.gov/newsroom/national...
https://accountinginstruction.info/
The Internal Revenue Service and the Security Summit partners today issued warnings to all taxpayers and tax professionals to beware of scams and identity theft schemes by criminals taking advantage of the combination of holiday shopping, the approaching tax season and coronavirus concerns.
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Get ready to file taxes: What to do before the tax year ends
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
COVID Tax Tip 2020-162, November 30, 2020 There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them.
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Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize
https://www.irs.gov/newsroom/special-...
https://accountinginstruction.info/
The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.
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Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize
https://www.irs.gov/newsroom/special-...
https://accountinginstruction.info/
The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year.
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Get Ready for Taxes: Steps to take now to make tax filing easier in 2021
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021.
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ABLE accounts are a valuable benefit for taxpayers with disabilities
https://www.irs.gov/newsroom/able-acc...
https://accountinginstruction.info/
Living with a disability can come with additional expenses. Achieving a Better Life Experience accounts are authorized tax-advantaged 529A accounts that help disabled people pay qualified disability-related expenses.
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The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property
https://www.irs.gov/newsroom/the-trea...
https://accountinginstruction.info/
Today the Treasury Department and Internal Revenue Service issued final regulations PDF relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange.
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IRS announces procurement research partnership to improve contracting processes
https://www.irs.gov/newsroom/irs-anno...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service's Office of the Chief Procurement Officer today announced a research partnership with Data and Analytic Solutions, a small business located in Fairfax, Virginia. The partnership also includes a group of academic researchers with a goal to use data science to improve IRS procurement operations.
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Here’s what taxpayers can do now to Get Ready to file taxes in 2021
https://www.irs.gov/newsroom/heres-wh...
https://accountinginstruction.info/
COVID Tax Tip 2020-159, November 23, 2020 There are steps people can take now to make sure their tax filing experience goes smoothly in 2021. First, they can visit the Get Ready page on IRS.gov.
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Taxpayer Relief Initiative aims to help those financially affected by COVID-19
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax debt.
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Security Summit partners announce National Tax Security Awareness Week dates; urge increased security measures as fraudsters exploit COVID-19 concerns
https://www.irs.gov/newsroom/security...
https://accountinginstruction.info/
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Register by Nov. 21 to get an Economic Impact Payment; same deadline for federal beneficiaries to get missed $500 per child payments https://www.irs.gov/newsroom/register...
https://accountinginstruction.info/
The Internal Revenue Service today reminded people who don't normally file tax returns that they have until November 21 at 3 p.m. Eastern time to register for an Economic Impact Payment. T
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Here’s how visually impaired taxpayers can access IRS resources and information
https://www.irs.gov/newsroom/heres-ho...
https://accountinginstruction.info/
The IRS is here to serve and support all of America's taxpayers including, those who use assistive technology. The agency's Alternative Media Center (AMC) provides resources and accessibility services to taxpayers with disabilities.
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Nov. 21 deadline nears to register online for Economic Impact Payment; Some people can claim special credit next tax filing season https://www.irs.gov/newsroom/nov-21-d...
https://accountinginstruction.info/
The Internal Revenue Service today reminded anyone who doesn't normally file a tax return that they have until 3 p.m. EST this Saturday, November 21, to register with the IRS for an Economic Impact Payment (EIP).
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IRS Advisory Council issues 2020 Annual Report
https://www.irs.gov/newsroom/irs-advi...
https://accountinginstruction.info/
The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2020 PDF, including recommendations to the IRS on new and continuing issues in tax administration.
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Common errors businesses should avoid when claiming employer tax credits
https://www.irs.gov/newsroom/common-e...
https://accountinginstruction.info/
Employers who are filing Form 941, Employer's Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes.
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IRS Criminal Investigation releases Fiscal Year 2020 Annual Report; identifies $2.3 billion in tax fraud
https://www.irs.gov/newsroom/irs-crim...
https://accountinginstruction.info/
The Internal Revenue Service today released the Criminal Investigation Division's annual report PDF, highlighting the agency's successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19.
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Get Ready for Taxes: Get ready now to file 2020 federal income tax returns
https://www.irs.gov/newsroom/get-read...
https://accountinginstruction.info/
The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments (EIP).
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Here’s who qualifies for the employee business expense deduction
https://www.irs.gov/newsroom/heres-wh...
https://accountinginstruction.info/
Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators.
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Self-supporting college students may qualify for an Economic
https://www.irs.gov/newsroom/self-sup...
https://accountinginstruction.info/
Any eligible self-supporting college student who doesn't need to file a tax return should register using the Non-Filers tool by 3:00 p.m. ET November 21 to receive an Economic Impact Payment before the end of this year.
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IRS to mask key business transcript details; protect taxpayers from identity theft
https://www.irs.gov/newsroom/irs-to-m...
https://accountinginstruction.info/
WASHINGTON – Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting Dec. 13 it will begin masking sensitive data on business tax transcripts.
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How the CARES Act changes deducting charitable contributions
https://www.irs.gov/newsroom/how-the-...
https://accountinginstruction.info/
Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that's personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income.
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Taxpayers have the right to representation when working with the IRS
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info/
The IRS grouped all of the rights taxpayers have under the law into the Taxpayper Bill of Rights. Included in the list is the right to retain representation.
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IRS reminder to non-filers: Nov. 10 is ‘National EIP Registration Day;’ Community partners can help people sign up for Economic Impact Payment https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
The Internal Revenue Service today urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, Nov. 10.
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Reminder to all taxpayers: Gift cards are not used to make tax payments
https://www.irs.gov/newsroom/reminder...
https://accountinginstruction.info/
Gift cards are a popular and convenient gift for all occasions. They're also a tool that scammers use to steal money from people.
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IRS provides guidance on certain distributions from terminating 403(b) plans
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
The Department of the Treasury and the Internal Revenue Service today issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. The guidance reflects changes provided in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).
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Many college students may still qualify for an Economic Impact Payment; review the guidelines and register by Nov. 21 at IRS.gov https://www.irs.gov/newsroom/many-col...
https://accountinginstruction.info/
The Internal Revenue Service (IRS) today urged any eligible self-supporting college student who doesn't need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year.
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Security Summit partners warn taxpayers of new COVID-related text scam
https://www.irs.gov/newsroom/security...
https://accountinginstruction.info/
The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment.
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IRS resources to help small business owners
https://www.irs.gov/newsroom/news-rel...
https://accountinginstruction.info/
This week is National Veterans Small Business Week. The IRS has a variety of resources to help small business owners, including veterans, understand their tax responsibilities. Best of all, most of these resources are available online at IRS.gov.
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New income ranges for IRA eligibility in 2021
https://www.irs.gov/newsroom/new-inco...
https://accountinginstruction.info/
There are cost‑of‑living adjustments that may affect a taxpayer's pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren't caught off guard.
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Tax Pros: The Circular 230 and Publication 947 are now available in Spanish
https://www.irs.gov/newsroom/tax-pros...
https://accountinginstruction.info/
As part of an ongoing effort to provide more useful information and better assistance to many communities, the IRS is making two key publications for tax professionals available in Spanish. A Spanish-language version of Publication 947, Practice Before the IRS and Power of Attorney (in Spanish) is now available. A Spanish version of Circular No. 230, Regulations Governing Practice before the Internal Revenue Service (in Spanish) PDF, is now posted on IRS.gov.
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IRS makes it easier to set up payment agreements; offers other relief to taxpayers struggling with tax debts
https://www.irs.gov/newsroom/irs-make...
The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding taxpayer options for making payments and alternatives to resolve balances owed.
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Federal beneficiaries have more time to register for an Economic Impact Payment
https://www.irs.gov/newsroom/federal-...
https://accountinginstruction.info/
Federal beneficiaries who got their Economic Impact Payment but didn't register to receive a $500 supplemental payment per qualifying child can still register for this additional payment using the Non-Filers: Enter Info Here tool before 3 p.m. Eastern November 21, 2020. Those eligible to provide this information include people with qualifying children who receive Social Security retirement, survivor or disability benefits, Supplemental Security Income (SSI), Railroad Retirement benefits and Veterans Affairs Compensation and Pension (C&P) benefits and didn't file a tax return in 2018 or 2019.
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IRS News - Closing a sole proprietorship
https://www.irs.gov/newsroom/closing-...
https://accountinginstruction.info/
A sole proprietor - someone who owns an unincorporated business by themselves – must take certain actions if they want to close their business. They must file final forms and schedules whether they've been in business a few months or many years. Here's information on typical final forms and schedules that a sole proprietor needs to file when ceasing operations.
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IRS News - Closing a Partnership
https://www.irs.gov/newsroom/closing-...
https://accountinginstruction.info/
A partnership is a relationship between two or more partners to do a trade or business. Each person contributes money, property, labor or skill and shares in the profits and losses of the business. Partners who want to close their partnership must take certain actions whether they've been in business a few months or many years.
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IRS designates November 10 National EIP Registration Day
https://www.irs.gov/newsroom/irs-desi
https://accountinginstruction.info/
The IRS has designated Tuesday, November 10, National EIP Registration Day. This is part of the agency's final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment.
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Here’s what taxpayers need to know about filing an amended tax return
https://www.irs.gov/newsroom/heres-wh...
https://accountinginstruction.info/
If taxpayers discover a mistake on their tax return, this is not necessarily cause for concern. Most errors can be fixed by filing a Form 1040-X, Amended U.S. Individual Income Tax Return.
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IRS: People with foreign accounts reminded of the extension to file 2019 FBAR by Oct. 31, Dec. 31 if impacted by certain natural disasters
https://www.irs.gov/newsroom/irs-peop
2019-fbar-by-oct-31-dec-31-if-impacted-by-certain-natural-disasters The Internal Revenue Service reminds U.S. citizens, entities and resident aliens with a foreign bank or financial account that they have until October 31, 2020, to file their 2019 Report of Foreign Bank and Financial Accounts (FBAR).
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2020 IRS Nationwide Tax Forum seminars now available online
https://www.irs.gov/newsroom/2020-irs...
https://accountinginstruction.info/
Eighteen new seminars from the 2020 Nationwide Tax Forum are now available on IRS Nationwide Tax Forums Online. These self-study seminars provide information using interactive videos, PowerPoint slides and audio transcripts. These and all other previously recorded sessions from prior IRS Nationwide Tax Forums will be available for $29 per seminar.
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IRS provides tax inflation adjustments for tax year 2021
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments.
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Tips to help taxpayers avoid post-disaster scams
https://www.irs.gov/newsroom/tips-to
https://accountinginstruction.info/
The IRS reminds taxpayers that criminals and scammers often try to take advantage of generous taxpayers who want to help disaster victims. Everyone should be vigilant. These scams often pop up after a hurricane, wildfire or other disaster.
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IRS reminds businesses to e-file payroll tax returns
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info/
The next quarterly payroll tax return due date is October 31, and the Internal Revenue Service urges business owners to use the speed and convenience of filing the returns electronically. IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, or e-filing, of these returns for many reasons.
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To help non-filers, IRS sets Nov. 10 as ‘National EIP Registration Day;’ Register at IRS.gov for Economic Impact Payment https://www.irs.gov/newsroom/to-help-...
https://accountinginstruction.info/
The Internal Revenue Service today set November 10 as "National EIP Registration Day," as the agency and partners across the country launch a final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment.
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IRS offers new stricter settlement for micro-captive insurance schemes; offer letters being mailed to groups under audit
https://www.irs.gov/newsroom/irs-offe...
https://accountinginstruction.info/
The Internal Revenue Service announced today a second time-limited settlement initiative for certain taxpayers under audit who participated in abusive micro-captive insurance transactions.
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IRS releases draft Form 1065 instructions on partner tax basis capital reporting
https://www.irs.gov/newsroom/irs-rele...
https://accountinginstruction.info/
The IRS released today an early draft of the instructions to Form 1065, U.S. Return of Partnership Income PDF, for tax year 2020 (filing season 2021) that include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065).
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IRS announces 2021 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants
https://www.irs.gov/newsroom/irs-anno...
https://accountinginstruction.info/
The Internal Revenue Service recently awarded over $36 million in Tax Counseling for the Elderly and Volunteer Income Tax Assistance grants PDF to organizations that provide free federal tax return preparation.
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All taxpayers have the right to privacy – it’s the law
https://www.irs.gov/newsroom/all-taxp...
https://accountinginstruction.info/
One of the IRS's top priorities is protecting the privacy rights of America's taxpayers. The agency takes this so seriously that the right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers.
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What happens after a disaster that leads to taxpayer relief
https://www.irs.gov/newsroom/what-hap
https://accountinginstruction.info/
No matter how devastating a disaster is, before the IRS can authorize any tax relief, FEMA must issue a major disaster declaration and identify areas qualifying for their Individual Assistance program. Here's a list of tax-related things that usually happen after a major disaster strikes:
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IRS provides tax relief for victims of September wildfires in California; Oct. 15 deadline, other dates extended to Jan. 15 https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
Victims of the California wildfires that began on September 4 now have until January 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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IRS provides tax relief for victims of Hurricane Delta; Oct. 15 deadline, other dates extended to Feb. 16
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info/
Victims of Hurricane Delta that began on October 6 now have until February 16, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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Reviewing these disaster resources now can help taxpayers be more prepared later
https://www.irs.gov/newsroom/reviewin...
https://accountinginstruction.info/
No one can fully prepare for a disaster, but knowing what resources are available beforehand can make the recovery a little easier.
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IRS fights fraud aimed at charities, joins international awareness week
https://www.irs.gov/newsroom/irs-figh...
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service is combating fraud by once again joining organizations around the world to highlight the third annual International Charity Fraud Awareness Week, October 19-23.
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Most taxpayers who requested an extension to file must file today
https://www.irs.gov/newsroom/most-tax...
https://accountinginstruction.info/
Today is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2019 tax return must file today. Those filing today who also owe taxes should pay as much as possible to reduce interest and penalties. The extension of time to file is not an extension to pay. Taxes must be paid on the original due date to avoid any penalty and interest charges.
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Helpful information for taxpayers on backup withholding
https://www.irs.gov/newsroom/helpful-...
https://accountinginstruction.info/
Taxpayers who receive certain types of income may have backup withholding deducted from these payments. Backup withholding can apply to most payments reported on certain Forms 1099 and W-2G.
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Online seminars from 2020 IRS Nationwide Tax Forums now available
https://www.irs.gov/newsroom/online-s
https://accountinginstruction.info/
The Internal Revenue Service today announced 18 new seminars from the 2020 Nationwide Tax Forums are now available on IRS Nationwide Tax Forums Online(link is external). The cost is $29 per seminar. These self-study seminars provide information to participants using interactive videos, PowerPoint slides and audio transcripts.
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IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21
https://www.irs.gov/newsroom/irs-exte
https://accountinginstruction.info
The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020. The IRS urges people who don't typically file a tax return – and haven't received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.
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IRS adds QR technology to key balance due notices to help taxpayers
https://www.irs.gov/newsroom/irs-adds
https://accountinginstruction.info/
For the first time, the IRS is adding barcode technology to notices sent to millions of taxpayers. Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR bar codes to help those taxpayers securely and easily navigate to the IRS.gov website.
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IRS: Check tax withholdings now as the last quarter of 2020 begins
https://www.irs.gov/newsroom/irs-chec
https://accountinginstruction.info/
The Internal Revenue Service today reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take home pay or allow taxpayers to pay more in the last quarter of 2020 to avoid a surprise tax bill.
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Here’s what taxpayers need to know about their right to finality Tax News
https://www.irs.gov/newsroom/heres-wh
https://accountinginstruction.info/
Taxpayers interacting with the IRS have the right to finality. This is especially for taxpayers who are being audited. This is one of ten basic rights —collectively known as the Taxpayer Bill of Rights. For taxpayers who are in the process of an audit, here's what they should know about the right to finality:
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October 15 deadline nears for taxpayers who requested tax filing extensions
https://www.irs.gov/newsroom/october
https://accountinginstruction.info/
The Internal Revenue Service today reminds taxpayers who filed an extension that the Oct. 15 due date to file their 2019 tax return is near. Taxpayers should file their tax returns on or before the Oct. 15 deadline. For those who still owe, pay as soon as possible to reduce any penalties and interest.
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An overview of excise tax
https://www.irs.gov/newsroom/an-overv...
https://accountinginstruction.info/
In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services. Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal Excise Tax Return to report the tax to the IRS.
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RS extends Economic Impact Payment deadline to Nov. 21 to help non-filers
https://www.irs.gov/newsroom/irs-exte
The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. This new date will provide an additional five weeks beyond the original deadline. The IRS urges people who don't typically file a tax return – and haven't received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.
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IRS Free File marks record increase; available through Oct. 15
https://www.irs.gov/newsroom/irs-free
https://accountinginstruction.info/
The Internal Revenue Service announced today that Free File, the IRS-private sector partnership that offers free tax preparation products, scored a record percentage increase in new users as taxpayers turned to free name-brand providers in 2020. IRS Free File online products marked a 50% increase this year as more than 4.1 million taxpayers used one of the free online partner products. Last year, more than 2.7 million taxpayers used Free File.
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Business owners should visit IRS.gov for help with tax actions when closing a business
https://www.irs.gov/newsroom/business
https://accountinginstruction.info/
Closing a business is always a difficult decision regardless of the circumstances. With this in mind, the IRS redesigned the closing a business page of IRS.gov to help business owners navigate the federal tax steps when closing a business. Small businesses and self-employed taxpayers will find a variety of information on the page including:
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People experiencing homelessness may qualify for an Economic Impact Payment
https://www.irs.gov/newsroom/people-e
https://accountinginstruction.info/
People experiencing homelessness may be eligible for a $1,200 Economic Impact Payment and $500 for each qualifying child under age 17. To get this payment, they must register with the IRS by Saturday, November 21, 2020. If someone's income is below $12,200, or $24,400 if they're married, they probably don't file a tax return. That means the IRS may not have enough information to issue their payment.
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IRS expands enforcement focus on abusive micro-captive insurance schemes; taxpayers urged to consult independent tax advisor before Oct. 15 filing deadline
https://www.irs.gov/newsroom/irs-expa
https://accountinginstruction.info/
With the Oct. 15th filing deadline quickly approaching, the Internal Revenue Service today encouraged taxpayers to consult an independent tax advisor if they participated in a micro-captive insurance transaction.
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IRS issues final regulations for Achieving a Better Life Experience accounts
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info/
The Internal Revenue Service posted to IRS.gov final regulations PDF today for Achieving a Better Life Experience (ABLE) accounts. The regulations issued today finalize two previously issued proposed regulations. The first proposed regulation was published in 2015 after the enactment of the ABLE Act. The second proposed regulation was published in 2019 in response to the Tax Cuts and Jobs Act, which made significant changes to ABLE accounts.
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IRS provides details about settlements in syndicated conservation easement transaction initiative
https://www.irs.gov/newsroom/irs-prov
https://accountinginstruction.info/
As the Internal Revenue Service continues combatting abusive syndicated conservation easements, the agency today released additional information to help address questions related to the ongoing settlement initiative. Today the Internal Revenue Service Chief Counsel released Chief Counsel Notice 2021-001 PDF ("CC Notice"), which contains information regarding Chief Counsel's settlement initiative for certain pending Tax Court cases involving abusive syndicated conservation easement transactions described in IRS Notice 2017-10 PDF ("SCE transactions"). Prior coverage of the settlement initiative can be found in IRS news release IR-2020-196.
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Redesigned IRS.gov page helps people closing a business; page features steps to navigate final tax actions https://www.irs.gov/newsroom/redesign...
https://accountinginstruction.info/
The Internal Revenue Service today launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business. During this difficult and challenging time, the IRS streamlined the "Closing a Business" page into simple steps, so business owners and self-employed individuals can quickly find the information they need.
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IRS issues final regulations on the deduction for meals and entertainment
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info/
The Internal Revenue Service issued final regulations PDF on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to food and beverages if certain requirements are met.
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Taxpayers should know and understand their correct filing status
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info/
Taxpayers need to know their correct filing status and be familiar with each option. Generally, the taxpayer's filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to pay the least amount of tax.
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Terms to help taxpayers better understand Individual Retirement Arrangements
https://www.irs.gov/newsroom/terms-to
https://accountinginstruction.info/
Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don't know how IRAs help them save for retirement. People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Here's a list of basic terms to help people better understand their IRA options.
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How people can reconstruct records lost in a natural disaster
https://www.irs.gov/newsroom/how-peop
https://accountinginstruction.info/
Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants.
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Here’s how to get the status of an Economic Impact Payment
https://www.irs.gov/newsroom/heres-ho
https://accountinginstruction.info
Eligible individuals can visit IRS.gov and use the Get My Payment tool to find out the status of their Economic Impact Payment. This tool will show if a payment has been issued and whether the payment was direct deposited or sent by mail.
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IRS provides final regulations on income tax withholding on certain periodic retirement and annuity payments
https://www.irs.gov/newsroom/irs-prov
https://accountinginstruction.info
The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations PDF updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020.
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Deadlines to register for an Economic Impact Payment are just around the corner
https://www.irs.gov/newsroom/deadline
https://accountinginstruction.info/Federal benefit recipients who don't normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment. Anyone using the Non-Filers tool can speed up the arrival of their payment by choosing to receive it by direct deposit. Those who don't choose direct deposit will get a check.
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IRS highlights employer credits for businesses during Small Business Week
https://www.irs.gov/newsroom/irs-high
https://accountinginstruction.info/
During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this unprecedented time. During Small Business Week, the IRS wants to ensure all eligible people know about the relief these credits provide.
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Businesses can file cash transaction reports electronically
https://www.irs.gov/newsroom/business
https://accountinginstruction.info/
Businesses that receive cash payments of more than $10,000 must report these payments to the IRS – it's the law. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms.
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Six tips for people starting a new business
https://www.irs.gov/newsroom/six-tips
https://accountinginstruction.info/
Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business.
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S reminds taxpayers of the home office deduction rules during Small Business Week
https://www.irs.gov/newsroom/irs-rem
https://accountinginstruction.info/
During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 through 2025 for employees.
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IRS provides tax relief for victims of Oregon wildfires; Oct. 15 deadline, other dates extended to Jan. 15
https://www.irs.gov/newsroom/irs-prov
Victims of the Oregon wildfires and straight-line winds that began on September 7 now have until January 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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IRS finalizes regulations for 100 percent bonus depreciation
https://www.irs.gov/newsroom/irs-fina
https://accountinginstruction.info/
The Treasury Department and the Internal Revenue Service today released the last set of final regulations PDF implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.
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IRS provides final regulations on deductions for estates and non-grantor trusts, including excess deductions on termination
https://www.irs.gov/newsroom/irs-prov
https://accountinginstruction.info/
The Internal Revenue Service today issued final regulations PDF that provide guidance for decedents' estates and non-grantor trusts clarifying that certain deductions of such estates and non-grantor trusts are not miscellaneous itemized deductions. The Tax Cuts and Jobs Acts (TCJA) prohibits individuals, estates, and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026.
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IRS highlights online resources during Small Business Week; many resources available in multiple languages
https://www.irs.gov/newsroom/irs-high...
https://accountinginstruction.info/
In support of National Small Business Week – September 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business. Resources in multiple languages The IRS has a long history of providing resources in Spanish and commonly provides products in Chinese, Korean, Vietnamese and Russian, such as the Small Business and Self-Employed Tax Center.
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The Oct. 15 deadline for extension filers is almost here
https://www.irs.gov/newsroom/the-oct
https://accountinginstruction.info
The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they're ready and don't have to wait until Thursday, Oct 15. These tools are available at IRS.gov to help people with their taxes: IRS Free File and other electronic filing options. Taxpayers can file their tax return electronically for free through IRS Free File. Other electronic filing options include using a free tax return preparation site, commercial software or an authorized e-file provider.
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Free IRS2Go app puts information at taxpayers’ fingertips
https://www.irs.gov/newsroom/free-irs
https://accountinginstruction.info
Taxpayers can get quick access to popular IRS tools by using IRS2Go on their mobile device. The mobile app is available and free to download on any iOS or Android device. The app is available in both English and Spanish. People can use it to check their refund, make a payment, find free tax filing help and get helpful tax tips: Refunds. Taxpayers can check the status of their federal tax refund within 24 hours after the IRS receives an e-filed return. It takes about four weeks to check on a refund if the taxpayer mails a paper tax return.
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IRS releases state-by-state breakdown of nearly 9 million non-filers who will be mailed letters about Economic Impact Payments
https://www.irs.gov/newsroom/irs-rele
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to see if they're eligible to claim an Economic Impact Payment. The IRS will mail the letters to people who typically aren't required to file federal income tax returns but may qualify for an Economic Impact Payment. The letter urges recipients to visit the special Non-Filers: Enter Payment Info Here tool on IRS.gov before the October 15 deadline to register for an Economic Impact Payment.
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What to know about the tax-exempt application process for charities
https://www.irs.gov/newsroom/what
https://accountinginstruction.info/
Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status. These include charities, social welfare organizations, civic leagues, social clubs, labor organizations and business leagues. Most organizations are required to apply for recognition as tax-exempt. Here are some key things that charities should know about the application process: Application includes a fee The application must be complete. It must also include a user fee.
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IRS issues final regulations for the rehabilitation credit
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info/
The Internal Revenue Service today issued final regulations for taxpayers who claim the rehabilitation credit. The Tax Cuts and Jobs Act (TJCA) amended the rehabilitation credit so that taxpayers now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer's qualified rehabilitation expenditures paid or incurred after December 31, 2017. Taxpayers, however, may claim the credit all in one year under pre-TCJA rules for projects that qualify under a transition rule. The transition rule allows taxpayers to use the prior law if the project meets these conditions:
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IRS updates LB&I examination directive on credit for increasing research activities
https://www.irs.gov/newsroom/irs-upda
https://accountinginstruction.info
The IRS has revised guidance for examiners in the Large Business & International division (LB&I) reviewing the amounts claimed for the tax credit for increasing research activities. The guidance to auditors issued today modifies a directive issued in 2017. The credit for increasing research activities (Internal Revenue Code § 41) enables taxpayers to receive a tax credit for qualified research activities (QREs).
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IRS reminds taxpayers and practitioners of expedited letter
https://www.irs.gov/newsroom/irs-remi
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service continues to look for ways to assist taxpayers affected by the COVID-19 pandemic. As part of that effort, the IRS reminds taxpayers and tax practitioners of the procedures for requesting expedited handling of requests for letter rulings under Rev. Proc. 2020-1, 2020-1 I.R.B. 1 (January 2, 2020). As set forth in Rev. Proc. 2020-1, the IRS ordinarily processes requests for letter rulings in the order that they were received. A taxpayer with a compelling need to have a request processed more quickly may request expedited handling. The request for expedited handling must be made in writing, preferably in a separate letter submitted with the letter ruling request.
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IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches
https://www.irs.gov/newsroom/irs-rem
https://accountinginstruction.info/
File and pay electronically, request direct deposit for refunds IR-2020-213, September 16, 2020 WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline.
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All taxpayers have the right to be informed
https://www.irs.gov/newsroom/all-taxp
https://accountinginstruction.info
When something happens to a taxpayer's account, that taxpayer has the right to be informed about the activity. In fact, this right is one of ten outlined in the Taxpayer Bill of Rights. The right to be informed is at the top of the list. This means taxpayers have the right to: Know what they need to do to comply with the tax laws. Have clear explanations of the laws and IRS procedures in all forms, instructions, publications, notices and correspondence.
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A tax checklist for newly married couples
https://www.irs.gov/newsroom/a-tax-ch
https://accountinginstruction.info
Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes Name. When a name changes through marriage, it is important to report that change to the Social Security Administration (SSA). The name on a person’s tax return must match what is on file at the SSA. If it doesn’t, it could delay any tax refund. To update information, taxpayers should file Form SS-5, Application for a Social Security Card. It is available on SSA.gov, by calling 800-772-1213 or at a local SSA office.
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Third quarter estimated tax payments due Sept. 15
https://www.irs.gov/newsroom/third-qu
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due September 15. Taxes are paid as income is received during the year through withholding from pay, pension or certain government payments such as Social Security or unemployment; and/or making quarterly estimated tax payments.
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IRS highlights higher penalties for some tax returns filed after Sept. 14
https://www.irs.gov/newsroom/irs-high
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14. The tax deadline was July 15 this year. Taxpayers who submitted an extension have until October 15 to file and do not face the failure to file penalty if they file their taxes by that deadline. But taxpayers need to remember that an extension to file is not an extension to pay. Any taxes they owed after the July 15 deadline are subject to the failure to pay penalty and interest.
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IRS expands tax help into more languages; Form 1040 offered in Spanish and more services, information available in multiple languages WASHINGTON — As part of a larger effort to reach underserved communities, the Internal Revenue Service is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time. In addition to being available in English and Spanish, the 2020 Form 1040 will also give taxpayers the opportunity to indicate whether they wish to be contacted in a language other than English. This is a new feature available for the first time this coming filing season.
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E-signatures temporarily allowed on some tax forms
https://www.irs.gov/newsroom/e-signat
https://accountinginstruction.info
Taxpayers are encouraged to e-file forms this year, whenever possible, because of COVID-19. To protect the health of taxpayers and tax professionals, the IRS is temporarily allowing the use of digital signatures on some tax forms that can't be filed electronically. This will help reduce in-person contact and lessen the risk to taxpayers and tax professionals during the COVID-19 pandemic. It will also allow people to work remotely and file forms on time.
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IRS to mail special letter to estimated 9 million non-filers, urging them to claim Economic Impact Payment by Oct. 15 at IRS.gov https://www.irs.gov/newsroom/irs
https://accountinginstruction.info
WASHINGTON — Later this month, the Internal Revenue Service will start mailing letters to roughly nine million Americans who typically don't file federal income tax returns who may be eligible for, but have not registered to claim, an Economic Impact Payment. The letters will urge recipients to register at IRS.gov by October 15 in order to receive their payment by the end of the year. Individuals can receive up to $1,200, and married couples can receive up to $2,400. People with qualifying children under age 17 at the end of 2019 can get up to an additional $500 for each qualifying child.
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Some taxpayers may need to make estimated tax payments
https://www.irs.gov/newsroom/some-tax
https://accountinginstruction.info
Some taxpayers earn income not subject to withholding. For small business owners and self-employed people this can mean making quarterly estimated tax payments. Anyone in this situation should check their withholding using the Tax Withholding Estimator on IRS.gov. If the estimator suggests a change, the taxpayer can submit a new Form W-4 to their employer.
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Tips for taxpayers who need to file an amended tax return
https://www.irs.gov/newsroom/tips-fo
https://accountinginstruction.info
The IRS will correct common errors during processing. However, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Taxpayers can now file some amended electronically. Here are some tips for anyone who discovered they made a mistake or forgot to include something on their tax return. Use the Interactive Tax Assistant. Taxpayers can use the Should I file an amended return? to help determine if they should file an amended tax return.
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Interest rates remain the same for the fourth quarter of 2020
https://www.irs.gov/newsroom/interest
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates will be: 3% for overpayments (2% in the case of a corporation); 0.5% for the portion of a corporate overpayment exceeding $10,000; 3% percent for underpayments; and 5% percent for large corporate underpayments. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.
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Federal benefit recipients with children have more time to get the $500 Economic Impact Payment
https://www.irs.gov/newsroom/federal
https://accountinginstruction.info
The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran's benefits, but didn't receive $500 per child earlier this year when they received their own Economic Impact Payment.
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Thursday, Sept. 3 IRS webinar focuses on Opportunity Zones
https://www.irs.gov/newsroom/thursday
https://accountinginstruction.info
The Internal Revenue Service is holding a free webinar designed to give an overview of Opportunity Zones and to discuss related tax benefits for investors. Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States. This free 75-minute webinar will take place on Thursday, September 3 at 2 p.m. Eastern Time. It is open to investors, tax professionals, government agencies and anyone else interested in the tax rules that affect Opportunity Zones.
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Choosing a trustworthy payroll service provider can protect employers from fraud
https://www.irs.gov/newsroom/choosing
https://accountinginstruction.info
IRS Tax Tip 2020-112, September 1, 2020 When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills.
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IRS approves temporary use of e-signatures for certain forms
https://www.irs.gov/newsroom/irs-appr
https://accountinginstruction.info
WASHINGTON – To protect the health of taxpayers and tax professionals, the Internal Revenue Service today announced it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. The change will help to reduce in-person contact and lessen the risk to taxpayers and tax professionals during the COVID-19 pandemic, allowing both groups to work remotely to timely file forms.
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Taxpayers should renew expiring ITINs early to avoid a refund delay next year
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info
IRS Tax Tip 2020-110, August 27, 2020 Individual taxpayer identification numbers are used by taxpayers who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. People with expiring individual taxpayer identification numbers should renew their number ASAP. This will help avoid unnecessary delays related to their tax refund next year.
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IRS: 50,000 spouses to get catch-up Economic Impact Payments
https://www.irs.gov/newsroom/irs-5000
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service will soon send catch-up Economic Impact Payment checks to about 50,000 individuals whose portion of the EIP was diverted to pay their spouse's past-due child support.
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Earning side income: Is it a hobby or a business?
https://www.irs.gov/newsroom/earning
https://accountinginstruction.info
Whether it's something they've been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year's tax return. What the difference between a hobby and a business? A business operates to make a profit. People engage in a hobby for sport or recreation, not to make a profit.
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Tips for taxpayers who need to file a new W-4
https://www.irs.gov/newsroom/tips-for
https://accountinginstruction.info
All taxpayers should review their withholding annually. They can use the IRS Tax Withholding Estimator to check and make sure they're not having too little or too much federal tax withheld. This tool offers workers, retirees and self-employed individuals a step-by-step method to help figure out if they should adjust their withholding. Those who need to adjust their withholding should submit a new Form W-4, Employee's Withholding Certificate to their employer.
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IRS provides tax relief for victims of California wildfires; Oct. 15 deadline, other dates extended to Dec. 15
https://www.irs.gov/newsroom/irs-prov
https://accountinginstruction.info
Victims of the California wildfires that began August 14 now have until December 15, 2020 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently this includes Lake, Monterey, Napa, San Mateo, Santa Cruz, Solano, Sonoma and Yolo counties in California, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.
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As peak hurricane season nears, IRS reminds people to prepare for natural disasters
https://www.irs.gov/newsroom/as-peak
https://accountinginstruction.info
The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. A solid plan includes securing and duplicating essential documents, creating lists of property and knowing where to find information once a disaster has occurred.
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IRS: Deadline to return distributions to retirement accounts
https://www.irs.gov/newsroom/irs-upda
https://accountinginstruction.info
The Internal Revenue Service today issued a memorandum (PDF) that provides interim guidance to the agency's compliance staff on requests to designate issues for litigation. Designation of issues for litigation, a decision that is made with the Office of Chief Counsel, limits a taxpayer's opportunity to administratively resolve their case with the IRS Independent Office of Appeals. Disputes between the IRS and taxpayers over designated issues must be resolved through litigation. The IRS took this step to update and clarify its designation procedures as part of its implementation of the Taxpayer First Act (TFA) enacted in July 2019.
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All taxpayers have the right to confidentiality
https://www.irs.gov/newsroom/all-taxp
https://accountinginstruction.info
Information a taxpayer gives the IRS won't be shared with outside parties, unless allowed by the taxpayer or by law. This is the right to confidentiality; one of ten rights known collectively as the Taxpayer Bill of Rights. The right to confidentiality means: The IRS won't give any information to a third party without permission from the taxpayer. The agency can't contact third parties such as an employer or bank for information unless they give the taxpayer reasonable notice first. The same confidentiality a taxpayer has with an attorney also applies to tax professionals working with the IRS on the taxpayer's behalf.
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Important things all extension filers should remember
https://www.irs.gov/newsroom/importan
https://accountinginstruction.info
October 15 is almost here. That's the last day to file for most people who requested an extension for their 2019 tax return. These taxpayers can file any time before Thursday, October 15 if they have all their required tax documents. They can also pay part or all of their taxes anytime on IRS.gov. Here are some key reminders for extension filers. Use IRS Free File. Nearly everyone can e-file their tax return for free through IRS Free File. The program is available on IRS.gov now through October 15. E-filing is easy, safe and the most accurate way for people to file their taxes.
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IRS urges employers to choose carefully when selecting a payroll service provider
https://www.irs.gov/newsroom/irs-urge
Using a reputable firm or group can protect employers from fraud; options include PSPs, RAs and CPEOs IR-2020-186, August 19, 2020 WASHINGTON — The IRS reminded employers today to carefully choose their payroll service providers following continuing concerns that some disreputable organizations can fail to deposit employment taxes, leaving businesses vulnerable to unpaid bills. Many employers outsource their payroll and related tax duties to third parties. This streamlines business operations by collecting and timely depositing payroll taxes on the employer's behalf and filing required payroll tax returns with state and federal authorities.
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IRS: Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise
https://www.irs.gov/newsroom/irs-unem
WASHINGTON — With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year. By law, unemployment compensation is taxable and must be reported on a 2020 federal income tax return. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted this spring.
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Working Virtually: make a plan for protecting data and reporting theft; Part 5 of Security Summit tips for tax professionals https://www.irs.gov/newsroom/working
WASHINGTON — The Internal Revenue Service and Security Summit partners today reminded tax professionals that federal law requires them to have a written information security plan. Amid continuing security threats during COVID-19, the IRS, state tax administrators and the nation's tax industry − working together as the Security Summit − also recommended practitioners create an emergency response plan should they experience a data theft. Contacting the IRS is step one in the plan to quickly protect tax professionals and their clients.
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13.9 million Americans to receive IRS tax refund interest; taxable payments to average $18
https://www.irs.gov/newsroom/13-point
https://accountinginstruction.info
WASHINGTON — This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds. The interest payments, averaging about $18, will be made to individual taxpayers who filed a 2019 return by this year's July 15 deadline and either received a refund in the past three months or will receive a refund. Most interest payments will be issued separately from tax refunds.
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Now available: IRS Form 1040-X electronic filing
https://www.irs.gov/newsroom/now-avai
https://accountinginstruction.info
Major IRS milestone helps taxpayers correct tax returns with fewer errors, speeds processing IR-2020-182, August 17, 2020 WASHINGTON — Marking a major milestone in tax administration, the Internal Revenue Service announced today that taxpayers can now submit Form 1040-X electronically with commercial tax-filing software. As IRS e-filing has grown during the past 30 years, the 1040-X, Amended U.S. Individual Income Tax Return, has been one of the last major individual tax forms that needed to be paper filed. Today's announcement follows years of effort by the IRS, and the enhancement allows taxpayers to quickly electronically correct previously filed tax returns while minimizing errors.
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IRS takes new steps to ensure people with children receive $500 Economic Impact Payments
https://www.irs.gov/newsroom/irs-take
https://accountinginstruction.info
The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. As part of that effort, the Internal Revenue Service announced today it will reopen the registration period for federal beneficiaries who didn't receive $500 per child payments earlier this year. The IRS urges certain federal benefit recipients to use the IRS.gov Non-Filers tool starting August 15 through September 30 to enter information on their qualifying children to receive the supplemental $500 payments.
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Global disruption of three terror finance cyber-enabled campaigns (PDF)
https://www.irs.gov/pub/irs-news/doj
https://accountinginstruction.info
WASHINGTON – The Justice Department today announced the dismantling of three terrorist financing cyber-enabled campaigns, involving the al-Qassam Brigades, Hamas’s military wing, al-Qaeda, and Islamic State of Iraq and the Levant (ISIS). This coordinated operation is detailed in three forfeiture complaints and a criminal complaint unsealed today in the District of Columbia. These actions represent the government’s largest-ever seizure of cryptocurrency in the terrorism context.
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Taxpayers must pay no more than the correct amount of tax
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info
IRS Tax Tip 2020-102, August 13, 2020 A taxpayer may owe money when they complete and file their tax return. They have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is one of ten rights known collectively as the Taxpayer Bill of Rights.
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Using the Tax Withholding Estimator will help taxpayers avoid surprises next year
https://www.irs.gov/newsroom/using-th
https://accountinginstruction.info
Using the IRS Tax Withholding Estimator can help taxpayers have the right amount of tax withheld and avoid surprises when filing next year. Income taxes are pay-as-you-go. By law, taxpayers are required to pay most of their tax as income is received. There are two ways to do this:
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Financial safety is an important part of disaster preparedness
https://www.irs.gov/newsroom/financia
https://accountinginstruction.info
IRS Tax Tip 2020-99, August 10, 2020 Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place. To help protect their financial safety in a disaster situation, taxpayers should:
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Good recordkeeping is an essential element of tax planning
https://www.irs.gov/newsroom/good-re
https://accountinginstruction.info
Now is a good time for people to begin thinking about next year's tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again. Here are some suggestions to help taxpayers keep good records.
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Working Virtually: Avoid phishing scams; Part 4 of Security
https://www.irs.gov/newsroom/working
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service and the Security Summit partners today warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners. The IRS, state tax agencies and the nation's tax industry urged tax firms to review and heighten their data protection plans this summer as cybercriminals step up efforts to steal client tax information. Crooks are targeting tax professionals as well as taxpayers.
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Here’s what taxpayers need to know about the home office deduction
irs.gov/newsroom/heres-what-taxpayers-need-to-know-about-the-home-office-deduction
https://accountinginstruction.info
IRS Tax Tip 2020-98, August 6, 2020 The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Here are some things to help taxpayers understand the home office deduction and whether they can claim it:
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Dirty Dozen part 2: Thieves are constantly coming up with ways to scam taxpayers
https://www.irs.gov/newsroom/dirty-do
https://accountinginstruction.info
COVID Tax Tip 2020-97, August 5, 2020 This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and information from taxpayers.
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Dirty Dozen part 1: Taxpayers should be on the lookout for these scams
https://www.irs.gov/newsroom/dirty-do
https://accountinginstruction.info
COVID Tax Tip 2020-96, August 4, 2020 All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic Impact Payments.
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Working Virtually: Use a virtual private network to secure remote locations; Part 3 of Security Summit tips for tax professionals
https://www.irs.gov/newsroom/workin
https://accountinginstruction.info
As more tax professionals consider teleworking during COVID-19, the Internal Revenue Service and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders. A VPN provides a secure, encrypted tunnel to transmit data between a remote user via the Internet and the company network. As teleworking or working from home continues during the coronavirus, VPNs are critical to protecting and securing internet connections.
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IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses
https://www.irs.gov/newsroom/irs-issu...The Internal Revenue Service today issued proposed regulations (PDF) updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA).
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IRS grants additional relief for rehabilitation credit deadlines
https://www.irs.gov/newsroom/irs-gran
Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying the substantial rehabilitation test. Projects must satisfy the "substantial rehabilitation test" within a 24- or 60-month period for determining whether the rehabilitation work is sufficient to qualify a building for the rehabilitation credit.
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IRS issues final regulations and other guidance on business interest expense deduction limitation
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info
The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act.
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IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
https://www.irs.gov/newsroom/irs-new
https://accountinginstruction.info
The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options. Can I get money from my retirement account now? Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement plans before December 31, 2020, if their plans allow. In addition to IRAs, this relief applies to 401(k) plans, 403(b) plans, profit-sharing plans and others.
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Working Virtually: Use multi-factor authentication to protect accounts; Part 2 of Security Summit tips for tax professionals https://www.irs.gov/newsroom/working
https://accountinginstruction.info
WASHINGTON — With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts. Starting in 2021, all tax software providers will be required to offer multi-factor authentication options on their products that meet higher standards. Many already do so. A multi-factor or two-factor authentication offers an extra layer of protection for the username and password used by the tax professional. It often involves a security code sent via text.
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IRS provides guidance on recapturing excess employment tax credits
https://www.irs.gov/newsroom/irs-prov
The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response Act (Families First Act) and Coronavirus Aid, Relief and Economic Security Act (CARES Act).
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How taxpayers can troubleshoot common after-tax-day issues
https://www.irs.gov/newsroom/how-taxp
https://accountinginstruction.info
While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues. Here are some tips for taxpayers handling some of the most common after-tax-day issues. Check the status of a refund Taxpayers can check on their refund using the Where's My Refund? tool. It is available on IRS.gov and the IRS2Go app. Taxpayers without access to a computer can call 800-829-1954. To use this tool, taxpayers need the first Social Security number on the tax return, the filing status and the expected refund amount. The tool updates once daily, so there's no need to check more often.
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All taxpayers should know the telltale signs of common tax scams
https://www.irs.gov/newsroom/all-taxp
https://accountinginstruction.info
Every year scammers add new twists to well-known tax-related scams and 2020 is no exception. Taxpayers should remember that the IRS generally first mails a bill to a taxpayer who owes taxes. There are special circumstances when the IRS will call or come to a home or business.
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IRS reminds businesses filing cash transaction reports about e-file option; batch filing now available
https://www.irs.gov/newsroom/irs-remi
https://accountinginstruction.info
The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy and secure option for filing their reports. Now, businesses can batch file their reports, which is especially helpful to those required to file many forms. Although businesses have the option of filing Form 8300, Report of Cash Payments Over $10,000, on paper, many have already found the free and secure e-filing system is a more convenient and cost-effective way to meet the reporting deadline. The form is due 15 days after a transaction and there's no charge for the e-file option.
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Working Virtually: Protect tax data at home and at work with the "Security Six;" Part 1 of Security Summit tips for tax professionals https://www.irs.gov/newsroom/working
https://accountinginstruction.info
With cyberthieves active during COVID-19, the Internal Revenue Service and the Security Summit partners today urged tax professionals to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location. Many tax professionals have expanded telework options this year as firms, like other businesses, work to keep personnel safe, practice recommended safety guidelines and use technology to virtually serve their clients.
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IRS debunks tax refund myths
https://www.irs.gov/newsroom/irs-debu
https://accountinginstruction.info
With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued. Most taxpayers have already filed their federal tax return, and many have already received their refund. Those that have not are understandably eager for details about when their refund will arrive. When it comes to tax refunds, a few common myths keep circulating and misinforming taxpayers.
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IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
https://www.irs.gov/newsroom/irs-seni
https://accountinginstruction.info
The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020. Roth IRAs do not require withdrawals until after the death of the owner.
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Security Summit focuses on tax pro security during coronavirus; new series on working virtually: protecting tax data at home and at work https://www.irs.gov/newsroom/security
https://accountinginstruction.info
The Internal Revenue Service and the Security Summit partners today urged tax professionals this summer to review critical security steps to ensure they are fully protecting client data whether working in the office or a remote location. To help tax practitioners, the IRS, state tax agencies and the nation's tax industry next week will begin a five-part summer awareness initiative called Working Virtually: Protecting Tax Data at Home and at Work. The initiative highlights security actions key to protecting tax professionals as they respond to COVID-19 while working remotely from their office and clients. Taxpayers can also benefit from some of the security tips.
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IRS announces 2021 PTIN fees for tax return preparers
https://www.irs.gov/newsroom/irs-unve...
https://accountinginstruction.info
The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes view everyone as potentially easy prey. The IRS urges everyone to be on guard all the time and look out for others in their lives.
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IRS unveils "Dirty Dozen" list of tax scams for 2020; Americans urged to be vigilant to these threats during the pandemic and its aftermath
https://www.irs.gov/newsroom/irs-unve...
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes view everyone as potentially easy prey. The IRS urges everyone to be on guard all the time and look out for others in their lives.
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IRS gives tips on filing, paying electronically and checking refunds online; 2019 tax returns and payments due July 15
https://www.irs.gov/newsroom/irs-give...
https://accountinginstruction.info
The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can't be paid in full. The deadline to submit 2019 tax returns is July 15, 2020, for most people. Members of the military serving overseas may have more time. File electronically to avoid most common errors Filing electronically and choosing direct deposit remains the fastest and safest way to file an accurate income tax return and receive a refund. Filing electronically reduces tax return errors as the tax software does the calculations, flags common errors and prompts taxpayers for missing information.
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Tax Court strikes down four more abusive syndicated conservation easement transactions; IRS calls on taxpayers to accept settlement offers in syndicated conservation easement cases
https://www.irs.gov/newsroom/tax-cour...
https://accountinginstruction.info
WASHINGTON — On July 9, the U.S. Tax Court struck down four more abusive syndicated conservation easement transactions. The Internal Revenue Service calls on any taxpayer involved in syndicated conservation easement transactions who receives a settlement offer from the agency to accept it soon. These time-limited settlement offers, announced June 25, are only being made to certain taxpayers with pending docketed Tax Court cases involving this type of abusive transaction.
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Where’s My Refund? tool on IRS.gov takes guesswork out of when to expect refunds
https://www.irs.gov/newsroom/wheres-m...
WASHINGTON — The IRS reminds taxpayers that one of the best ways to check on their refund is the Where's My Refund? tool on the IRS website and the IRS2Go app. Updated once a day, usually overnight, this useful tool gives taxpayers a projected refund issuance date as soon as it is approved. The IRS issues nine out of 10 refunds in less than 21 days, and the fastest way to get a refund is to use IRS e-file and direct deposit. Taxpayers should also know they can have their refunds divided into up to three separate accounts.
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IRS reminder: Taxpayers can get an extension to Oct. 15 to file taxes
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info
WASHINGTON – The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return. The extension gives taxpayers until Oct. 15 to file, but taxes owed are due by July 15. The July 15 due date generally applies to all taxpayers who have an income tax filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Taxpayers and tax professionals should continue to use electronic options. The IRS encourages taxpayers to file electronically. Doing so, whether through e-file or IRS Free File, reduces tax return errors, as the tax software does the calculations, flags common errors and prompts taxpayers for missing information. Free File Fillable Forms means there is a free option for everyone.
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IRS reminder: File and pay 2019 business taxes by July 15; 2020 estimated tax also due
https://www.irs.gov/newsroom/irs-remi...
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15. The July 15 due date generally applies to any tax return or tax payment deadline that was postponed due to COVID-19. In April, the IRS said that this postponement applied to all taxpayers that had a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. No late-filing penalty, late-payment penalty or interest will be due for payments prior to July 15. Corporations, trusts and estates, as well as individuals and other non-corporate tax filers qualify for the extra time. A complete list of qualifying filing and payment deadlines are available at IRS.gov/coronavirus.
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IRS provides last-minute tips for last-minute filers
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info
With the July 15 tax-filing deadline − postponed from April 15 – only a few days away, the IRS is reminding taxpayers who have yet to file their tax returns that IRS.gov has tools and services to help them meet their tax obligations. IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help last-minute filers on just about everything related to taxes. Taxpayers can also use the Interactive Tax Assistant tool to answer many tax questions they may encounter. The IRS reminds taxpayers they have a range of expert help available through a qualified tax professional, including certified public accountants, enrolled agents and attorneys. The IRS encourages people who need the help of a tax professional to visit a special page on IRS.gov.
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IRS says a Paycheck Checkup helps avoid tax surprises
https://www.irs.gov/newsroom/irs-says...
https://accountinginstruction.info
The Internal Revenue Service is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year. Because income taxes are pay-as-you-go, taxpayers are required by law to pay most of their tax as income is received. There are two ways to do this: Through withholding from paychecks, pension payments, Social Security benefits or certain other government payments. Making quarterly estimated tax payments throughout the year for income not subject to withholding.
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Taxpayers should file on time even if they can’t pay their full tax bill
https://www.irs.gov/newsroom/taxpayer...
https://accountinginstruction.info
Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. Otherwise, they may end up owing even more because penalties and interest can cause a taxpayer's debt to grow. If a taxpayer owes taxes, but can't pay by the July 15, 2020 deadline, they should: File their tax return or request an extension of time to file. Taxpayers who can't file their return on time, should request an extension to file. Without this extension, they may face a failure-to-file penalty.
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IRA contributions made by July 15 count as 2019 tax deduction
https://www.irs.gov/newsroom/ira-cont...
https://accountinginstruction.info
The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return. Taxpayers can file their 2019 tax return now and claim the deduction before the contribution is actually made. But the contribution must then be made by the July 15 due date of the return, not including extensions.
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IRS.gov has answers about filing, paying and July 15 due date
https://www.irs.gov/newsroom/irsgov-h
https://accountinginstruction.info
WASHINGTON — As the July due date for filing a tax return draws closer, the Internal Revenue Service reminds taxpayers about the many resources available on IRS.gov. Whether on home computers or mobile devices, the number of taxpayers visiting IRS.gov continues to grow year after year. Easy-to-use tools, available 24 hours a day on the IRS website, have been used more than 1.2 billion times this year.
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Treasury, IRS issue guidance on reporting qualified sick and family leave wages paid
https://accountinginstruction.info
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Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file
https://accountinginstruction.info/
WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15, including:
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https://www.irs.gov/newsroom/taxpayers-need-to-resume-payments-by-july-15
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The postponed federal tax deadline applies to taxpayers living overseas
https://www.irs.gov/newsroom/the-pos
https://accountinginstruction.info
Taxpayers who live and work abroad have until Wednesday, July 15, 2020 to file and pay their 2019 federal income taxes. U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. The July 15 postponed deadline also applies to nonresident aliens and foreign entities with a U.S. filing and payment requirement. Taxpayers who still owe 2019 income tax, as well as estimated tax for 2020, must make two separate payments on or by July 15, 2020: One for their 2019 income taxes owed and one for their 2020 estimated tax payments. The two estimated tax payments can be combined into a single payment.
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How to report nonemployee compensation and backup withholding
https://www.irs.gov/newsroom/how-to-r
https://accountinginstruction.info
There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. Generally, payers must file Form 1099-NEC by January 31. For 2020 tax returns, the due date is February 1, 2021. There is no automatic 30-day extension to file Form 1099-NEC. However, an extension to file may be available under certain hardship conditions.
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Find a qualified tax professional using IRS website resource
https://www.irs.gov/newsroom/find-a-q
https://accountinginstruction.info
There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. Generally, payers must file Form 1099-NEC by January 31. For 2020 tax returns, the due date is February 1, 2021. There is no automatic 30-day extension to file Form 1099-NEC. However, an extension to file may be available under certain hardship conditions.
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IRS provides tax relief for the low-income housing credit and bonds for qualified residential rental projects
https://accountinginstruction.info
WASHINGTON – In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 (PDF) to provide tax relief to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects financed with exempt facility bonds, and state agencies that have jurisdiction over these projects. For certain time-sensitive actions scheduled to be performed and requirements to be met on or after April 1, 2020 and before December 31, 2020, owners and operators now have until December 31, 2020 to perform the actions and satisfy the requirements.
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Deadline for estimated tax payments postponed until Wednesday, July 15
https://www.irs.gov/newsroom/deadline
https://accountinginstruction.info
As part of its response to COVID-19, the IRS has postponed several tax deadlines until Wednesday, July 15, 2020. These postponements generally apply to all taxpayers with a filing or payment deadline between April 1 and July 15, 2020. This relief includes individual and corporate quarterly estimated tax payments. Any taxpayer making payments received by July 15, 2020 will not be charged late-filing, late-payment or interest fees.
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IRS offers additional retail partners that accept cash payments for federal taxes
https://www.irs.gov/newsroom/irs-offe
https://accountinginstruction.info
WASHINGTON ― The Internal Revenue Service today announced additional retail partners are accepting cash payments for federal taxes. This cash payment option is for individual and business taxpayers. The IRS' continuing partnership with ACI Worldwide's OfficialPayments.com and the PayNearMe Company allows taxpayers to make a payment without a bank account or credit card at participating 7-Eleven stores, Ace Cash Express and Casey's General Stores nationwide.
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IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline
https://www.irs.gov/newsroom/irs-unc
https://accountinginstruction.info
WASHINGTON — Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. "The IRS wants to help taxpayers who are owed refunds but haven't filed their 2016 tax returns yet," said IRS Commissioner Chuck Rettig. "Time is quickly running out for these taxpayers. There's only a three-year window to claim these refunds, and the window closes on July 15. To claim the refund, a return for tax year 2016 must be filed by July 15, 2020."
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Taxpayers can get last minute filing tips on IRS.gov
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info
The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer most questions and avoid long waits for phone assistance. Electronic filing is the best option Taxpayers who file electronically will likely have fewer mistakes on their tax return. Electronic filing options like IRS Free File or commercial tax software do the math, flag common errors and ask for missing information. Taxpayers with income over $69,000 who know how to complete their tax returns can use the Free File Fillable Forms.
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Taxpayers should file by July 15 tax deadline; automatic extension to Oct. 15 available
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info
IRS has easy ways to help taxpayers who need more time or payment options IR-2020-134, June 29, 2020 WASHINGTON ― The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15. Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15 to July 15.
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Here are reasons people should file a 2019 tax return; Economic Impact Payment, tax credits available for some https://www.irs.gov/newsroom/here-are
https://accountinginstruction.info
While many people are required to file a tax return, it's a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need to do so to get a tax refund. The Interactive Tax Assistant – Do I Need to File a Tax Return? - will help determine if an individual is required to file a federal tax return or should file to receive a refund. Here are seven things to consider when determining whether to file a 2019 tax return, including possibly being eligible for an Economic Impact Payment.
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National Taxpayer Advocate Erin Collins delivers her first report to Congress; identifies COVID-19 challenges, CARES Act, and Taxpayer First Act implementation as priority issues for taxpayers
https://www.irs.gov/newsroom/national
https://accountinginstruction.info
WASHINGTON ― National Taxpayer Advocate Erin M. Collins today released her first report to Congress, identifying taxpayer challenges arising from the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and the IRS's implementation of the Taxpayer First Act as priority issues the Taxpayer Advocate Service (TAS) plans to focus on in the coming year. The report also assesses the 2020 filing season, identifies other TAS areas of focus, and includes the IRS's responses to administrative recommendations proposed in the National Taxpayer Advocate's 2019 annual report.
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IRS releases new Data Book with redesigned, expanded format to provide more detailed view of service, compliance activities in FY 2019 https://www.irs.gov/newsroom/irs-rele
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today unveiled the 2019 IRS Data Book, featuring a redesigned format that provides a different and expanded look at IRS accomplishments during the past year. Available now on IRS.gov, the redesigned Fiscal Year 2019 edition of the IRS Data Book provides the annual set of statistical tables summarizing tax filings, revenue collections, taxpayer services, enforcement activities and agency operations. The new Data Book features an updated format with additional tables designed to more accurately reflect the way the IRS does business today.
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Don’t forget, Social Security benefits may be taxable
https://www.irs.gov/newsroom/dont-for
Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don't include supplemental security income payments, which aren't taxable. The portion of benefits that are taxable depends on the taxpayer's income and filing status.
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IRS offers settlement for syndicated conservation easements; letters being mailed to certain taxpayers with pending litigation
https://www.irs.gov/newsroom/irs-offe...
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service Office of Chief Counsel announced today a time-limited settlement offer to certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions. Taxpayers eligible for this offer will be notified by letter with the applicable terms. The settlement offer would bring finality to these taxpayers with respect to the syndicated conservation easement issues in their docketed U.S. Tax Court cases. The settlement requires a concession of the income tax benefits claimed by the taxpayer and imposes penalties.
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IRS: July 15 tax payment deadline approaching; plan on scheduling multiple payments now
https://www.irs.gov/newsroom/irs-july...
https://accountinginstruction.info
WASHINGTON ― As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response to the COVID 19 pandemic. Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or by July 15, 2020: One for their 2019 income tax liability and one for their 2020 estimated tax payments. The two estimated tax payments can be combined into a single payment.
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Keep Economic Impact Payment notice with other tax records
https://www.irs.gov/newsroom/keep-eco...
People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn't received. For security reasons, the IRS mails this notice to each recipient's last known address within 15 days after the payment goes out. It's especially important for people to keep this notice if they think their payment amount is wrong. When they file their 2020 tax return, they can refer to Notice 1444 and claim additional credits, if they are eligible for them.
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https://accountinginstruction.info
https://www.irs.gov/newsroom/keep-eco
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IRS finalizes guidance for the section 199A deduction for shareholders of Regulated Investment Companies
https://www.irs.gov/newsroom/irs-fina
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today issued final regulations permitting a regulated investment company (RIC) that receives qualified real estate investment trust (REIT) dividends to report dividends the RIC pays to its shareholders as section 199A dividends. Section 199A, enacted as part the Tax Cuts and Jobs Act (TCJA), allows individual taxpayers and certain trusts and estates to deduct up to 20 percent of certain income (section 199A deduction).
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IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
https://www.irs.gov/newsroom/irs-anno
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has been extended to August 31, 2020, to give taxpayers time to take advantage of this opportunity.
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IRS extends July 15, other upcoming deadlines for tornado victims in parts of the South; provides other relief
https://www.irs.gov/newsroom/irs-exte
https://accountinginstruction.info
WASHINGTON — Victims of the April tornadoes, severe storms and flooding that took place in parts of Mississippi, Tennessee and South Carolina will have until October 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently, this includes Clarke, Covington, Grenada, Jasper, Jefferson Davis, Jones, Lawrence, Panola and Walthall counties in Mississippi, Bradley and Hamilton counties in Tennessee and Aiken, Barnwell, Berkeley, Colleton, Hampton, Marlboro, Oconee, Orangeburg and Pickens counties in South Carolina.
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Returning an Economic Impact Payment
https://www.irs.gov/newsroom/returnin
https://accountinginstruction.info
Millions of eligible individuals have already received their Economic Impact Payments. Some people, including those who received a payment for a deceased individual, may be unsure whether they should return a payment. Here is additional information about returning an Economic Impact Payment. How should an individual return an Economic Impact Payment? Mail the payment to the IRS address – based on the state the person lives in – as indicated in the FAQs about repayments.
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IRS issues guidance on the elimination of the deduction of qualified transportation fringe benefit expenses
https://www.irs.gov/newsroom/irs-issu
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today issued proposed regulations that provide guidance for the deduction of qualified transportation fringe and commuting expenses. The Tax Cuts and Jobs Act (TCJA) does not allow deductions for qualified transportation fringe (QTF) expenses and does not allow deductions for certain expenses of transportation and commuting between an employee's residence and place of employment.
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Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans
https://www.irs.gov/newsroom/relief-f
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as "qualified individuals") and providing helpful guidance and examples on how qualified individuals will reflect the tax treatment of these distributions and loans on their federal income tax filings.
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IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities
https://www.irs.gov/newsroom/irs-aler
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care. The IRS issued this reminder following concerns that people and businesses may be taking advantage of vulnerable populations who received the Economic Impact Payments. The payments are intended for the recipients, even if a nursing home or other facility or provider receives the person's payment, either directly or indirectly by direct deposit or check. These payments do not count as a resource for purposes of determining eligibility for Medicaid and other federal programs for a period of 12 months from receipt. They also do not count as income in determining eligibility for these programs.
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IRS outlines changes to health care spending available under CARES Act
https://www.irs.gov/newsroom/irs-outl
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service has advised that new rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to fight the coronavirus. Telehealth and High Deductible Health Plans Under the CARES Act, a high deductible health plan (HDHP) temporarily can cover telehealth and other remote care services without a deductible, or with a deductible below the minimum annual deductible otherwise required by law. Telehealth and other remote care services also are temporarily included as categories of coverage that are disregarded for the purpose of determining whether an individual who has other health plan coverage in addition to an HDHP is an eligible individual who may make tax-favored contributions to his or her HSA. Thus, an otherwise eligible individual with coverage under an HDHP may still contribute to an HSA despite receiving coverage for telehealth and other remote care services before satisfying the HDHP deductible, or despite receiving coverage for these services outside the HDHP. The temporary rules under the CARES Act, as extended by IRS Notice 2020-29 (PDF), apply to services provided on or after Jan. 1, 2020, with respect to plan years beginning on or before Dec. 31, 2021.
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Returning an Economic Impact Payment
https://www.irs.gov/newsroom/returnin
https://accountinginstruction.info
Millions of eligible individuals have already received their Economic Impact Payments. Some people, including those who received a payment for a deceased individual, may be unsure whether they should return a payment. Here is additional information about returning an Economic Impact Payment. How should an individual return an Economic Impact Payment? Mail the payment to the IRS address – based on the state the person lives in – as indicated in the FAQs about repayments.
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https://accountinginstruction.info
This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
Taxpayers will soon be able to file amended tax returns electronically
https://www.irs.gov/newsroom/taxpayer
https://accountinginstruction.info
Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically. Making this form electronically fileable has been a long-time goal for the IRS. It will greatly benefit the tax professional community and taxpayers.
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Here’s who qualifies a taxpayer for the child and dependent care credit
https://www.irs.gov/newsroom/heres-wh
https://accountinginstruction.info
Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of what they spend; limits apply. For the purposes of this credit, the IRS defines a qualifying person as: A taxpayer's dependent who is under age 13 when the care is provided.
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IRS reminder: Deadline postponed to July 15 for those who pay estimated taxes
https://www.irs.gov/newsroom/irs-remi
WASHINGTON — The Internal Revenue Service reminds taxpayers that estimated tax payments for tax year 2020, originally due April 15 and June 15, are now due July 15. This means that any individual or corporation that has a quarterly estimated tax payment due has until July 15 to make that payment without penalty. In response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses. This relief applies to federal income tax returns and tax payments (including tax on self-employment income) otherwise due April 15, 2020. This relief does not apply to state tax payments or deposits or payments of any other type of federal tax.
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Proposed regulations address direct primary care arrangements and health care sharing ministry memberships https://www.irs.gov/newsroom/proposed
WASHINGTON — The Internal Revenue Service today released proposed regulations addressing the treatment of certain medical care arrangements under section 213 of the Internal Revenue Code. Section 213 of the Code allows individuals to take an itemized deduction for expenses for medical care, including insurance for medical care, to the extent the expenses exceed 7.5% of adjusted gross income.
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IRS warns against COVID-19 fraud; other financial schemes
https://www.irs.gov/newsroom/irs-warn
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service today reminded taxpayers to guard against tax fraud and other related financial scams related to COVID-19.
In the last few months, the IRS Criminal Investigation division (CI) has seen a variety of Economic Impact Payment (EIP) scams and other financial schemes looking to take advantage of unsuspecting taxpayers. CI continues to work with law enforcement agencies domestically and abroad to educate taxpayers about these scams and investigate the criminals perpetrating them during this challenging time.
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IRS News Interest rates decrease for the third quarter of 2020
https://www.irs.gov/newsroom/interest
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WASHINGTON — The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning July 1, 2020. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000; three (3) percent for underpayments; and five (5) percent for large corporate underpayments. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.
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IRS provides answers about Coronavirus related tax relief for Qualified Opportunity Funds and investors
https://www.irs.gov/newsroom/irs-pro
WASHINGTON — The Internal Revenue Service today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. Notice 2020-39 (PDF) answers questions regarding relief from certain requirements under section 1400Z-2 of the Internal Revenue Code (Code) and the implementing regulations. Additionally, the IRS has updated the Qualified Opportunity Zones frequently asked questions.
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IRS Chief Counsel goes virtual with national Settlement Days; Helps dozens of taxpayers settle their Tax Court cases IRS News https://www.irs.gov/newsroom/irs-chie
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WASHINGTON – The Internal Revenue Service Office of Chief Counsel is expanding its Virtual Settlement Days program after the tremendous success achieved by three offices that took Settlement Days events virtual in May 2020. Settlement Days events are coordinated efforts to resolve cases in the United States Tax Court (Tax Court) by providing taxpayers not represented by counsel the opportunity to receive free tax advice from Low Income Taxpayer Clinics (LITCs), American Bar Association (ABA) volunteer attorneys and other pro bono organizations. Taxpayers can also discuss their Tax Court cases and resolve related tax issues with members of the IRS Office of Chief Counsel, the Independent Office of Appeals and Collection. By doing so, unrepresented taxpayers are often able to amicably settle their tax disputes without a trial.
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159 million Economic Impact Payments processed; Low-income people and others who aren’t required to file tax returns can quickly register for payment with IRS Non-Filers tool IRS News
https://www.irs.gov/newsroom/159-mill
https://accountinginstruction.info
WASHINGTON — With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don't usually file tax returns to register for a payment by October 15. Millions of low-income people and others who aren't required to file a tax return may be eligible for an Economic Impact Payment and can easily register for a payment by using the free Non-Filers tool, available only on IRS.gov.
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IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns
https://www.irs.gov/newsroom/irs-anno
https://accountinginstruction.info
WASHINGTON — The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It's also been an ongoing request from the nation's tax professional community and has been a continuing recommendation from the Internal Revenue Service Advisory Council (IRSAC) and Electronic Tax Administration Advisory Committee (ETAAC).
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https://accountinginstruction.info
This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
Economic Impact Payments being sent by prepaid debit cards, arrive in plain envelope; IRS.gov answers frequently asked questions https://www.irs.gov/newsroom/economic...
https://accountinginstruction.info
WASHINGTON – As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from "Money Network Cardholder Services." Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury Department that works with the IRS to handle distribution of the payments.
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IRS.gov helps taxpayers get tax information they need; find tools for filing, paying, checking accounts and answering questions
https://www.irs.gov/newsroom/irsgov-h...
https://accountinginstruction.info
IR-2020-99, May 21, 2020 WASHINGTON — The Internal Revenue Service reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus. More taxpayers are using IRS.gov than ever before; as of May 8, the agency's website had been visited a record 1 billion times, up 141% compared to the same time last year.
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IRS Nationwide Tax Forums go virtual in 2020
https://www.irs.gov/newsroom/irs-nati...
https://accountinginstruction.info
Tax pros can choose from up to 30 webinars beginning in July IR-2020-100, May 21, 2020 WASHINGTON — The Internal Revenue Service today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July. "Given restrictions on large gatherings and difficulties with travel, we've made the decision to present the IRS Nationwide Tax Forums in a virtual format this year," IRS Commissioner Chuck Rettig said. "While we're unable to meet in person, tax professionals will still be able to choose from a wide variety of virtual seminars on tax law.Many will be able to fully satisfy their annual continuing education requirements by registering and attending."
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Here’s why some people’s Economic Impact Payment is different than expected
https://www.irs.gov/newsroom/heres-wh...
https://accountinginstruction.info
COVID Tax Tip 2020-59, May 20, 2020 As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected. Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. And, eligible individuals receive up to an additional $500 for each qualifying child who meets the conditions outlined on the Qualifying Child Requirements page.
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IRS adds phone operators to answer Economic Impact Payment questions
https://www.irs.gov/newsroom/irs-adds...
https://accountinginstruction.info
IR-2020-97, May 18, 2020 WASHINGTON — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments. IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit.
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IRS expands partner materials for Economic Impact Payments; continues sweeping effort to share details in multiple languages
https://www.irs.gov/newsroom/irs-expa...
https://accountinginstruction.info
IR-2020-96, May 15, 2020 WASHINGTON — The Internal Revenue Service announced today the availability of additional material for partner groups sharing information related to Economic Impact Payments, including a new toolkit in Spanish and a variety of other print and visual items available.
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IRS People First Initiative provides relief to taxpayers
https://www.irs.gov/newsroom/irs-peop...
https://accountinginstruction.info
Tax Tip 2020-57, May 14, 2020 Due to COVID-19, the IRS is providing relief on a variety of issues as part of the People First Initiative. The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here's what people need to know about relief related to IRS exams or audits Field, office and correspondence audits – Generally, the IRS won't start new field, office and correspondence audits. The agency will continue to work refund claims, where possible, without in-person contact.
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IRS People First Initiative provides relief to taxpayers
https://www.irs.gov/newsroom/irs-peop...
Tax Tip 2020-57, May 14, 2020 Due to COVID-19, the IRS is providing relief on a variety of issues as part of the People First Initiative. The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here's what people need to know about relief related to IRS exams or audits Field, office and correspondence audits – Generally, the IRS won't start new field, office and correspondence audits. The agency will continue to work refund claims, where possible, without in-person contact.
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IRS News IRS People First Initiative provides relief to taxpayers facing COVID-19 issues
https://www.irs.gov/newsroom/irs-peop...
Tax Tip 2020-56, May 13, 2020 Due to COVID-19, the IRS' People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020. Existing Installment Agreements –Under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are delayed. Those currently unable to meet the terms of an Installment Payment Agreement or Direct Deposit Installment Agreement may cancel payments during this period with no default. By law, interest will continue to accumulate on any unpaid balances.
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IRS provides guidance on the deductibility and reporting of certain amounts paid to, or at the direction of, governments https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info
IR-2020-94, May 12, 2020 WASHINGTON — The Internal Revenue Service today issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to taxpayers and governments with respect to fines, penalties and certain other amounts.
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IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans
https://www.irs.gov/newsroom/irs-prov...
https://accountinginstruction.info
IR-2020-95, May 12, 2020 WASHINGTON — The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes.
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IRS News Why the Economic Impact Payment amount could be different than anticipated
https://www.irs.gov/newsroom/why-the-...
https://accountinginstruction.info
WASHINGTON — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. Some Americans may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status and family size. See below for some common scenarios that may explain why you received a different payment amount than expected:
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Act by Wednesday for chance to get quicker Economic Impact Payment; timeline for payments continues to accelerate
irs.gov/newsroom/act-by-wednesday-for-chance-to-get-quicker-economic-impact-payment-timeline-for-payments-continues-to-accelerate
IR-2020-92, May 8, 2020 WASHINGTON – With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery. The IRS, working in partnership with Treasury Department and the Bureau of Fiscal Services (BFS), continues to accelerate work to get Economic Impact Payments to even more people as soon as possible. Approximately 130 million individuals have already received payments worth more than $200 billion in the program's first four weeks.
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IRS News Treasury, Treasury, IRS release latest state-by-state Economic Impact Payment figures
https://www.irs.gov/newsroom/treasury...
https://accountinginstruction.info
IR-2020-91, May 8, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments, with approximately 130 million individuals receiving payments worth more than $200 billion in the program's first four weeks. "We are working hard to continue delivering these payments to Americans who need them," said IRS Commissioner Chuck Rettig. "The vast majority of payments have been delivered in record time, and millions more are on the way every week. We encourage people to visit IRS.gov for the latest information, FAQs and updates on the payments."
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Employer Retention Credit COVID-19
https://www.irs.gov/newsroom/irs-thre...
IR-2020-89, May 7, 2020 WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.
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IRS: Three new credits are available to many businesses hit by COVID-19
https://www.irs.gov/newsroom/irs-thre...
WASHINGTON — The Internal Revenue Service today reminds employers affected by COVID-19 about three important new credits available to them. Employee Retention Credit: The employee retention credit is designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit is available to all employers regardless of size, including tax-exempt organizations. There are only two exceptions: State and local governments and their instrumentalities and small businesses who take small business loans.
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IRS News IRS seeking applications for TCE and VITA grants
https://www.irs.gov/newsroom/irs-seek...
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IR-2020-88, May 6, 2020 WASHINGTON — The Internal Revenue Service is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years. Applications will be accepted through June 1, 2020, on grants.gov. The application packages and guidelines are available on the IRS website. For the 2020 filing season, the IRS awarded 27 TCE grantees $11 million and 238 VITA grantees $18 million. Last year, the two grant programs filed nearly 3 million returns at almost 9,000 sites nationwide.
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IRS retools Settlement Days program in response to COVID-19 pandemic; allows unrepresented taxpayers to settle their cases virtually and reach finality IRS retools Settlement Days program in response to COVID-19 pandemic; allows unrepresented taxpayers to settle their cases virtually and reach finality IR-2020-87, May 5, 2020 WASHINGTON – The Internal Revenue Service Office of Chief Counsel today announced the Settlement Days program will continue remotely enabling unrepresented taxpayers to work towards resolving their pending United States Tax Court case despite "stay-at-home" orders in many jurisdictions. The first two events are for docketed cases with place of trial in Detroit or Atlanta. Future events may be scheduled in other cities throughout the United States.
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VA and SSI recipients act now to add eligible children to Economic Impact Payment
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COVID Tax Tip 2020-50, May 4, 2020 People who receive Supplemental Security Income and Department of Veterans Affairs benefits who have children need to act by May 5 to quickly receive the full amount of their Economic Impact Payment. Those who need to act are those who receive SSI or VA Compensation and Pension benefits and didn't file a tax return in 2018 or 2019. Their $1,200 payments will be issued soon. In order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount will be paid in association with a return filing for tax year 2020.
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Economic Impact Payments continue to be sent, check IRS.gov for answers to common questions
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IR-2020-85, April 30, 2020 WASHINGTON — As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that IRS.gov includes answers to many common questions, including help to use two recently launched Economic Impact Payment tools. The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available.
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VA, SSI recipients with eligible children need to act by Tuesday, May 5 to quickly add money to their automatic Economic Impact Payment; ‘Plus $500 Push’ continues
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May 5 deadline for VA, SSI recipients who don't file a tax return and have dependents IR-2020-86, May 1, 2020 WASHINGTON — The Internal Revenue Service today reminded Supplemental Security Income and Department of Veterans Affairs beneficiaries to act by Tuesday, May 5 if they didn't file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.
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IRS News Tools to help people get their Economic Impact Payment
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COVID Tax Tip 2020-48, April 30, 2020 The IRS has two tools to help millions of taxpayers with their Economic Impact Payment. The payments are $1,200 per eligible person and up to $500 for each qualifying child. The first tool, Non-Filers: Enter Payment Info Here is available – in English and Spanish - for certain taxpayers who don't normally need to file a return. This free tool allows them to enter basic information so the IRS can issue their payment. The second tool, Get My Payment allows people to check the status of their payment and provide bank account information if a payment has not been scheduled for delivery.
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IRS News IRS accepting applications for 2021 grants for Low Income Taxpayer Clinics
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IR-2020-84, April 30, 2020 WASHINGTON — The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic grants for calendar year 2021 will run from April 30, 2020 to June 16, 2020. The LITC Program is a federal grant program administered by the Office of the Taxpayer Advocate at the IRS, which is led by National Taxpayer Advocate Erin M. Collins. Under Internal Revenue Code Section 7526, the IRS awards matching grants of up to $100,000 per year to qualifying organizations to develop, expand or maintain an LITC. An LITC must provide services for free or for no more than a nominal fee.
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IRS News New Spanish language version unveiled - Economic Impact Payments
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New Spanish language version unveiled IR-2020-83, April 28, 2020 WASHINGTON – The Internal Revenue Service today reminds low-income Americans to use the free, online tool Non-Filers: Enter Payment Info Here to quickly and easily register to receive their Economic Impact Payment. The IRS has recently released a new Spanish language version of the tool to help even more Americans get their money quickly and easily.
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IRS News Who can get more Economic Impact Payment money for children
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Millions of Americans have already received their Economic Impact Payments as the IRS continues to automatically send payments to more individuals. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive their payment. The IRS will calculate the amount based on the income, filing status and dependent information on their most recently filed tax return. While people who receive Supplemental Security Income and Veterans Affairs disability compensation and pension benefits will receive up to $1,200 automatically, some people in this group with children under 17 can receive up to an additional $500 for each qualifying child and need to act by May 5 to get it.
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https://www.irs.gov/newsroom/va-ssi-r...
Special alert for VA, SSI recipients who don’t file a tax return and have dependents IR-2020-81, April 24, 2020 WASHINGTON — The Internal Revenue Service today issued a special alert for Supplemental Security Income and Department of Veterans Affairs beneficiaries to act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment. Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount will be paid in association with a return filing for tax year 2020.
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IRS enhances Get My Payment online application to help taxpayers irs.gov/newsroom/irs-enhances-get-my-payment-online-application-to-help-taxpayers IR-2020-82, April 26, 2020 WASHINGTON – The Internal Revenue Service today announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments. The enhancements, which started last week and continued through the weekend, adjusted several items related to the online tool, which debuted on April 15. The additional changes will help millions of additional taxpayers with new or expanded information and access to adding direct deposit information.
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Taxpayers with a filing requirement must file a tax return to get an Economic Impact Payment https://www.irs.gov/newsroom/taxpayer...
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COVID Tax Tip 2020-45, April 23, 2020 While most eligible taxpayers don't need to take any action to receive an Economic Impact Payment, some people will. This includes those who are required to file and haven't filed a tax return for either 2018 or 2019. Here are some facts for eligible taxpayers who need to – and haven't - filed a tax return for 2018 or 2019. Eligible taxpayers with a filing requirement who haven't filed a tax return for 2018 or 2019 must file for 2019 to get an Economic Impact Payment.
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Treasury, IRS deliver 88 million Economic Impact Payments in first three weeks, release state-by-state Economic Impact Payment figures https://www.irs.gov/newsroom/treasury...
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WASHINGTON — The Treasury Department and the Internal Revenue Service today released state-by-state figures for Economic Impact Payments, with 88 million individuals receiving payments worth nearly $158 billion in the program's first three weeks. As of April 17, the IRS issued 88.1 million payments to taxpayers across the nation. More payments are continuing to be delivered each week.
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Questions about Economic Impact Payments
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The IRS is issuing Economic Impact Payments. These payments are being issued automatically for most individuals. However, some people who don't usually file a tax return will need to submit basic information to the IRS to receive their payment. Questions? The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Here are answers to some of the most common questions.
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Most Economic Impact Payments are being sent automatically
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The IRS is sending Economic Impact Payments to eligible individuals. Many taxpayers may be wondering how to get their payment as soon as possible. Most of them don't have to do anything. Most payments will be sent automatically. Taxpayers who have filed their 2019 tax return and requested direct deposit of their refund, the IRS will use this information to calculate and send their payment. Those who didn't provide direct deposit information or owed tax, can use the Get My Payment application to provide account information or a payment will be mailed. For those who haven't filed their 2019 return, the IRS will use their 2018 tax return to figure and send the payment.
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The Internal Revenue Service, working in partnership with the Treasury Department and the Department of Veterans Affairs, announced today that recipients of VA benefits will automatically receive automatic Economic Impact Payments. Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further action needed on their part. Timing on the payments is still being determined.
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As previously announced, Intuit was recently approved as a non-bank SBA-approved lender for the Paycheck Protection Program through our subsidiary, Intuit Financing, Inc, DBA QuickBooks Capital. We are now accepting loan applications from a subset of QuickBooks Online Payroll customers. At this time, the Small Business Administration has stopped accepting applications for the Paycheck Protection Program loans because the processed loan volume has reached the $349 billion level currently authorized by the CARES Act. We are actively monitoring the situation and hope more funding will become available.
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April 18, 2020 – The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Taxpayers should check the FAQs often for the latest additions; many common questions are answered in these.
More than 80 million Economic Impact Payments have already been delivered to the nation’s taxpayers. More payments are on their way. As part of this effort, the IRS has launched two tools to help taxpayers get their payments:
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SSA, RRB recipients with eligible children need to act by Wednesday
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Special alert for benefit recipients who don't file a tax return and have dependents IR-2020-76, April 20, 2020 WASHINGTON — The Internal Revenue Service today issued a special alert for several groups of federal benefit recipients to act by this Wednesday, April 22, if they didn't file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment. Their $1,200 payments will be issued soon and, in order to add the $500 per eligible child amount to these payments, the IRS needs the dependent information before the payments are issued. Otherwise, their payment at this time will be $1,200 and, by law, the additional $500 per eligible child amount would be paid in association with a return filing for tax year 2020.
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Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency
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WASHINGTON — The Treasury Department and the Internal Revenue Service today issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency. The guidance includes the following: Revenue Procedure 2020-20 (PDF), which provides that, under certain circumstances, up to 60 consecutive calendar days of U.S. presence that are presumed to arise from travel disruptions caused by the COVID-19 emergency will not be counted for purposes of determining U.S. tax residency and for purposes of determining whether an individual qualifies for tax treaty benefits for income from personal services performed in the United States;
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Taxpayers should be aware of Coronavirus-related scams
https://www.irs.gov/newsroom/taxpayers-should-be-aware-of-coronavirus-related-scams
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Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here's what taxpayers should know: The IRS will not call, email or text you to verify or request your financial, banking or personal information. Watch out for websites and social media attempts to request money or personal information. The official website is IRS.gov. Don't open surprise emails that look like they're coming from the IRS or click on attachments or links.
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Treasury, IRS unveil online application to help with Economic Impact Payments; Get My Payment allows people to provide direct deposit information and gives payment date
https://www.irs.gov/newsroom/treasury-irs-unveil-online-application-to-help-with-economic-impact-payments
Working with the Treasury Department, the Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of more than 80 million Economic Impact Payments starting to hit bank accounts over the weekend and throughout this week, this new tool will help address key common questions. Get My Payment will show the projected date when a deposit has been scheduled, similar to the “Where’s My Refund tool” many taxpayers are already familiar with. Get My Payment also allows people a chance to provide their bank information. People who did not use direct deposit on their last tax return will be able to input information to receive the payment by direct deposit into their bank account, expediting receipt. “Get My Payment will offer people with a quick and easy way to find the status of their payment and, where possible, provide their bank account information if we don’t already have it,” said IRS Commissioner Chuck Rettig. “Our IRS employees have been working non-stop on the Economic Impact Payments to help taxpayers in need. In addition to successfully generating payments to more than 80 million people, IRS teams throughout the country proudly worked long days and weekends to quickly deliver Get My Payment ahead of schedule.” Get My Payment is updated once daily, usually overnight. The IRS urges taxpayers to only use Get My Payment once a day given the large number of people receiving Economic Impact Payments. How to use Get My Payment Available only on IRS.gov, the online application is safe and secure to use. Taxpayers only need a few pieces of information to quickly obtain the status of their payment and, where needed, provide their bank account information. Having a copy of their most recent tax return can help speed the process. For taxpayers to track the status of their payment, this feature will show taxpayers the payment amount, scheduled delivery date by direct deposit or paper check and if a payment hasn’t been scheduled. They will need to enter basic information including:
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Supplemental Security Income recipients will receive automatic Economic Impact Payments; step follows work between Treasury, IRS, Social Security Administration
https://www.irs.gov/newsroom/supplemental-security-income-recipients-will-receive-automatic-economic-impact-payments-step-follows-work-between-treasury-irs-social-security-administration
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The Internal Revenue Service, working in partnership with the Treasury Department and the Social Security Administration, announced today that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments. SSI recipients will receive a $1,200 Economic Impact Payment with no further action needed on their part. The IRS projects the payments for this group will go out no later than early May. Moving SSI recipients into the automatic payment category follows weeks of extensive cooperative work between SSA, Treasury, IRS as well as the Bureau of Fiscal Services.
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IRS News - FAQs Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses
https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs
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IRS News IRS issues warning about Coronavirus-related scams (1)
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https://www.irs.gov/newsroom/irs-issues-warning-about-coronavirus-related-scams-watch-out-for-schemes-tied-to-economic-impact-payments IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.
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https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible. Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples. Parents also receive $500 for each qualifying child. How will the IRS know where to send my payment? The vast majority of people do not need to take any action. The IRS will calculate and automatically send the economic impact payment to those eligible. For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed. The IRS does not have my direct deposit information. What can I do? In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail. I am not typically required to file a tax return. Can I still receive my payment? Yes. People who typically do not file a tax return will need to file a simple tax return to receive an economic impact payment. Low-income taxpayers, senior citizens, Social Security recipients, some veterans and individuals with disabilities who are otherwise not required to file a tax return will not owe tax. How can I file the tax return needed to receive my economic impact payment? IRS.gov/coronavirus will soon provide information instructing people in these groups on how to file a 2019 tax return with simple, but necessary, information including their filing status, number of dependents and direct deposit bank account information. I have not filed my tax return for 2018 or 2019. Can I still receive an economic impact payment? Yes. The IRS urges anyone with a tax filing obligation who has not yet filed a tax return for 2018 or 2019 to file as soon as they can to receive an economic impact payment. Taxpayers should include direct deposit banking information on the return. I need to file a tax return. How long are the economic impact payments available? For those concerned about visiting a tax professional or local community organization in person to get help with a tax return, these economic impact payments will be available throughout the rest of 2020.
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https://www.irs.gov/coronavirus The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about actions being taken by the U.S. government is available at https://www.usa.gov/coronavirus and in Spanish at https://gobierno.usa.gov/coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know. Economic Impact Payments: What you need to know The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment. Please do not call the IRS about this. When more specific details become available, we will update this page. News Releases IR 2020-61, Economic impact payments: What you need to know IR-2020-59, IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program IR-2020-58, Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount IR-2020-57, Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave Treasury News Release: Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak IR-2020-54, IRS: High-deductible health plans can cover coronavirus costs Statements IRS Grants Extension of Time to File FATCA Information Returns IRS Operations During COVID-19: Mission-critical functions continue Taxpayer Assistance Center Closure Statement Filing and Payment Deadline Extended to July 15, 2020 - Updated Statement Frequently Asked Questions DOL Families First Coronavirus Response Act: Questions and Answers Filing and Payment Deadlines Questions and Answers Guidance Notice 2020-21 (PDF), Effective Date for Employment Tax Credits Under the Families First Coronavirus Response Act Notice 2020-20 (PDF), Update to Notice 2020-18, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift and Generation-Skipping Transfer Tax Filing and Payment Deadlines Notice 2020-18 (PDF), Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic Notice 2020-15 (PDF), High deductible health plans and expenses related to COVID-19 Tax Help IRS has several online resources to help taxpayers. Free File - prepare and file your federal income tax return for free using tax preparation and filing software. Where's My Refund? - is an online tool that will track your tax refund. You will need your Social security number or ITIN, your filing status and your exact refund amount to use the tool. Online Payment Agreements - you can apply for a payment plan online to pay off your balance over time. IRS2Go mobile app - Check your refund status, make a payment, find free tax preparation assistance, sign up for helpful tax tips, and more! Online Account – use this tool to view: Your payoff amount, updated for the current calendar day, the balance for each tax year for which you owe, up to 24 months of your payment history and key information from your current tax year return as originally filed. Social Media IRS Social Media- social media tools with the latest information on taxes, products and services. Twitter Follow @IRSnews on Twitter Follow @IRSenEspanol on Twitter Facebook Instagram LinkedIn Other Resources U.S. Treasury webpage - Coronavirus: Resources, Updates, and What You Should Know
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Consequences of COVID-19 Financial Reporting Considerations By: Robert Durak, Mike Austin, and Thomas Groskopf The coronavirus pandemic (COVID-19) is above all a global human tragedy. The spread of the pandemic also is having serious economic implications. Numerous sectors of the economy are suffering damage and the long-term economic and business consequences remain unknown. Among the many consequences of COVID-19, entities may face financial reporting implications and challenges. Impacts such as business and production disruptions, supply-chain interruptions, negative impacts on customers, volatility in the equity and debt markets, reduced revenue and cash flows, and other economic consequences may occur. This Special Report provides succinct reminders to practitioners about some financial reporting matters that may need to be considered in light of the pandemic. Subsequent Events Entities may need to evaluate whether the consequences of COVID-19 represent subsequent events. FASB Accounting Standards Codification (FASB ASC) 855, Subsequent Events, defines subsequent events as events or transactions that occur after the balance sheet date but before financial statements are issued or are available to be issued1 . There are two types of subsequent events: • The first type consists of events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements (that is, recognized subsequent events) • The second type consists of events that provide evidence about conditions that did not exist at the date of the balance sheet but arose subsequent to that date (that is, nonrecognized subsequent events) Recognized and nonrecognized subsequent events, as defined in FASB ASC 855, correspond to the two types of subsequent events described in U.S. generally accepted auditing standards (U.S. GAAS) found in AU-C 560, Subsequent Events and Subsequently
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https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free
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https://www.irs.gov/individuals/free-tax-return-preparation-for-you-by-volunteers
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https://www.irs.gov/newsroom/irs-increases-enforcement-action-on-syndicated-conservation-easements
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https://www.irs.gov/newsroom/members-of-the-military-can-check-out-these-resources-to-help-answer-tax-questions
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https://www.irs.gov/newsroom/taxpayers-can-start-to-get-ready-now-for-filing-their-taxes-next-year
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IRS News
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https://www.irs.gov/newsroom/tax-withholding-estimator-helps-retirees-figures-tax-on-social-security-benefits
Free step-by-step webinar September 19 IR-2019-155, September 13, 2019 WASHINGTON — The new Tax Withholding Estimator, launched last month on IRS.gov, includes user-friendly features designed to help retirees quickly and easily figure the right amount of tax to be taken out of their pension payments. The mobile-friendly estimator replaces the Withholding Calculator. The estimator has features specially tailored to the unique needs of retirees receiving pension payments and Social Security benefits. The new tool offers retirees, as well as employees and self-employed individuals, a more user-friendly way to check their withholding. Whether they receive wages or pension payments, it helps taxpayers estimate if the right amount is being withheld from their income to cover their tax liability. The estimator uses a simple, six-step question-and-answer format using information like marital or filing status, income, withholding, adjustments, deductions and credits. To help people use the tool most effectively, the IRS is holding a free two-hour webinar on Thursday, September 19 at 2 p.m. Eastern time. Among other things, the webinar will feature step-by-step instructions on how to use the new estimator and a live question-and-answer session. To sign up, visit the webinar page on IRS.gov. Special help for retirees A retiree can use the estimator to enter any pension income or Social Security benefits they or their spouse receive. The tool then automatically calculates the taxable portion and incorporates it into an overall estimate of their projected tax liability and withholding for the year. If a withholding change is needed, the retiree can choose a tax due of close to zero or a refund amount. The estimator will then link to Form W-4P, Withholding Certificate for Pension or Annuity Payments, and give the retiree a specific withholding recommendation based on the option chosen. It also gives instructions on how to fill in each line of the form. Enhancements for everyone The enhancements for retirees are just a few of the many new features offered by the Tax Withholding Estimator. Others include: Plain language to improve taxpayer understanding. Mobile-friendly design. A new progress tracker to help taxpayers know how much more information they need to enter. The ability to go back and forth through the steps, correct previous entries and skip questions that don't apply. Tips and links to help users quickly determine if they qualify for various tax credits and deductions. Automatic calculation of taxes on self-employment income. The IRS urges both pension recipients and wage-earners to do a Paycheck Checkup now and review their withholding for 2019. This is especially important for anyone who faced an unexpected tax bill or penalty when they filed earlier this year. It's also a critical step for those who made withholding adjustments in 2018 or had a major life change, such as marriage, the birth of a child, adoption or buying a home. People most at risk of having too little tax withheld include those who itemized in the past, but now take the increased standard deduction. They also include households with two wage earners, employees with non-wage sources of income and those with complex tax situations. Also, anyone who changes their withholding in the middle or latter part of this year should do another Paycheck Checkup in January. That will help ensure that they have the right amount of tax withheld for all of 2020. Page Last Reviewed or Updated: 13-Sep-2019
The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
https://www.irs.gov/newsroom/treasury-irs-release-final-and-proposed-regulations-on-new-100-depreciation
The regulations released today on IRS.gov have been submitted to the Federal Register and may vary slightly from the published documents due to minor editorial changes. The documents published in the Federal Register will be the official documents.
The final regulations finalize the proposed regulations issued in August 2018 which implement several provisions included in the Tax Cuts and Jobs Act (TCJA). The proposed regulations contain new provisions not addressed previously.
The 100% additional first year depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.
The deduction applies to qualifying property acquired and placed in service after September 27, 2017. The final regulations provide clarifying guidance on the requirements that must be met for property to qualify for the deduction, including used property. The final regulations also provide rules for qualified film, television and live theatrical productions.
Additionally, in the proposed regulations, the Treasury Department and IRS propose rules regarding (i) certain property not eligible for the additional first year depreciation deduction, (ii) a de minimis use rule for determining whether a taxpayer previously used property; (iii) components acquired after Sept. 27, 2017, of larger property for which construction began before Sept. 28, 2017; and (iv) other aspects not dealt with in the previous August 2018 proposed regulations. The proposed regulations also withdraw and repropose rules regarding application of the used property acquisition requirements (i) to consolidated groups, and (ii) to a series of related transactions.
For details on claiming the deduction or electing out of claiming it, see the final regulations or the instructions to Form 4562, Depreciation and Amortization (Including Information on Listed Property). For tax years that include September 28, 2017, see Rev. Proc. 2019-33 (PDF) for further information about making a late election or revoking an election.
Taxpayers who elect out of the 100% depreciation deduction must do so on a timely-filed return. Those who have already timely filed their 2018 return and did not elect out but still wish to do so have six months from the original deadline, without an extension, to file an amended return.
For more information about this and other TCJA provisions, visit IRS.gov/taxreform.
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Earlier this year, the IRS provided additional expanded penalty relief (PDF) to individual taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
http://accountinginstruction.info/
https://www.irs.gov/forms-pubs/irs-automatically-waives-estimated-tax-penalty-for-eligible-2018-tax-filers-16-aug-2019
The IRS is now automatically waiving the estimated tax penalty for eligible taxpayers who already have filed their 2018 federal income tax returns but who did not claim the waiver. Filing Form 843 for Expanded Underpayment of Estimated Income Tax Penalty Relief, posted March 27, 2019, is superseded to the extent it directs individual taxpayers who already have paid the penalty to file Form 843 to claim a refund.
Over the next few months, IRS is mailing notices (CP21) to affected taxpayers notifying them the penalty was waived. The automatic waiver has been granted to any eligible taxpayer whether or not they already have requested penalty relief on Form 843. After receiving their notice in the mail, taxpayers who already have paid the penalty should receive their refunds within three weeks, if they don’t owe any other taxes or debt the IRS is required to collect. Eligible taxpayers who already have filed a 2018 return do not need to request penalty relief, contact the IRS, or take any other action to get this relief.
The automatic waiver applies to any individual taxpayer who paid at least 80 percent of their total tax liability through federal income tax withholding or quarterly estimated tax payments but did not claim the special waiver available to them when they filed their 2018 return earlier this year. This waiver is designed to provide relief to any taxpayer who filed too early to take advantage of the waiver or was unaware of it when they filed.
For those yet to file, the IRS urges every eligible taxpayer to claim the waiver on their return. This includes those with tax-filing extensions due to run out on October 15, 2019. The fastest and easiest way to do that is to file electronically and take advantage of the waiver computation built into their tax software package. Those who choose to file on paper can fill out Form 2210 (PDF) and attach it to their 2018 return. See the Instructions for Form 2210 for details.
If you have questions about the notice or it’s been longer than three weeks, you may call the toll-free number listed on the top right corner of the letter.
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Section 1274.--Determination of Issue Price in the Case of Certain Debt Instruments
Issued for Property
https://www.irs.gov/pub/irs-drop/rr-19-20.pdf
http://accountinginstruction.info/
(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)
Rev. Rul. 2019-20
This revenue ruling provides various prescribed rates for federal
income tax purposes for September 2019 (the current month). Table 1
contains the short-term, mid-term, and long-term applicable federal rates
(AFR) for the current month for purposes of section 1274(d) of the Internal
Revenue Code. Table 2 contains the short-term, mid-term, and long-term
adjusted applicable federal rates (adjusted AFR) for the current month for
purposes of section 1288(b). Table 3 sets forth the adjusted federal longterm rate and the long-term tax-exempt rate described in section 382(f).
Table 4 contains the appropriate percentages for determining the lowincome housing credit described in section 42(b)(1) for buildings placed in
service during the current month. However, under section 42(b)(2), the
applicable percentage for non-federally subsidized new buildings placed in
service after July 30, 2008, shall not be less than 9%. Finally, Table 5
contains the federal rate for determining the present value of an annuity,
an interest for life or for a term of years, or a remainder or a reversionary
interest for purposes of section 7520.
Applicable Federal Rates (AFR) for September 2019
Period for Compounding
Annual Semiannual Quarterly Monthly
Short-term
AFR 1.85% 1.84% 1.84% 1.83%
110% AFR 2.03% 2.02% 2.01% 2.01%
120% AFR 2.22% 2.21% 2.20% 2.20%
130% AFR 2.40% 2.39% 2.38% 2.38%
Mid-term
AFR 1.78% 1.77% 1.77% 1.76%
110% AFR 1.96% 1.95% 1.95% 1.94%
120% AFR 2.13% 2.12% 2.11% 2.11%
130% AFR 2.31% 2.30% 2.29% 2.29%
150% AFR 2.68% 2.66% 2.65% 2.65%
175% AFR 3.12% 3.10% 3.09% 3.08%
Long-term
AFR 2.21% 2.20% 2.19% 2.19%
110% AFR 2.43% 2.42% 2.41% 2.41%
120% AFR 2.66% 2.64% 2.63% 2.63%
130% AFR 2.88% 2.86% 2.85% 2.84%
Period for Compounding
Annual Semiannual Quarterly Monthly
Short-term
adjusted AFR 1.40% 1.40% 1.40% 1.40%
Mid-term
adjusted AFR 1.34% 1.34% 1.34% 1.34%
Long-term
adjusted AFR 1.68% 1.67% 1.67% 1.66%
REV. RUL. 2019-20 TABLE 3
Rates Under Section 382 for September 2019
Adjusted federal long-term rate for the current month 1.68%
Long-term tax-exempt rate for ownership changes during the
current month (the highest of the adjusted federal long-term
rates for the current month and the prior two months.) 1.89%
REV. RUL. 2019-20 TABLE 4
Appropriate Percentages Under Section 42(b)(1) for September 2019
Note: Under section 42(b)(2), the applicable percentage for non-federally subsidized
new buildings placed in service after July 30, 2008, shall not be less than 9%.
Appropriate percentage for the 70% present value low-income
housing credit 7.46%
Appropriate percentage for the 30% present value low-income
housing credit 3.20%
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These summer activities can affect next year’s tax returns Summertime activities often affect the tax returns people file the following year. Here are some things taxpayers do during the summer along with tips they should consider now: • Getting married. Newlyweds should report any name change to the Social Security Administration. They should also report an address change to the United States Postal Service, their employers, and the IRS. This will help make sure they receive documents and other items they will need to file their taxes. • Sending kids to summer day camp. Unlike overnight camps, the cost of summer day camp may count towards the child and dependent care credit. • Working part-time. While summertime and part-time workers may not earn enough to owe federal income tax, they should remember to file a return. They’ll need to file early next year to get a refund for taxes withheld from their checks this year.
Normally, employees receive a Form W-2, Wage and Tax Statement, from their employer to account for the summer’s work. They’ll use this to prepare their tax return. They should receive the W-2 by January 31 next year. Employees will get a W-2 even if they no longer work for the summertime employer.
Summertime workers can avoid higher tax bills and lost benefits if they know their correct status. Employers will determine whether the people who work for them are employees or independent contractors. Independent contractors aren’t subject to withholding, making them responsible for paying their own income taxes plus Social Security and Medicare taxes. Share this tip on social media -- #IRSTaxTip: These summer activities can affect next year’s tax returns. https://go.usa.gov/xyezD
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Individuals with significant tax debt should act promptly to avoid revocation of passports The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later. Under the Fixing America’s Surface Transportation (FAST) Act, the IRS notifies the State Department (State) of taxpayers certified as owing a seriously delinquent tax debt, which is currently $52,000 or more. The law then requires State to deny their passport application or renewal. If a taxpayer currently has a valid passport, State may revoke the passport or limit a taxpayer’s ability to travel outside the United States. When the IRS certifies a taxpayer to State as owing a seriously delinquent tax debt, the taxpayer receives a Notice CP508C from the IRS. The notice explains what steps the taxpayer needs to take to resolve the debt. IRS telephone assistors can help taxpayers resolve the debt. For example, they can help taxpayers set up a payment plan or make them aware of other payment options. Taxpayers should not delay because some resolutions take longer than others. Don’t Delay! It’s especially important for taxpayers with imminent travel plans who have had their passport applications denied by State to call the IRS promptly. The IRS can help taxpayers resolve their tax issues and expedite reversal of their certification to State. When expedited, the IRS can generally shorten the 30 days processing time by 14 to 21 days. For expedited reversal of their certification, taxpayers will need to inform the IRS that they have travel scheduled within 45 days or that they live abroad. For expedited treatment, taxpayers must provide the following documents to the IRS: • Proof of travel. This can be a flight itinerary, hotel reservation, cruise ticket, international car insurance or other document showing location and approximate date of travel or time-sensitive need for a passport. • Copy of letter from State denying their passport application or revoking their passport. State has sole authority to issue, limit, deny or revoke a passport. The IRS may ask State to exercise its authority to revoke a taxpayer’s passport. For example, the IRS may recommend revocation if the IRS had reversed a taxpayer’s certification because of their promise to pay, and they failed to pay. The IRS may also ask State to revoke a passport if the taxpayer could use offshore activities or interests to resolve their debt but chooses not to. Before contacting State about revoking a taxpayer’s passport, the IRS will send Letter 6152, Notice of Intent to Request U.S. Department of State Revoke Your Passport, to the taxpayer to let them know what the IRS intends to do and give them another opportunity to resolve their debts . Taxpayers must call the IRS within 30 days from the date of the letter. Generally, the IRS will not recommend revoking a taxpayer’s passport if the taxpayer is making a good-faith attempt to resolve their tax debts. Ways to Resolve Tax Issues There are several ways taxpayers can avoid having the IRS notify State of their seriously delinquent tax debt. They include the following: • Paying the tax debt in full, • Paying the tax debt timely under an approved installment agreement, • Paying the tax debt timely under an accepted offer in compromise, • Paying the tax debt timely under the terms of a settlement agreement with the Department of Justice, • Having a pending collection due process appeal with a levy, or • Having collection suspended because a taxpayer has made an innocent spouse election or requested innocent spouse relief. Relief programs for unpaid taxes Frequently, taxpayers qualify for one of several relief programs including the following: • Payment agreement. Taxpayers can ask for a payment plan with the IRS by filing Form 9465. Taxpayers can download this form from IRS.gov and mail it along with a tax return, bi
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IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup Tax Withholding Estimator http://bit.ly/31mtzzW http://accountinginstruction.info/ WASHINGTON — The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year. The Tax Withholding Estimator replaces the Withholding Calculator, which offered workers a convenient online method for checking their withholding. The new Tax Withholding Estimator offers workers, as well as retirees, self-employed individuals and other taxpayers, a more user-friendly step-by-step tool for effectively tailoring the amount of income tax they have withheld from wages and pension payments. “The new estimator takes a new approach and makes it easier for taxpayers to review their withholding,” said IRS Commissioner Chuck Rettig. “This is part of an ongoing effort by the IRS to improve quality services as we continue to pursue modernization and enhancements of our taxpayer relationships.” The IRS took the feedback and concerns of taxpayers and tax professionals to develop the Tax Withholding Estimator, which offers a variety of new user-friendly features including: • Plain language throughout the tool to improve comprehension. • The ability to more effectively target at the time of filing either a tax due amount close to zero or a refund amount. • A new progress tracker to help users see how much more information they need to input. • The ability to move back and forth through the steps, correct previous entries and skip questions that don’t apply. • Enhanced tips and links to help the user quickly determine if they qualify for various tax credits and deductions. • Self-employment tax for a user who has self-employment income in addition to wages or pensions. • Automatic calculation of the taxable portion of any Social Security benefits. • A mobile-friendly design. In addition, the new Tax Withholding Estimator makes it easier to enter wages and withholding for each job held by the taxpayer and their spouse, as well as separately entering pensions and other sources of income. At the end of the process, the tool makes specific withholding recommendations for each job and each spouse and clearly explains what the taxpayer should do next. The new Tax Withholding Estimator will help anyone doing tax planning for the last few months of 2019. Like last year, the IRS urges everyone to do a Paycheck Checkup and review their withholding for 2019. This is especially important for anyone who faced an unexpected tax bill or a penalty when they filed this year. It’s also an important step for those who made withholding adjustments in 2018 or had a major life change. Those most at risk of having too little tax withheld include those who itemized in the past but now take the increased standard deduction, as well as two-wage-earner households, employees with nonwage sources of income and those with complex tax situations. To get started, check out the Tax Withholding Estimator on IRS.gov.
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IRS, states and industry offer tips to tax professionals on spotting signs of client data theft WASHINGTON — The Internal Revenue Service and its Security Summit partners today urged tax professionals to learn the tell-tale signs that their office may have experienced a data theft that resulted in fraudulent tax returns being filed in their clients’ names. The IRS, state tax agencies and the private-sector tax industry, working together as the Security Summit, warned practitioners that global criminal syndicates remain active, and they are well financed, high skilled and tax savvy in their attempts to gain sensitive tax data. The reminder came as the IRS and the Summit partners encouraged tax professionals to take time this summer to review their data security protection. To help the tax community, the Summit partners offered a new “Taxes-Security-Together” Checklist as a starting point. “Learning the signs of identity theft is critical for anyone handling taxpayer data,” said IRS Commissioner Chuck Rettig. “It can be as subtle as an unusually slow computer system or as obvious as multiple clients unexpectedly receiving the same IRS notice. Paying attention to these details is critical, and fast action alerting the IRS and calling in a security expert can help protect taxpayers and your business.” Recognizing the signs of data theft is the fourth item on the “Taxes-Security-Together” Checklist. Previous checklist items include: deploying the “Security Six” basic steps, creating a written data security plan and educating yourself on email phishing scams. Although the Security Summit -- a partnership between the IRS, states and the private-sector tax community started in 2015 -- is making major progress against tax-related identity theft, cybercriminals continue to quickly evolve, and data thefts at tax professionals’ offices remain a major attack point. Thieves use stolen data from tax practitioners to create fraudulent returns that are harder for Summit partners to detect. Recognize the signs of client data theft The IRS and Summit partners have created a list of warning signs that a tax professional or their office may have experienced a data theft: • Client e-filed returns begin to be rejected by the IRS or state tax agencies because returns with their Social Security numbers were already filed; • Clients who haven’t filed tax returns begin to receive taxpayer authentication letters (5071C, 4883C, 5747C) from the IRS to confirm their identity for a submitted tax return. • Clients who haven’t filed tax returns receive refunds; • Clients receive tax transcripts that they did not request; • Clients who created an IRS Online Services account receive an IRS notice that their account was accessed or IRS emails stating their account has been disabled. Another variation: Clients unexpectedly receive an IRS notice that an IRS online account was created in their names; • The number of returns filed with the tax professional’s Electronic Filing Identification Number (EFIN) exceeds the number of clients; • Tax professionals or clients responding to emails that the firm did not send; • Network computers running slower than normal; • Computer cursors moving or changing numbers without touching the keyboard; • Network computers locking out employees. “Tax professionals should be on the lookout for these scary scenarios that have hit firms across the country, jeopardizing data of the company and their clients,” Rettig said. Because IRS and state tax systems will only accept one unique Social Security number, taxpayers often discover they are a victim when they attempt to e-file and their tax return is rejected because a return with their SSN already is in the system. Or, more commonly, the IRS identifies a return that could be an identity theft return and sends a letter to the taxpayer asking them to contact the agency to let the IRS know if they filed the return. Identity thieves sometimes try to leverage the stolen data by usi
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