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WASHINGTON – The IRS released today an early draft of the instructions to Form 1065, U.S. Return of Partnership Income, for tax year 2020 (filing season 2021) that include revised instructions for partnerships required to report capital accounts to...
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. Taxpayers...
No one can fully prepare for a disaster, but knowing what resources are available beforehand can make the recovery a little easier. Here’s a list of resources that taxpayers might find helpful before and after a disaster: Tax relief...
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. Here are some facts to help taxpayers understand backup withholding....
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 –...
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, Nov. 21, 2020. If someone’s income...
WASHINGTON — 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...
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...
Taxpayers should file electronically and request direct deposit for refunds WASHINGTON – 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...
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....
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....
WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020. Prior to the...
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,...
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...
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...
WASHINGTON — During Small Business Week, Sept. 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...
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....
Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable. People can have taxes withheld...
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...
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...
