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WASHINGTON ̶ To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36,which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also...
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. While the filing deadline is October 17, 2022...
WASHINGTON — The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with the...
The April 18 deadline for individuals to file and pay their federal income tax is just around the corner. While paying taxes is not optional, the IRS offers a variety of ways for people to pay their taxes. Some...
Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can...
The American Rescue Plan Act of 2021 is intended to combat the economic and health impacts of the COVID-19 pandemic but within this $1.9 trillion stimulus package is a provision that will spell significant change for third-party settlement organizations...
WASHINGTON — 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...
The Internal Revenue Service mailed out nearly 90,000 premature notices and demands for overdue taxes to taxpayers last year, even though the filing date had been extended. A report released Monday by the Treasury Inspector General for Tax Administration found the...
The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee...
WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance 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)...
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...
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. The Coronavirus Aid, Relief and Economic Security Act...
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...
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. This special...
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 –...
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...
WASHINGTON − 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...
Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally...
WASHINGTON – The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19. A taxpayer will receive letter 6312 if...
Taxpayers have a variety of options to consider when paying federal taxes. This year, in response to the COVID-19 pandemic, the filing deadline and tax payment due date was postponed from April 15 to July 15, 2020. A list...
