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Teachers can deduct out-of-pocket classroom expenses including COVID-19 protective items

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...

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  • November 22, 2021

Changes in 1099-K Threshold: What it Means for the Gig Economy

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...

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  • November 3, 2021

COVID relief: IRS helps employers wanting to rehire retirees or retain employees after retirement age

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...

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  • October 27, 2021

IRS sent thousands of premature tax collection notices during pandemic By Michael Cohn September 20, 2021

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...

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  • September 22, 2021

Important additional guidance for employers claiming the employee retention credit

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...

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  • August 23, 2021

Eligible Paycheck Protection Program expenses now deductible

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)...

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  • January 14, 2021

Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans

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...

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  • December 30, 2020

Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions

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...

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  • December 15, 2020

Taxpayer Relief Initiative aims to help those financially affected by COVID-19

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...

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  • November 19, 2020

IRS designates November 10 National EIP Registration Day

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...

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  • October 30, 2020

IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21

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 –...

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  • October 14, 2020

Here’s how to get the status of 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...

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  • September 30, 2020

IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans

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...

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  • July 31, 2020

Major changes to retirement plans due to COVID-19

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...

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  • July 17, 2020

IRS is sending letters to those experiencing a delay with advance payment of employer credits

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...

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  • July 16, 2020

IRS payment options

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...

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  • July 10, 2020

Avoiding Economic Impact Payment Scams

Here is a video tax tip from the IRS: Avoiding Economic Impact Payment Scams English Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL. • www.youtube.com/irsvideos • www.youtube.com/irsvideosmultilingua...

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  • June 23, 2020

IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities

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...

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  • June 17, 2020

IRS reminder: Deadline postponed to July 15 for those who pay estimated taxes

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...

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  • June 16, 2020

IRS provides guidance on employer leave-based donation programs that aid victims of the COVID-19 pandemic

WASHINGTON – The Internal Revenue Service today provided guidance for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic. Notice 2020-46 provides that cash payments employers make to charitable organizations that provide relief to...

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  • June 12, 2020