Deferral of employment tax deposits and payments through December 31, 2020

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows 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. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes. The FAQs will be updated to address additional questions …

Business payment P.O. Boxes in Cincinnati and Hartford closed as of July 1

Business payment P.O. Boxes in Cincinnati and Hartford closed as of July 1

July 1 mars the closing of several business payment P.O. Boxes (also known as Lockbox addresses), in the Cincinnati and Hartford areas. Payments will be returned to sender and no forwarding service will be offered. Go to Where to File on IRS.gov for current payment addresses. See Publication 3891, Lockbox Addresses for 2020, for more information.

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IRS warns against COVID-19 fraud; other financial schemes

In a news release last week, the IRS cautioned that criminals are continuing to use the COVID-19 Economic Impact Payments as cover for schemes to steal personal information and money. The IRS Criminal Investigation unit has already seen scams related to the organized selling of fake at-home test kits, offers to sell fake cures, vaccines, pills and advice on unproven …

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Flowchart helps employers understand new tax credits

The IRS recently issued Publication 5419, New Employer Tax Credits (PDF) to help employers understand that tax credits available to them due to the coronavirus pandemic. The one-page document breaks down the details of the Employer Retention Credit and the credits for paid sick and family leave in easy-to-follow charts. Using the document, employers can quickly determine whether they are eligible for …

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Timely reminder: Schedule and electronically pay federal taxes due by July 15

This IRS Fact Sheet outlines all you need to know about filing and paying federal taxes due July 15. Find information on scheduling or rescheduling a payment, electronic payment options, estimated tax payments, and requesting an extension. For more information about paying taxes due July 15, see the frequently asked questions available on IRS.gov.

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Balance Due Notice mailings: Due dates extended to help taxpayers

Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance due notices as a result of office closures. As IRS operations continue to reopen, these notices will be delivered to taxpayers in the next few weeks. Some of the notices may reflect due dates that have already passed. The IRS assures taxpayers the due dates …

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Coronavirus-related paid leave for workers and tax credits for small and midsize businesses

Small and midsize employers can soon begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This COVID-19 relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act, signed March 18, 2020. To take immediate advantage …

New Identity Theft Central now available at IRS.gov

The IRS has launched Identity Theft Central, designed to improve online access to information on identity theft and data security protection for businesses, individual taxpayers and tax pros. Identity Theft Central is available 24/7 at IRS.gov/identitytheft and includes: How businesses can recognize the signs of identity theft. The Taxpayer Guide to Identity Theft, including what to do when a victim of identity theft. …

IRS and Treasury issue guidance for students with discharged student loan

Share this with your employees and partners: news release about a revenue procedure on discharged student loans issued by the IRS and the Department of the Treasury. The revenue procedure extends relief to additional taxpayers and creditors who would otherwise be required to report gross income or furnish information returns regarding the discharge of federal or private student loans for financing attendance …