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Helpful IRS articles and current tax news
With filing season beginning Monday, Jan. 24, the IRS has shared key items to keep in mind when filing federal income tax returns. Given the unique challenges for this tax season, the IRS offers a 5-point checklist that can help speed tax return processing and refund delivery while avoiding delays. Given the unprecedented circumstances around the pandemic and unique challenges for …
In this issue of A Closer Look, Harrison Smith, co-director, IRS Enterprise Digitalization and Case Management Office, discusses how the immediate need to minimize in-person contact to protect taxpayers and employees led the IRS to take steps toward increasing digital interactions. The immediate need to minimize in-person contact to protect taxpayers and their employees led the IRS to take steps toward …
Have you experienced any of the following issues with the IRS? You have not received your tax refund for the year 2019 or 2020 You have paid the IRS what you owed and they may have even cashed your check but you are receiving notices from them with penalties and interest accruing for not paying. We have written to the …
The IRS will be sending out two letters to taxpayers in January: · Letter 6419 – Advance Child Tax Credit Payments · Letter 6475 – Economic Impact (Stimulus) Payment It is important that your clients retain these letters. Entering incorrect advance child tax credit or economic impact payment amounts will cause delays in tax return processing and the issuance of refunds. If …
The following information may be of interest to individuals and groups in or related to small businesses: October 15 deadline approaches for taxpayers who requested extensions to file 2020 tax returns Advance Child Tax Credit It’s not too late for families who haven’t filed a 2020 income tax return—including those who are not normally required to file to sign up for advance Child …
The IRS updated the frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021. The updates clarify that eligible employers can claim the credits for providing leave to employees to accompany a family or household member or certain other individuals to obtain immunization relating to COVID-19 or to care for a …
The Treasury Department and the IRS issued further guidance on the Employee Retention Credit, including guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and additional guidance on miscellaneous issues that apply to the credit in both 2020 and 2021. These changes, made under the American Rescue plan, amplify prior guidance. The guidance also …
The American Rescue plan increased the maximum Child Tax Credit amount in 2021 to $3,600 per child for children under the age of 6 and to $3,000 per child for children ages 6 through 17. It’s also now an advanceable payment, and automatic payments for eligible families will start on July 15, 2021. To help families sign up for this advanceable …
Filing payroll taxes electronically makes good business sense go.usa.gov/x69Uw IRS offers information and resources in variety of multilingual and alternative formats go.usa.gov/x69UV Facts to help taxpayers understand backup withholding go.usa.gov/x69Ud Other Tax News: The following information may be of interest to individuals and groups in or related to payroll professionals’ circles: IRS sending more than 2.8 million refunds to those who …
The IRS announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as early as this weekend, and with more receiving this coming week. Additional batches of payments will …
Giving someone a work opportunity may translate into a business tax credit for your client and greater stability for a family. The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment.
You may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 15. A maximum age no longer exists for making IRA contributions.
The Connecticut Association of CPAs (CTCPA) reports its members and their clients organized as Limited Liability Companies (LLC) are receiving a form requiring payment of a “$110 annual report fee” relative to a “2018 – Annual Report Instruction Form (Connecticut LLCs)” from “Workplace Compliance Services, 1022 Boulevard #243, West Hartford, CT 06110.” The form apparently is being received in the regular U.S. …
Forms Form 941, Employer’s Quarterly Federal Tax Return Form 941 (PR), Employer’s Quarterly Federal Tax Return (Puerto Rico Version) Form 941-X (PR), Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund (Puerto Rico Version) Form 1094-B, Transmittal of Health Coverage Information Returns Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns Form 1095-A, Health Insurance Marketplace …
Check out the Small Business Administration’s Paycheck Protection Program Loan Forgiveness fact sheet to find out how to: Contact a PPP lender and complete the correct form Compile documentation Submit the forgiveness form and documentation to a PPP lender Continue communicating with a lender throughout the process
Understanding the tax responsibilities when starting a new business 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. Finding resources for choosing a business structure, tax year and applying for an EIN can easily be found on IRS.gov.
The IRS is reminding individuals to consider taking the home office deduction if they qualify. The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, employees who receive a paycheck or a Form W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home. …
The Internal Revenue Service reminds business owners and self-employed individuals of three employer credits available to them during COVID-19. During Small Business Week, the IRS wants to ensure all eligible people know about the relief these credits provide. 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 …
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 …
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.
