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Helpful IRS articles and current tax news
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 …
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 …
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.
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 …
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 …
Some taxpayers won’t have to file their taxes by April 15 as part of the Trump administration’s efforts to lessen the economic effects of the coronavirus, the president announced Wednesday. Read more..
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. …
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 …
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At the end of 2019, Congress passed the most sweeping change to retirement rules in over a decade. Known as the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), this legislation went into effect on January 1, 2020, and impacts retirement and estate planning rules. Here are a few of the biggest takeaways from the Act: RMDs Now …
if you’re 65 or over, you are entitled to an additional $1,300. For an individual, that would raise the standard deduction to $13,500 for the tax year 2019, the first year that you can use the form. For a married couple, if one is 65 or over, the deduction would rise to $25,700 2019 standard deduction amounts Filing status 2019 …
Accounting and Consulting Group of Milford CT is your solution. Contact us for your 2019 tax returns (203) 301-9933.
Taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal application soon. An ITIN is a tax ID number used by taxpayers who don’t qualify to get a Social Security number. Any ITIN with middle digits 83, 84, 85, 86 or 87 will expire at the end …
In support of October’s National Work and Family Month. the IRS is providing tax information on a number of topics related to work-life balance. Families often hire individuals to care for children and dependents so family members can work or actively look for work. These individuals include babysitters, caretakers, health aides, nannies, private nurses and au pairs. As employers, family …
IRS extends Oct. 15 and other upcoming deadlines, provides other tax relief for victims of Tropical Storm Imelda IR-2019-164, October 7, 2019 – Victims of Tropical Storm Imelda in parts of Texas, including the Houston area, have until Jan. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced this week. …
Payroll security is a critical concern for professionals providing payroll services. Data theft attempts are on the rise, and attacks on payroll services have also increased. Check out these Tax Tips on keeping computer data safe. Also, share them with in-house payroll processors, tax compliance personnel, clients and partners. Create a recovery plan and report thefts immediately Create a recovery …
The new Tax Withholding Estimator tool offers self-employed individuals, workers, retirees and other taxpayers a more dynamic and user-friendly way to calculate the amount of income tax they want to have withheld from either wages or pension payments. And, after the calculations are done, the Tax Withholding Estimator automatically links to the appropriate withholding form. Please share these news releases …
Because of new wage and income reporting requirements, the IRS announced it would discontinue the Form W-2 Verification Code pilot for the 2019 tax year. Federal law now requires employers to submit Forms W-2 by January 31 each year, which helps the IRS combat fraud and identity theft and superseded the need for a verification code. The IRS expresses its …
As of October 1, 2019, Form 4419, Application for Filing Information Returns Electronically, is mandated to be electronically filed when requesting an original Transmitter Control Code to transmit information returns through the FIRE System. Form 4419 isn’t applicable when requesting an Affordable Care Act TCC. Find and submit an online, fill-in Form 4419 located within the FIRE System on IRS.gov. Submit a …
New form: Form 8809, Application for Extension of Time to File Information Returns New pubs: Pub 1141, General Rules and Specifications for Substitute Forms W-2 and W-3 Pub 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G Draft form: 2020 Form W-4, Employee’s Withholding Allowance Certificate (draft)
