The Internal Revenue Service closed out the week by reminding taxpayers that receiving a tax refund by direct deposit is faster and more flexible than traditional paper checks, even for those who do not currently have a bank account.…
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The Internal Revenue Service has issued a notice that seeks to expand relief for funds and investors affected by the COVID-19 pandemic.…
Read more about IRS Notice Extends Relief for Qualified Opportunity Funds and Investors
A recently released notice allows employers who elected to defer certain employees’ taxes to withhold and pay those deferred taxes throughout 2021 - instead of just the first four months of the year.…
Read more about Employers Can Withhold, Make Payments of Deferred Social Security Taxes from 2020
Tax professionals across the country endured a unique set of challenges during filing season in 2020. Normally, preparers worry about things like last-minute changes in tax law, seasonal staff, and procrastinating clients, but a once-in-a-century deadly pandemic added state-mandated social distancing protocols, office PPE supplies, telework, and Economic Impact Payments to an already long list.…
The Internal Revenue Service has set Friday, Feb. 12, 2021, as the start of the nation’s tax season. That’s the day the agency will begin accepting and processing 2020 tax year returns.…
The Internal Revenue Service is reminding taxpayers that today—January 15, 2021—is the deadline for making a tax year 2020 fourth quarter estimated tax payment. The goal of the press release is to prevent taxpayers who did not pay enough tax throughout 2020 from owing tax or a penalty during filing season.…
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The Internal Revenue Service submitted the Taxpayer First Act Report to Congressional leaders this week. As the name suggests, this 253-page document is required by the 2019 Taxpayer First Act—and it’s an essential step in determining how the IRS will improve the service provided to taxpayers.…
Read more about IRS Report Recommends Improvements for the "Taxpayer Experience"
The Internal Revenue Service is expanding just who is eligible for an Identity Protection PIN. In fact, the IRS has thrown open the gates and now says any taxpayer who can verify their identity can now get an IP PIN.…
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It’s a busy time for the Treasury Department and the Internal Revenue Service. They’re sending out some 8 million second-round Economic Impact Payments (EIPs) by prepaid debit card.…
Read more about Treasury Issuing Millions of EIPs by Debit Card in Second Round
The Internal Revenue Service this afternoon announced it was working with the tax and financial industry to redirect Economic Impact Payments that were direct deposited in closed, inactive, or “unfamiliar” bank accounts.…
Read more about IRS, Tax Industry Working to Redirect Some EIP Direct Deposits
