IRS Updates

Tax Updates April 30, 2021

Tax Court Cases Resolved Virtual Settlement Days, first announced in May 2020, help taxpayers resolve their cases and avoid taking their chances in court. Building on that, March was National Virtual Settlement month, which saw Virtual Settlement Days events held in all 50 states and the District of Columbia. Nearly 240 taxpayers met with Chief […]

IRS Updates April 12, 2021

Student COVID Emergency Aid Not Taxed Students who received emergency financial aid grants from a federal agency, state, tribe, higher education institution or scholarship-granting organization because of the COVID-19 pandemic do not have to include these funds in their gross income. They also do not have to reduce their amount of qualified tuition and expenses […]

What is the Estimated Tax Payment?

The IRS extended the tax filing deadline to May 17th, but they did not extend the estimated tax filing deadline. What does this mean for our customers? If your taxes are taken out of every paycheck and you receive a W-2, you do not have to make the quarterly estimated tax payments. If you are […]

Tax Updates March 26

Tax Filing Due Date Extended The IRS and Treasury have announced that the tax filing due date for individuals for the 2020 tax year will be automatically extended to May 17, 2021, from April 15, 2020. Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic extension. […]

Tax Updates March 2, 2021

Selecting Tax Return Preparers The IRS is reminding taxpayers to choose a tax return preparer with care. While the vast majority of paid preparers provide quality service, others commit fraud, identity theft, and other scams. Credentials to look for in a professional with whom you’re trusting your personal and financial information include: Year-round availability – […]

Tax Updates January 29

We are very busy with the tax season, but life continues. Here are the most recent updates from the IRS’s website. Deferred Social Security Taxes Coming Due Employers were given the option last year of deferring employees’ Social Security tax withholdings from September through the end of 2020. Those who elected to do so were […]

Update on the Stimulus Payments

Worried about your stimulus payment? The IRS announced that they are resending stimulus funds to accounts that were closed after the last stimulus. This announcement means that if you received your tax return via a bank account that has been closed, you should receive a check in the mail or a deposit soon although it […]

Mid December Tax Updates

Security Awareness Week Wraps Up The National Tax Security Awareness Week has finished its focused campaign to help tax professionals and taxpayers protect themselves from security risks. Issues for the week included basic steps that should be taken to avoid scams and identity theft schemes taking advantage of holiday shopping, the approaching tax season and […]

Tax Updates November 14

Beware of Text Scam The IRS and Security Summit partners have alerted taxpayers that neither the IRS nor local agencies will ever text taxpayers asking for bank account information so that an economic impact payment may be made to them. Scam texts may read, “you have received a direct deposit of $1,200 from COVID-19 TREAS […]

Tax Updates for the End of September

Tax Relief For Disaster Victims The IRS has provided tax relief to victims of the Oregon wildfires that began on September 7, as well as those affected by Hurricane Sally on September 14. Taxpayers in these FEMA-designated areas now have until January 15, 2021 to file returns and make any payments that were due after […]