IRS Updates

Tax Updates September 15

Deadlines and Disaster Extensions The IRS is reminding people that third quarter estimated tax payments are due on September 15, 2021. This applies primarily to those who don’t have their taxes deducted from their paychecks by their employers. Self-employed, retirees, some investors, landlords, and others not subject to withholding fall into this category. Those impacted […]

Tax Updates August 17

Vaccination and Recovery Paid Leave Credit  Under the American Rescue Plan Act (ARP), the IRS has updated their paid sick and family leave tax credit information. Employers can claim the credits for providing paid leave to employees who accompany a family or household member to obtain a COVID-19 vaccination or to care for them during […]

Tax Updates July 29

Advance Child Tax Payments Begin The first batch of advance monthly child tax payments, totaling about $15 billion, went out on July 15. The vast majority were sent by direct deposit. Payments will continue monthly through the end of the year, and the IRS continues to “urge people who normally aren’t required to file a […]

Tax Updates July 12, 2021

“Dirty Dozen” Scams Identified The IRS is alerting taxpayers to beware of specific tax scams with its ongoing “Dirty Dozen” series. Pandemic-related scams like Economic Impact Payment (EIP) theft (whether fraud or mailbox theft) continue to be an issue. Phishing scams persist, which include fake emails, text messages, websites and social media as tools to […]

IRS Tax Updates

Advance Child Tax Credit Payment Tools The IRS and Treasury have unveiled an online Non-filer Sign-up tool to assist eligible families who don’t normally file tax returns to register for the monthly Child Tax Credit payments scheduled to begin July 15. The tool is an update of last year’s Non-filers tool which helped individuals claim […]

IRS Tax Updates

New FAQs For Families And Small Businesses The IRS has posted two new frequently asked questions (FAQs) to help families and small- and mid-sized employers in claiming credits under the American Rescue Plan (ARP) Act. For families, the child and dependent care credit was increased and expanded under the ARP, and made fully refundable. The […]

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. […]