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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
Interest Rates Remain The Same The IRS has made the decision to keep the same interest rate for the fourth quarter of 2020. Each quarter, the IRS sets the interest rates charged or paid on over- and underpayment. For taxpayers (other than corporations), the overpayment and underpayment rate is the federal short-term rate plus 3… Read More
Natural Disaster Relief Victims of recent disasters have had many deadlines extended to December 15, 2020. This includes many individual and business tax returns and tax payments normally due in September, October, and November. The extensions have been granted to those living in FEMA-designated disaster zones, including parts of Iowa affected by the August 10… Read More
Simplified Small Business Accounting Regulations Proposed The IRS has released proposed regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply to taxpayers having average annual gross receipts of $26 million or… Read More
Refund Myths Addressed The IRS is debunking some common refund myths circulating among taxpayers. The IRS wants taxpayers to know that calling them or a tax professional cannot expedite your refund, nor do they have access to any special information regarding your refund date. Ordering a tax transcript doesn’t provide that either. A smaller refund… Read More
It’s that time again, where we summarize all the goings on from the IRS. Here is your end of June tax updates. Multiple Payments Due July 15 The IRS is reminding taxpayers that tax liabilities from 2019 are due July 15, 2020, as well as estimated tax payments from 2020 typically due April 15 and… Read More