The latest straight from the IRS — new rules, deadlines, guidance, and announcements explained in plain English.
With all of the last-minute changes to the Tax Code – and those stimulus check reconciliations – it was clear that the Internal Revenue Service (IRS) was going to have to make revisions to tax forms used to file 2020 tax returns (the tax returns that you’ll file in 2021). Most tax professionals expected a…
The Internal Revenue Service (IRS) has announced that the “Get My Payment” tool is now open. Folks looking for information about their stimulus checks (Economic Impact Payments, or EIPs) can now check the status of both their first and second payments by using the Get My Payment tool, available in English and Spanish only on…
The Internal Revenue Service (IRS) is emphasizing that no action is required by eligible taxpayers for the second round of Economic Impact Payments (EIPs, or stimulus checks). As noted earlier, initial direct deposit payments began arriving as early as last night for some and will continue into next week. Paper checks will begin to be mailed on…
Need an EIN? You’ll have to wait a few days to apply for an EIN online. The IRS has announced that the service is temporarily unavailable: This service will be unavailable from approximately 5 p.m. Eastern time on Wednesday, Dec 23, 2020, until approximately 7 a.m. Eastern time on Monday, January 4, 2021, due to…
If you owe the Internal Revenue Service (IRS), you may be able to apply for a payment plan online to pay off your balance over time – but not right now. The IRS has scheduled a planned outage for the service. The website currently says: This service will be unavailable from approximately 12 a.m. (midnight)…
The Internal Revenue Service (IRS) has issued its 2021 standard mileage rates. Beginning on January 1, 2021, the standard mileage rates for the use of a car, van, pickup, or panel truck will be: 56 cents per mile for business miles driven (down from 57.5 cents in 2020) 16 cents per mile driven for medical or moving…
The Internal Revenue Service (IRS) has issued final regulations relating to section 1031 like-kind exchanges. 1031 Like-Kind Requirements We call them 1031 like-kind exchanges because the rules are found at section 1031 of the Tax Code (clever, I know). The provision allows you to defer tax on gain if – and it’s a big if…
#TaxTwitter has been abuzz about a flurry of notices of intent to levy (CP504) sent to taxpayers this week. The notices appear to have been sent out without regard for individual taxpayers circumstances with tax practitioners reporting receipt by taxpayers previously marked as CNC (currently not collectible), taxpayers with pending offers, and taxpayers who have…
The Internal Revenue Service (IRS) continues to take steps forward in efforts to protect taxpayer data. Two years ago, the IRS moved to provide more privacy for individual taxpayers; now, beginning on December 13, 2020, the IRS will start masking sensitive data on business tax transcripts. If you’re scratching your head because that doesn’t feel…
The Internal Revenue Service (IRS) has announced some changes to its collections processes to assist taxpayers who have been impacted by COVID-19. Specifically, the IRS says it is expanding taxpayer options for making payments and alternatives to resolve balances owed. “The IRS understands that many taxpayers face challenges, and we’re working hard to help people…