The latest straight from the IRS — new rules, deadlines, guidance, and announcements explained in plain English.
If you were entitled to a 2019 tax refund, you may be in store for some good news: individual federal income tax refunds issued after April 15 will be paid with interest. The Internal Revenue Service (IRS) has announced that individuals who file their 2019 tax returns before the July 15 deadline will receive interest…
So, there’s some good news: The Internal Revenue Service (IRS) is processing paper tax returns. And then there’s some not-so-good news: The estimated backlog of unopened IRS mail stands at 11 million. That’s the report from Sunita Lough, IRS Deputy Commissioner for Services and Enforcement, and is consistent with statements made at the beginning of…
The Internal Revenue Service (IRS) continues to make strides in getting back to normal. According to the IRS Commissioner, as of this past Monday, thousands of employees have returned to facilities in seven states (Kentucky, Texas, Utah, Georgia, Minnesota, Tennessee, and Missouri). Employees in four more states and Puerto Rico will reopen on June 29….
The Internal Revenue Service (IRS) has released the seminar schedule for the 2020 IRS Nationwide Tax Forums. Due to COVID-19 and related restrictions, the forums will be held online this year – as opposed to the in-person events in prior years. The series will begin on July 21, 2020, and continue through August 20, 2020,…
As the numbers of those affected by COVID-19 continue to climb, the Internal Revenue Service (IRS) is providing guidance for employers whose employees take advantage of leave donation programs because of the COVID-19 pandemic. Typically, employer-sponsored “leave donation” programs allow employees who have accrued sick, vacation, or personal leave that they don’t need to donate…
(Author’s note: This article was current as of June 11, 2020. Since that time, the IRS has issued some updates. Keep checking back for more information.) Baby steps. The Internal Revenue Service (IRS) is reopening, albeit slowly. IRS Commissioner Charles Rettig explained earlier this month that the IRS is reopening operations for employees with non-portable work. So…
Scrambling to make estimated payments? Don’t worry! The Internal Revenue Service (IRS) is reminding taxpayers that estimated tax payments for the tax year 2020, ordinarily due April 15, 2020, and June 15, 2020, are now due July 15, 2020. The extended deadline means that any individual or corporation that has a quarterly estimated tax payment due April 15,…
According to Johns Hopkins, the United States has confirmed nearly two million cases of COVID-19. With many businesses closed and taxpayers still waiting on stimulus checks, scammers are capitalizing on the shaky economic climate to cheat and steal. The Internal Revenue Service (IRS) is reminding taxpayers to be on guard against tax fraud and other related financial scams…
The Internal Revenue Service (IRS) has now processed 159 million Economic Impact Payments (EIPs, sometimes called stimulus checks), totaling almost $267 billion. That includes 120 million direct deposits, 35 million paper checks, and 4 million pre-paid debit cards. But the IRS isn’t done yet. Millions of low-income people and others who aren’t required to file a tax return…
The Internal Revenue Service (IRS) has announced a game-changer: later this summer, taxpayers will be able to file Form 1040-X, Amended U.S Individual Income Tax Return, electronically. Before this year, you could only amend your tax return by paper. At the best of times, that could mean a six-to-eight week wait for processing. And these are not the…