2020 has been a busy year, with a lot of changes. To make sure taxpayers don’t miss out on tax benefits or make mistakes, they can take a few simple steps now to make filing their taxes easier in 2021. An important first step to getting taxes ready is to gather all tax records. Having [...]
Here are a few other things people can do now:Check their withholding and make any adjustments soonSince most taxpayers typically only have a few pay dates left this year, checking their withholding soon is especially important. It's even more important for those who: • Received a smaller refund than expected after filing their 2019 taxes [...]
Employers who are filing Form 941, Employer's Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes. Using a reputable tax preparer including certified public accountants, enrolled agents or other knowledgeable tax professionals can also help avoid errors. Mistakes [...]
The Internal Revenue Service today reminded anyone who doesn’t normally file a tax return that they have until 3 p.m. EST this Saturday, Nov. 21, to register with the IRS for an Economic Impact Payment. The only way remaining to get a payment in 2020 is to register using the Non-Filers: Enter Info Here tool [...]
The IRS grouped all of the rights taxpayers have under the law into the Taxpayer Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the right to retain an authorized representative of their choice to represent them in their [...]
There are cost of living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren’t caught off guard.Here are some highlights of the 2021 changes:The income ranges for these actions all increased for 2021: • Determining eligibility to make deductible contributions to [...]
The IRS has designated Tuesday, November 10, National EIP Registration Day. This is part of the agency’s final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment. This special event will feature support from IRS partner groups including those that work with low-income and underserved [...]
The Internal Revenue Service is combating fraud by once again joining organizations around the world to highlight the third annual International Charity Fraud Awareness Week, Oct. 19-23. International Charity Fraud Awareness Week (ICFAW) brings together everyone involved in the charity and not-for-profit sectors to raise awareness of and share good practices for tackling fraud and [...]
Closing a business is always a difficult decision regardless of the circumstances. With this in mind, the IRS redesigned the closing a business page of IRS.gov to help business owners navigate the federal tax steps when closing a business. Small businesses and self-employed taxpayers will find a variety of information on the page including: What [...]
The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now Nov. 21, 2020. This new date will provide an additional five weeks beyond the original deadline. The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – [...]