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IRS reminds businesses to e-file payroll tax returns

WASHINGTON — The next quarterly payroll tax return due date is October 31, and the Internal Revenue Service urges business owners to use the speed and convenience of filing the returns electronically. Deposits made by Monday, November 2,…
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A Distributed Workforce Can Bring Tax Savings for Businesses

Businesses could be saving money on local taxes without even realizing it. With more companies making remote work a permanent option, a more distributed workforce will be the norm moving forward. Not only does it provide tremendous flexibility…
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IRS provides tax inflation adjustments for tax year 2021

WASHINGTON — The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details…
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IRS highlights higher penalties for some tax returns filed after Sept. 14

WASHINGTON — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after Sept. 14. The tax deadline was July 15 this year. Taxpayers who…
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IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches

WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15…
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IRS issues final regulations on business interest expense deduction limitation

WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES…
WXC Corporation Miami
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IRS grants additional relief for rehabilitation credit deadlines

WASHINGTON — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying…
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IRS: New law provides relief for eligible taxpayers

WASHINGTON — The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement…

An extension to file is not an extension to pay taxes

For most taxpayers the filing and payment deadline was postponed July 15. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by July 15. This gives them…