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IRS provides relief for certain employers claiming the Work Opportunity Tax Credit

WASHINGTON — The Internal Revenue Service today announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified…
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IRS: Families now receiving August Child Tax Credit payments

WASHINGTON — The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of August as direct deposits begin posting…
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IRS has options for gig economy workers and those with unemployment benefits

WASHINGTON — The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations. Gig economy The gig economy…
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Treasury, IRS provide guidance on tax relief for deductions for food or beverages

Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants Businesses can temporarily deduct 100% beginning Jan. 1, 2021 WASHINGTON – The Treasury Department and the Internal Revenue Service today…
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Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS…
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Eligible people can claim Recovery Rebate Credit

WASHINGTON – The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season. Beginning in April…
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2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual…
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New law extends COVID tax credit for employers who keep workers on payroll

WASHINGTON — The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees…
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Expanded tax benefits help individuals and businesses give to charity during 2020

WASHINGTON – The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted…