Oct. 15 deadline for taxpayers who requested extensions to file 2020 tax returns
WASHINGTON — The Internal Revenue Service today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing…
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…
2021 Tax Breaks for Self-Employed Business Vehicles
The new 2022 car and truck models will be in dealership showrooms soon. If you’re in the market for a vehicle for your self-employed business, don’t forget to factor taxes into the equation.
Starting point: Generally, you can claim deductions…
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…
IRS urges caution with email, social media and phones
WASHINGTON — The Internal Revenue Service today continues its "Dirty Dozen" scam series with a warning to taxpayers to watch out for unexpected schemes in the form of emails, text or social media messages and phone calls.
Unscrupulous…
IRS release state-by-state data on third round of Economic Impact Payments
WASHINGTON — The Internal Revenue Service and the Treasury Department released information today detailing how many people in each state received the third round of Economic Impact Payments through early June.
The new details, available…
IRS sending more than 2.8 million refunds to those who already paid taxes
WASHINGTON —The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.
IRS efforts to correct unemployment compensation…
Interest rates remain the same for the third quarter of 2021
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021.
The rates will be:
3% for overpayments (two (2) % in the case of a corporation),
…
IRS provides guidance for continuation health coverage
WASHINGTON — The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).
Notice…