Although payments are automatic for most people, the IRS continues to urge people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax… Read More
Qué deben hacer los contribuyentes que reciben una carta o aviso del IRS El IRS envía cartas o avisos a los contribuyentes por una variedad de razones que incluyen si: Tienen impuestos no pagados. Se les debe un reembolso mayor o menor. La agencia tiene una pregunta acerca de su declaración de impuestos. Necesitan verificar… Read More
IRS letters explain why some 2020 Recovery Rebate Credits are different than expected As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected. It’s important… Read More
In extending the deadline to file Form 1040 series returns to May 17, the IRS is automatically postponing to the same date the time for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell… Read More
For tax year 2017 Federal income tax returns, the normal April 15 deadline to claim a refund has also been extended to May 17, 2021. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury.… Read More
The IRS will recalculate taxes on unemployment benefits; refunds to start in May To help taxpayers, the Internal Revenue Service announced yesterday that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.… Read More
There are various reasons a business may need to file for dissolution beyond just closing its doors and going out of business. Regardless of the reasons, it is important to take the critical steps necessary to dissolve the business in order to comply with federal and state tax regulations as well as protecting yourself from… Read More
On March 26, the Internal Revenue Service issued Announcement 2021-7 PDF today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid or reimbursed… Read More
WASHINGTON – The Internal Revenue Service announced on March 29th at individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. This follows a previous announcement from the IRS on March 17, that the federal income tax filing due… Read More
Taxpayers should watch mail for paper checks, debit cards WASHINGTON – The Internal Revenue Service announced today that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card. For taxpayers receiving direct deposit, this batch of payments began processing… Read More