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As part of a larger effort to reach underserved communities, the Internal Revenue Service is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time. In addition to being available in English and Spanish, the 2020 Form […]
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Taxpayers who didn’t request an extension and still owe taxes face both the failure to file and the failure to pay penalties. They should file now and pay what they can before larger penalties take effect after September 14. The penalty for not filing a federal tax return by the due date, or extended due […]
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The IRS often finds and corrects errors but in certain situations taxpayers need to file an amended return to correct errors. Here are some quick tips for amending a tax return. Use the Interactive Tax Assistant. Taxpayers can use the Who should file an amended return? interview tool to help determine if they should file […]
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The IRS will soon send catch-up Economic Impact Payment (EIP) checks to about 50,000 individuals whose portion of the EIP was diverted to pay their spouse’s past-due child support. These catch-up payments are due to be issued in early-to-mid-September. They will be mailed as checks to any eligible spouse who submitted Form 8379, Injured Spouse […]
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The draft 2020 Form 1040 inquires about Virtual Currency. On the top of the page below the Name Section, the following question appears: βAt any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?β Taxpayers who file Form 1040 should check the appropriate box to […]
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The SB/SE group of the IRS focuses on small businesses and self employed taxpayers. The groupβs annual report (Publication 5409 6/2020) details the following audit targets: β’ NON-FILERS. Non-filers are one of the three major contributors to the tax gap with an estimated contribution of $39 billion. To remedy the situation, the SB/SE group is […]
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IRS has reopened the registration period for federal beneficiaries who didnβt receive $500 per child payments earlier this year. The IRS urges certain federal benefit recipients to use the IRS.gov Non-Filers tool starting Aug. 15 through Sept. 30 to enter information on their qualifying children to receive the supplemental $500 payments. Those eligible to provide […]
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If your client mailed a check with or without a tax return, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. Any payments will be posted as the date IRS received them rather than the date the agency processed them. To avoid penalties and interest, taxpayers should […]
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According to the most recent IRS statistics (7/24/2020), the number of refunds are down 3.1%. The total amount of refunds are down 3.1%. And the average individual refund is unchanged at $2,741. Last yearβs refunds were also down. The fact that refunds (in number and total dollars) are down for two years in a row […]
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Some businesses have begun to include a surcharge for COVID-19 precaution and prevention costs (e.g., COVID-19 Fee, Coronavirus Fee, PPE Fee, Sanitation Fee, Cleaning Fee, etc.) on customers’ invoices. Determining if the surcharge to cover COVID-19 costs, such as masks, gloves, and cleaning supplies, is subject to Sales Tax depends on whether the service provided […]