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πŒπ€π‘πˆπ‰π”π€ππ€ 𝐖𝐄𝐁𝐏𝐀𝐆𝐄 𝐚𝐭 πˆπ‘π’ (πŸ—/𝟐𝟏/𝟐𝟎𝟐𝟎)

The IRS has created a webpage to help taxpayers engaged in marijuana related commerce to meet their tax responsibilities. The website warns such businesses are subject to specific limitations detailed in Internal Revenue Code (IRC) Section 280E. And then provides FAQs addressing federal tax filing and information report requirements. The FAQs focus on- β€’ Income […]

π…πŽπ‘πŒ πŸπŸŽπŸ’πŸŽ 𝐒𝐧 π’ππ€ππˆπ’π‡ & πŒπŽπ‘π„ (πŸ—/πŸπŸ•/𝟐𝟎𝟐𝟎)

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 […]

π‡πˆπ†π‡π„π‘ ππ„ππ€π‹π“πˆπ„π’ 𝐟𝐨𝐫 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 π…πˆπ‹π„πƒ 𝐚𝐟𝐭𝐞𝐫 𝐒𝐄𝐏𝐓. πŸπŸ’ (πŸ—/πŸπŸ’/𝟐𝟎𝟐𝟎)

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 […]

π€πŒπ„ππƒπ„πƒ 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 π“πˆππ’ (πŸ—/πŸ–/𝟐𝟎𝟐𝟎)

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 […]

π’ππŽπ”π’π„π’ 𝐭𝐨 𝐆𝐄𝐓 𝐂𝐀𝐓𝐂𝐇-𝐔𝐏 π„π‚πŽππŽπŒπˆπ‚ πˆπŒππ€π‚π“ ππ€π˜πŒπ„ππ“π’ (πŸ—/𝟐/𝟐𝟎𝟐𝟎)

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 […]

πŸπŸŽπŸ’πŸŽ 𝐭𝐨 π€π’πŠ π€ππŽπ”π“ π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜ (πŸ–/πŸπŸ”/𝟐𝟎𝟐𝟎)

The draft 2020 Form 1040 inquires about Virtual Currency. On the top of the page below the Name Section, the following question appears: β€œAt any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?” Taxpayers who file Form 1040 should check the appropriate box to […]

π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’/𝐒𝐄𝐋𝐅 π„πŒππ‹πŽπ˜π„πƒ (𝐒𝐁/𝐒𝐄) π†π‘πŽπ”π π€π”πƒπˆπ“ 𝐓𝐀𝐑𝐆𝐄𝐓𝐒 (πŸ–/πŸπŸ’/𝟐𝟎𝟐𝟎)

The SB/SE group of the IRS focuses on small businesses and self employed taxpayers. The group’s 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 […]

𝐍𝐄𝐖 𝐂𝐇𝐀𝐍𝐂𝐄 𝐭𝐨 𝐆𝐄𝐓 $πŸ“πŸŽπŸŽ 𝐩𝐞𝐫 π‚π‡πˆπ‹πƒ (πŸ–/𝟐𝟎/𝟐𝟎𝟐𝟎)

IRS has reopened the registration period for federal beneficiaries who didn’t 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 […]

π‘π„π‹πˆπ„π… 𝐟𝐨𝐫 𝐁𝐀𝐃 π‚π‡π„π‚πŠ ππ„ππ€π‹π“πˆπ„π’ 𝐨𝐧 πƒπˆπ’π‡πŽππŽπ‘π„πƒ π‚π‡π„π‚πŠπ’ (πŸ–/πŸπŸ•/𝟐𝟎𝟐𝟎)

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 […]

𝐑𝐄𝐅𝐔𝐍𝐃𝐒 πƒπˆπ’π€πππŽπˆππ“πˆππ† – π€π†π€πˆπ ! (πŸ–/πŸ”/𝟐𝟎𝟐𝟎)

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 year’s refunds were also down. The fact that refunds (in number and total dollars) are down for two years in a row […]