IRS says Deadline to Return Distributions to Retirement Accounts is Aug. 31

IRS says Deadline to Return Distributions to Retirement Accounts is Aug. 31 | site |




(August 24, 2020) - - Today, August 24, 2020, the U.S. Internal Revenue Service (IRS) published the following information:

WASHINGTON — The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes.

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for IRAs and retirement plans, including for beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020. Roth IRAs don't require withdrawals until after the death of the owner.

Individuals who took RMDs in 2020, including those who turned 70 ½ during 2019, have...

IRS takes New Steps to Ensure People with Children Receive $500 Economic Impact Payments | site |



(August 14, 2020) - - Today, August 14, 2020, the U.S. Internal Revenue Service (IRS) published the following information:

WASHINGTON — The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. As part of that effort, the Internal Revenue Service announced today it will reopen 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 August 15 through September 30 to enter information on their qualifying children to receive the supplemental $500 payments.

Those eligible to provide this information include people with qualifying children who receive Social Security...

IRS says 159 million Economic Impact Payments Processed| site |



IRS says Low-income people and others who aren’t required to file tax returns can quickly register for payment with IRS Non-Filers tool


(June 3, 2020) - - Today (June 3, 2020), the U.S. Internal Revenue Service (IRS) published the following information:

WASHINGTON — With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don't usually file tax returns to register for a payment by October 15.

Millions of low-income people and others who aren't required to file a tax return may be eligible for an Economic Impact Payment and can easily register for a payment by using the free Non-Filers tool, available only on IRS.gov. "IRS employees worked around the clock to deliver the Economic Impact Payments and new tools to help taxpayers in record time," said IRS Commissioner Chuck Rettig. "Even with ...

IRS Nationwide Tax Forums go Virtual in 2020 | site |



Tax pros can choose from up to 30 webinars beginning in July


(May 21, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — The Internal Revenue Service today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July. "Given restrictions on large gatherings and difficulties with travel, we've made the decision to present the IRS Nationwide Tax Forums in a virtual format this year," IRS Commissioner Chuck Rettig said. "While we're unable to meet in person, tax professionals will still be able to choose from a wide variety of virtual seminars on tax law.Many will be able to fully satisfy their annual continuing education requirements by registering and attending." Held each summer for the past 30 years, the IRS Nationwide Tax Forums are the IRS's marquee ou...

Treasury, IRS release Latest State-by-State Economic Impact Payment Figures for May 22, 2020 | site |



(May 22, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments reflecting the opening weeks of the program. "Economic Impact Payments have continued going out at a rapid rate to Americans across the country," said IRS Commissioner Chuck Rettig. "We remind people to visit IRS.gov for the latest information, including answers to the most common questions we see surrounding the payments. We also continue to urge those who don't normally have a filing requirement, including those with little or no income, that they can quickly register for the payments on IRS.gov." Millions of people who do not typically file a tax return are eligible to receive these payments. Payments are automa...

IRS adds Phone Operators to answer Economic Impact Payment Questions | site |





(May 18, 2020) - - The U.S. Internal Revenue Service (IRS) published (today) the following information: WASHINGTON — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments. IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit. Answers for most Economic Impact Payment questions are available on the automated message for people who call the phone number provided in the letter (Notice 1444). Those who need additional assistance at the conclusion of the message will have the option of talking to a telephone representative....

Tax Day now July 15: Treasury, IRS Extend Filing Deadline and Federal Tax Payments Regardless of Amount Owed | site |



(March 21, 2020) - - In a press release dated March 21, 2020 the U.S. Internal Revenue Service provided the following information: WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file be...

Treasury, IRS and Labor announce Plan to implement Coronavirus-related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to swiftly Recover the Cost of providing Coronavirus-related Leave | site |




(March 20, 2020) - - In a press release dated March 20, 2020 the U.S. Internal Revenue Service (IRS) provided the following information:

WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. The Act will help the United States combat and ...

IRS announces Waivers for Offer in Compromise Applications| site |



(March 12, 2020) - - Today (March 12, 2020), the U.S. Internal Revenue Service (IRS) published the following information:

WASHINGTON — The Internal Revenue Service today announced the release of final regulations that increase the Offer in Compromise application fee to $205 and provide an additional way for the IRS to waive the Offer in Compromise application fee for low-income taxpayers, based on their adjusted gross income (AGI).

An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS to settle a tax debt for less than the full amount owed. Generally, it may be an option for taxpayers who can't pay their full tax debt, or if doing so would create a financial hardship. The IRS considers the taxpayer's overall financial circumstances when considering an OIC in an effort to administratively resolve the amount due. Applicants who meet the definition ...

U.S. Internal Revenue Service says Interest Rates remain the Same for the Second Quarter of 2020| site |



(February 28, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:

WASHINGTON – The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2020. The rates will be:

• five (5) percent for overpayments [four (4) percent in the case of a corporation];
• two and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000;
• five (5) percent for underpayments; and
• seven (7) percent for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. Generally, in the case of a corporation, the underpayment rate is the federal...