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  • IRS urges Taxpayers to gather Tax Documents now for smooth Filing later

    IRS urges Taxpayers to gather Tax Documents now for smooth Filing later

    U.S. Internal Revenue Service urges Taxpayers to gather Tax Documents now for smooth Filing later | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 22, 2021)

    Washington - - The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit, appearing on their tax return. Taxpayers should develop a system that keeps all their important information together, which could include a software program for electronic records or a file cabinet for paper documents in labeled folders. Having records readily at hand makes preparing a tax return easier. To avoid refund delays, taxpayers should be sure to gather all year-end inco...
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  • IRS says Eligible Paycheck Protection Program expenses now Deductible

    IRS says Eligible Paycheck Protection Program expenses now Deductible

    U.S. Internal Revenue Service says Eligible Paycheck Protection Program expenses now Deductible | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release: January 6, 2021)

    Washington - - The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).

    Today's guidance, Revenue Ruling 2021-02, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on December 27, 2020. The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basi
    ...
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  • U.S. Internal Revenue Service releases 2020 Progress Update

    U.S. Internal Revenue Service releases 2020 Progress Update

    U.S. Internal Revenue Service releases 2020 Progress Update | site |


    IRS says "Annual report details unprecedented year"


    (Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 5, 2021)

    Washington - - The Internal Revenue Service today released its 2020 annual report describing the agency's work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees to help people during the challenging year.

    "Internal Revenue Service Progress Update/Fiscal Year 2020 – Putting Taxpayers First " outlines how the agency overcame difficulties during the pandemic to deliver Economic Impact Payments in record time. At the same time, IRS employees made adjustments to complete a successful filing season despite office closures and the latest tax deadline ever. "The COVID-19 pandemic presented some of the greatest challenges to the IRS in
    ...
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  • U.S. Treasury Department and Internal Revenue Service Release Final Rule on Section 45Q Credit Regulations

    U.S. Treasury Department and Internal Revenue Service Release Final Rule on Section 45Q Credit Regulations | site |




    (Information contained in U.S. Department of the Treasury press release dated: January 6, 2021)

    Washington - - Today, the Treasury Department and Internal Revenue Service (IRS) issued final regulations regarding the section 45Q credit for qualified carbon oxide sequestration using carbon capture equipment placed in service on or after the date of the enactment of the Bipartisan Budget Act of 2018. “These final regulations provide taxpayers and the American energy sector with needed clarity on utilizing the section 45Q credit,” said Treasury Secretary Steven T. Mnuchin. “These regulations are an essential step toward harnessing the entrepreneurial spirit of Americans to further modernize the American energy sector, while ensuring American energy producers maintain their competitive edge around the world.” These final r...
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  • U.S. Internal Revenue Service issues Standard Mileage Rates for 2021

    U.S. Internal Revenue Service issues Standard Mileage Rates for 2021

    U.S. Internal Revenue Service issues Standard Mileage Rates for 2021 | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release dated: December 22, 2020)

    Washington - - The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

    Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
    • 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020,
    • 16 cents per mile driven for medical, or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020, and
    • 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020.
    The standard mileage rate for business use is based on...
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  • U.S. Internal Revenue Service says Get Ready for Taxes - - Stay Home and Stay Safe with IRS Online Tools

    U.S. Internal Revenue Service says Get Ready for Taxes: Stay Home and Stay Safe with IRS Online Tools | site |


    (Information contained in U.S. Internal Revenue Service [IRS] press release: December 16, 2020)

    Washington - - The Internal Revenue Service today encouraged taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021.

    This is the fourth in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take to make tax filing easier in 2021.

    With continued social distancing, taxpayers can stay home and stay safe with IRS online tools and resources that help them find the information they need. These IRS.gov tools are easy to use and available 24 hours a day. Millions of people use them to find information about their accounts, get answers to tax questions or file and
    ...
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  • U.S. Internal Revenue Service announces that Interest Rates remain the Same for the First Quarter of 2021

    U.S. Internal Revenue Service announces that Interest Rates remain the Same for the First Quarter of 2021 | site |


    (Information contained in U.S Internal Revenue Service (IRS) press release: December 3, 2020)

    WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021. The rates will be:
    • three (3) percent for overpayments (two (2) percent in the case of a corporation);
    • one-half (0.5) percent for the portion of a corporate overpayment exceeding $10,000;
    • three (3) percent for underpayments; and
    • five (5) 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 short-term ...
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  • IRS says Special 300 Dollars Tax Deduction helps most People give to Charity this Year – Even if they Don’t Itemize

    U.S. Internal Revenue Service says Special $300 Tax Deduction helps most People give to Charity this Year – Even if they Don’t Itemize | site |


    (Information contained in U.S. Internal Revenue Service [IRS] press release: November 25, 2020) WASHINGTON – The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, 2020, are now deductible when people file their taxes in 2021. "Our nation's charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get," said IRS Commissioner Chuck Rettig. "The IRS reminds people there's a new provision that allows for up to $300 in cash donations to qualifying organizations to be deducted from income. We encourage people to expl...
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  • IRS says Get Ready for Taxes - - - Steps to take Now to make Tax Filing easier in 2021

    U.S. Internal Revenue Service says Get Ready for Taxes: Steps to take Now to make Tax Filing easier in 2021 | site |


    (Information contained in U.S. Internal Revenue Service [IRS] press release: November 24, 2020)

    Washington – The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021.

    This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to make tax filing easier in 2021. 2020 has been a busy year, with a lot of changes. To make sure taxpayers don't miss out on tax benefits or make mistakes, they can take a few simple steps now to make filing their taxes easier in 2021. An important first step to getting taxes ready is to gather all tax records. Having records organized makes preparing a tax return easier. It
    ...
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  • IRS announces Procurement Research Partnership to improve Contracting Processes

    U.S. Internal Revenue Service announces Procurement Research Partnership to improve Contracting Processes | site |


    (Information contained in U.S. Internal Revenue Service [IRS] press release: November 23, 2020) WASHINGTON — The Internal Revenue Service's Office of the Chief Procurement Officer today announced a research partnership with Data and Analytic Solutions, a small business located in Fairfax, Virginia. The partnership also includes a group of academic researchers with a goal to use data science to improve IRS procurement operations. The effort will bring together a multi-disciplinary team comprised of procurement practitioners as well as university professors and students with procurement and machine learning experience. Machine learning is a form of artificial intelligence that allows computers to become more accurate at predicting outcomes without being explicitly programmed. "As with many agencies, we have a wealth of data available to us to u...
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  • IRS provides Tax Inflation Adjustments for Tax Year 2021

    IRS provides Tax Inflation Adjustments for Tax Year 2021

    U.S. Internal Revenue Service provides Tax Inflation Adjustments for Tax Year 2021 | site |



    (October 26, 2020) - - On October 26, 2020 the U.S. Internal Revenue Service (IRS) published the following information:


    WASHINGTON — The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments.

    Highlights of changes in Revenue Procedure 2020-45

    The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file a tax return within 60 days of the due date. Beginning with returns due after Dec. 31, 2019, the new additional tax is $435 or 100 percent of the amount of tax due, whichever is less, an increase from $330. The $435 additional tax will be adjusted for inflation.

    The tax year
    ...
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  • IRS says Online Seminars from 2020 IRS Nationwide Tax Forums now Available

    IRS says Online Seminars from 2020 IRS Nationwide Tax Forums now Available

    U.S. Internal Revenue Service says Online Seminars from 2020 IRS Nationwide Tax Forums now Available | site |


    Tax pros: 18 new self-study seminars available for continuing education credit


    (October 13, 2020) - - Today the U.S. Internal Revenue Service (IRS) published the following information:

    WASHINGTON — The Internal Revenue Service today announced 18 new seminars from the 2020 Nationwide Tax Forums are now available on IRS Nationwide Tax Forums Online. The cost is $29 per seminar.

    These self-study seminars provide information to participants using interactive videos, PowerPoint slides and audio transcripts.

    These and all other previously recorded sessions from prior IRS Nationwide Tax Forums will be available for $29.



    2020 Nationwide Tax Forums Online course listing

    The following is the comprehensive list of the new 2020 courses available:



    ...
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  • Feb. 20 IRS Webinar focuses on Gig Economy

    Feb. 20 IRS Webinar focuses on Gig Economy

    February 20, 2020 U.S. Internal Revenue Service Webinar focuses on Gig Economy| site |




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

    WASHINGTON — The Internal Revenue Service is holding a free webinar designed to help gig workers, employers, contractors and other businesses understand their tax reporting responsibilities.

    This free 60-minute webinar will take place on Thursday, February 20 at 2 p.m. Eastern Time. It is open to gig workers, businesses, tax professionals and anyone else interested in the tax rules that affect the gig economy. Tax pros can earn one continuing education credit.

    Topics to be covered include:
    • What is the gig economy?
    • How does a gig worker know whether they are an employee or self-employed?
    • Business expenses and recordkeeping.
    • Rules for home rentals.
    • Tax payment options.
    The webinar will feature a...
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  • U.S. Internal Revenue Service says Direct Deposit is Fastest Way to Receive Federal Tax Refund

    U.S. Internal Revenue Service says Direct Deposit is Fastest Way to Receive Federal Tax Refund | site |



    (January 9, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:

    WASHINGTON — With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing to have their tax refund directly deposited into their checking or savings account is the fastest way to get their money.

    It's simple, safe and secure. Taxpayers can also get their refund deposited into one, two or three different accounts, if desired.

    Eight out of 10 taxpayers get their refunds by using direct deposit. The IRS uses the same electronic transfer system to deposit tax refunds that is used by other federal agencies to deposit nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts. Direct deposit also avoids the possibility that a refund check could be lost or sto
    ...
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  • U.S. Internal Revenue Service Opens 2020 Filing Season for Individual Filers on Jan. 27

    U.S. Internal Revenue Service Opens 2020 Filing Season for Individual Filers on Jan. 27| site |


    (January 6, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON ― The Internal Revenue Service confirmed that the nation's tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline. "As we enter the filing season, taxpayers should know that the dedicated workforce of the IRS stands ready to help," said IRS Commissioner Chuck Rettig. "We encourage taxpayers to plan ahead and use the tools and information available on IRS.gov. The IRS and the nation's tax commun...
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  • Staff Reporter 1
    IRS urges Taxpayers to gather Tax Documents now for smooth Filing later
    by Staff Reporter 1
    U.S. Internal Revenue Service urges Taxpayers to gather Tax Documents now for smooth Filing later | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 22, 2021)

    Washington - - The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit, appearing on their tax return. Taxpayers should develop a system that keeps all their important information together, which could include a software program for electronic records or a file cabinet for paper documents in labeled folders. Having records readily at hand makes preparing a tax return easier. To avoid refund delays, taxpayers should be sure to gather all year-end inco...
    01-23-2021, 02:26 AM
  • Staff Reporter 1
    IRS says Eligible Paycheck Protection Program expenses now Deductible
    by Staff Reporter 1
    U.S. Internal Revenue Service says Eligible Paycheck Protection Program expenses now Deductible | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release: January 6, 2021)

    Washington - - The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP).

    Today's guidance, Revenue Ruling 2021-02, reflects changes to law contained in the COVID-related Tax Relief Act of 2020, enacted as part of the Consolidated Appropriations Act, 2021 (Act), Public Law 116-260, which was signed into law on December 27, 2020. The COVID-related Tax Relief Act of 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basi
    ...
    01-08-2021, 04:37 AM
  • Staff Reporter 1
    U.S. Internal Revenue Service releases 2020 Progress Update
    by Staff Reporter 1
    U.S. Internal Revenue Service releases 2020 Progress Update | site |


    IRS says "Annual report details unprecedented year"


    (Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 5, 2021)

    Washington - - The Internal Revenue Service today released its 2020 annual report describing the agency's work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees to help people during the challenging year.

    "Internal Revenue Service Progress Update/Fiscal Year 2020 – Putting Taxpayers First " outlines how the agency overcame difficulties during the pandemic to deliver Economic Impact Payments in record time. At the same time, IRS employees made adjustments to complete a successful filing season despite office closures and the latest tax deadline ever. "The COVID-19 pandemic presented some of the greatest challenges to the IRS in
    ...
    01-07-2021, 09:17 PM
  • Staff Reporter 1
    U.S. Treasury Department and Internal Revenue Service Release Final Rule on Section 45Q Credit Regulations
    by Staff Reporter 1
    U.S. Treasury Department and Internal Revenue Service Release Final Rule on Section 45Q Credit Regulations | site |




    (Information contained in U.S. Department of the Treasury press release dated: January 6, 2021)

    Washington - - Today, the Treasury Department and Internal Revenue Service (IRS) issued final regulations regarding the section 45Q credit for qualified carbon oxide sequestration using carbon capture equipment placed in service on or after the date of the enactment of the Bipartisan Budget Act of 2018. “These final regulations provide taxpayers and the American energy sector with needed clarity on utilizing the section 45Q credit,” said Treasury Secretary Steven T. Mnuchin. “These regulations are an essential step toward harnessing the entrepreneurial spirit of Americans to further modernize the American energy sector, while ensuring American energy producers maintain their competitive edge around the world.” These final r...
    01-07-2021, 08:19 AM
  • Staff Reporter 1
    U.S. Internal Revenue Service issues Standard Mileage Rates for 2021
    by Staff Reporter 1
    U.S. Internal Revenue Service issues Standard Mileage Rates for 2021 | site |



    (Information contained in U.S. Internal Revenue Service [IRS] press release dated: December 22, 2020)

    Washington - - The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

    Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
    • 56 cents per mile driven for business use, down 1.5 cents from the rate for 2020,
    • 16 cents per mile driven for medical, or moving purposes for qualified active duty members of the Armed Forces, down 1 cent from the rate for 2020, and
    • 14 cents per mile driven in service of charitable organizations, the rate is set by statute and remains unchanged from 2020.
    The standard mileage rate for business use is based on...
    12-27-2020, 03:02 AM

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