Issue highlights another reason to file and make remittance payments electronically
The Internal Revenue Service admitted it destroyed roughly 30 million unprocessed informational returns from the 2020 tax year.
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Expect The IRS To Struggle During The 2021 Tax Season
CPAs and taxpayers urged to contact elected officials and push for passage of H.R. 5155
Based on multiple media reports, the U.S. Treasury and IRS are preparing for the worst this filing season.
According to a Jan. 10 Washington Post article, the Treasury warned of enormous challenges this tax filing season that will likely delay refunds.
Treasury Department officials told reporters they predict a “frustrating season” for taxpayers and tax preparers due to delays caused by the pandemic, years of budget cuts to the IRS, and federal stimulus measures that have added to the tax agency’s workload.
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IRS Urges Taxpayers To Take Steps To Make Filing Taxes Easier In 2022
A page on the IRS website reminds taxpayers to take the steps now to make the tax filling process easier in 2022.
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IRS suspends automated collection notices for tax year 2020
The IRS announced on its website that it has suspended the mailing of automated collection notices, including balance due notices and unfiled tax return notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.
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IRS Has Restarted the Income Tax Levy Program
According to Accounting Today, the Internal Revenue Service began sending out letters from its Automated Collection System function in June and restarted the income tax levy program in July.
Suspended last year, the IRS tax levy program includes both tax levy and treasury payments. read more…
IRS Sends Out Letters Regarding Monthly Child Tax Credit Payments
In early June, the Internal Revenue Service started sending letters to families about how they may be able to qualify for monthly Child Tax Credit payments.
The letters are going out to families who may be eligible based on information they included in either their 2019 or 2020 tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.
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IRS Announces New Retirement Plan Limits for 2021
The IRS has released the retirement contribution limits for the 2021 tax year. The new limits are adjusted based on increases in the cost of living.
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Tax Filing and Payment Deadline Pushed Back to May 17
The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.
The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.
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Concern Over IRS Guidance on Presidential Order Deferring Payroll Tax
On Aug. 8, President Donald Trump issued a memorandum on deferring payroll tax obligations in light of the ongoing COVID-19 Disaster, which directed the Treasury Department to suspend collection of the employee portion of Social Security taxes from Sept. 1 through the end of 2020.
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Don’t Panic if You Received a Tax Notice from the IRS or State of Ohio
Over the past few weeks, we have received dozens of calls from clients, who have received tax notices from both the Internal Revenue Service and the State of Ohio.
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Since 1938, Zinner has counseled individuals and businesses from start-up to succession. At Zinner, we strive to ensure we understand your business and recognize threats that could impact your financial situation.
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