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.
Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, IRS
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.
Topics: IRS, tax avoidance, Tax Credit, Child Tax Credit, American Rescue Plan Act
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.
Topics: tax services, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, IRS, Treasury Department
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.
Topics: Taxes - Individual, Retirement Planning & IRAs, IRS
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.
Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, deductions, taxes, IRS, Coronavirus, COVID-19
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.
Topics: Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, tax, taxes, IRS
The Internal Revenue Service recently announced anyone, who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts, now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.
This 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, in order to give taxpayers time to take advantage of this opportunity.
Topics: Brett W. Neate, Taxes - Planning, Rules and Returns, Retirement Planning & IRAs, IRS, cash flow, Zinner & Co.
In late June, the Internal Revenue Service issued Revenue Procedure 2020-32, in which they set Health Savings Account contribution limits for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, with which HSAs are paired.
The Treasury Department and the Internal Revenue Service recently announced the distribution of economic impact payments will begin within the next three weeks, and will be distributed automatically, with no action required by most people.
However, some seniors and others who typically do not file returns, will need to submit a simple tax return to receive the stimulus payment.
Topics: Taxes - Planning, Rules and Returns, Taxes - Individual, IRS, Economic Impact Payments
The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced 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.
Topics: IRS, Coronavirus, Treasury Department, COVID-19, Federal Assistance, Families First Coronavirus Response Act, Employee Leave
