Tax & Current Accounting Topics

IRS Tax Tip Understanding taxpayer rights: The right to retain representation

https://www.irs.gov/newsroom/understa... 

https://accountinginstruction.info/

Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation.

IRS issues another 430,000 refunds for adjustments related to unemployment compensation 

https://www.irs.gov/newsroom/irs-issu... 

https://accountinginstruction.info/

The Internal Revenue Service recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020.

Child Tax Credit: Families with income changes must enter them in IRS online portal on Monday to impact Nov. 15 payment; Spanish version coming in late November 

https://www.irs.gov/newsroom/child-ta... 

https://accountinginstruction.info/

On Monday, November 1, the Internal Revenue Service will launch a new feature allowing any family receiving monthly Child Tax Credit payments to update their income using the Child Tax Credit Update Portal (CTC UP), found exclusively on IRS.gov.

IRS News-No Actual News

 https://accountinginstruction.info/

IRS Tax Tip Tax pros should renew PTINs now for the upcoming filing season 

https://www.irs.gov/newsroom/tax-pros...

 https://accountinginstruction.info/

The IRS reminds all active federal tax return preparers they must renew their Preparer Tax Identification Numbers (PTIN) now for 2022. All current PTINs will expire December 31, 2021.

Small business advertising and marketing costs may be tax deductible.

Additional Hurricane Ida relief from IRS: Sept. 15, Oct. 15 deadlines, other dates further extended to Jan. 3 for parts of Mississippi; Nov. 1 deadline still applies to the rest of the state 

https://www.irs.gov/newsroom/addition... 

https://accountinginstruction.info/

Victims of Hurricane Ida in parts of Mississippi now have additional time – until January 3, 2022 

COVID Tax Tip Tips to help taxpayers decide how and when to file an amended tax return 

https://www.irs.gov/newsroom/tips-to-... 

https://accountinginstruction.info/

After filing their tax return, taxpayers may find they made an error or forgot to enter something on it. The IRS strongly recommends taxpayers use the Interactive Tax Assistant, Should I File an Amended Return?

IRS, Security Summit partners remind families to make online safety a priority during National Cybersecurity Month https://www.irs.gov/newsroom/irs-secu... 

https://accountinginstruction.info/

The Internal Revenue Service today reminded families, teens and senior citizens about the continued importance of protecting personal and financial information PDF online.

COVID relief: IRS helps employers wanting to rehire retirees or retain employees after retirement age 

https://www.irs.gov/newsroom/covid-re... 

https://accountinginstruction.info/

To help address COVID-related labor shortages, the Internal Revenue Service today reminded employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan's normal retirement age.