Tax & Current Accounting Topics

IRS Tax Tip Here’s what tax professionals should do after a data theft or loss 

https://www.irs.gov/newsroom/heres-wh... 

https://accountinginstruction.info/

If a tax pro or their firm is the victim of data or information theft, they must deal with it thoroughly and efficiently.

IRS Tax Tip Taxpayers who aren’t eligible for the Child Tax Credit should look into the Credit for Other Dependents https://www.irs.gov/newsroom/taxpayer

https://accountinginstruction.info/

The Credit for Other Dependents  is a tax credit available to taxpayers for each of their qualifying dependents who can't be claimed for the Child Tax Credit.

IRS selects seven new members for the Electronic Tax Administration Advisory Committee 

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

https://accountinginstruction.info/

The Internal Revenue Service has selected seven new members for the Electronic Tax Administration Advisory Committee (ETAAC).

Expanded tax benefits help individuals and businesses give to charity in 2021

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

https://accountinginstruction.info/

Recent legislation includes several provisions to help individuals and businesses who give to charity.

Starting Oct. 28, new $67 user fee applies to estate tax closing letters; IRS reminds executors of free transcript option https://www.irs.gov/newsroom/starting...

 https://accountinginstruction.info/

The Internal Revenue Service announced today that starting Oct. 28, a new $67 user fee will apply to any estate that requests a closing letter for its federal estate tax return.

IRS Tax Tip How to avoid fraud and scams after a disaster

 https://www.irs.gov/newsroom/how-to-a...

 https://accountinginstruction.info/

Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts.

IRS: Drought-stricken farmers and ranchers have more time to replace livestock 

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

https://accountinginstruction.info/

Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.

IRS Tax Tip All taxpayers have the right to appeal an IRS decision in an independent forum 

https://www.irs.gov/newsroom/all-taxp... 

https://accountinginstruction.info/

Taxpayers have the right to appeal an IRS decision in an independent forum.

IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of three groups 

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

https://accountinginstruction.info/

The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts

IRS launches new webpage to assist taxpayers with refunds subject to Joint Committee on Taxation review 

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

 https://accountinginstruction.info/

The IRS today introduced a new webpage that provides information to taxpayers whose large refunds are subject to further review by the Joint Committee on Taxation (JCT or Joint Committee).