Tax & Current Accounting Topics

Security Summit: Tax pros should encourage clients to obtain IP PINs to protect against tax-related identity theft https://www.irs.gov/newsroom/security... 

https://accountinginstruction.info/

WASHINGTON — Internal Revenue Service Security Summit partners today called on tax professionals to increase efforts to inform clients about the Identity Protection PIN Opt-In Program that can protect against tax-related identity theft.

IRS Tax Tip Here’s why taxpayers should have an IRS online account

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

https://accountinginstruction.info

An IRS online account is a safe and easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system.

More than 2.2 million additional Economic Impact Payments disbursed under the American Rescue Plan 

https://www.irs.gov/newsroom/more-tha

https://accountinginstruction.info

The Internal Revenue Service, U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced today they have disbursed more than 2.2 million additional Economic Impact Payments under the American Rescue Plan.

COVID Tax Tip Multilingual resources help families see if they qualify for advance child tax credit payments 

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

https://accountinginstruction.info

Among other multilingual advance child tax credit resources, the IRS now has a Spanish-language version of its Child Tax Credit Eligibility Assistant. This tool helps families determine whether they qualify for the child tax credit and the special monthly advance payments of the credit.

IRS holds additional weekend events July 23-24 to help people with Child Tax Credit payments and Economic Impact Payments https://www.irs.gov/newsroom/irs-hold

https://accountinginstruction.info

The Internal Revenue Service and partners in non-profit organizations, churches, community groups and others will host additional events in several cities this weekend to help eligible families register for the monthly Advance Child Tax Credit (AdvCTC) payments.

Security Summit partners urge tax pros to use multi-factor authentication; critical step to boost protection against data theft https://www.irs.gov/newsroom/security

 https://accountinginstruction.info

With security incidents on the rise, the Internal Revenue Service, state tax agencies and the tax industry urged tax professionals and taxpayers to use a special feature – multi-factor authentication

Tax Tip A tip for teachers: Some educator expenses may be tax deductible

 https://www.irs.gov/newsroom/a-tip-fo

https://accountinginstruction.info

The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.

Tax Tip Employers should choose their payroll service provider carefully to protect against fraud 

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

https://accountinginstruction.info/

When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills.

IRS: Monthly Child Tax Credit payments begin 

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

https://accountinginstruction.info

The Internal Revenue Service and the Treasury Department announced today that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes.

IRS Tax Tip Things people do during the summer that might affect their tax return next year 

https://www.irs.gov/newsroom/things-p

https://accountinginstruction.info

It's summertime and for many people, summertime means change. Whether it's a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during filing season.