Tax & Current Accounting Topics

COVID Tax Tip The Child Tax Credit Update Portal allows families to update direct deposit information or unenroll https://www.irs.gov/newsroom/the-chil

https://accountinginstruction.info

The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The tool also allows families to unenroll from the advance payments if they don't want to receive them. The Update Portal is available only on IRS.gov.

IRS Security Summit announces summer campaign to raise awareness among tax pros about identity theft; urges practitioners to boost security immunity 

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

https://accountinginstruction.info/

WASHINGTON — Continuing an effort to battle tax-related identity theft, the IRS, state tax agencies and the tax industry announced today that the annual campaign to raise awareness among tax professionals about data security will begin next week.

IRS readies nearly 4 million refunds for unemployment compensation overpayments 

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

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service announced today it will issue another round of refunds this week to nearly 4 million taxpayers who overpaid their taxes on unemployment compensation received last year.

COVID Tax Tip IRS online tool helps families determine if they qualify for the child tax credit 

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

https://accountinginstruction.info

The IRS urges families to use a special online tool, available only on IRS.gov, to help them determine whether they qualify for the child tax credit and the special monthly advance payments beginning July 15.

COVID Tax Tip Making payments for deferred tax reported by third party payers 

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

https://accountinginstruction.info/

The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.

IRS: Online Child Tax Credit eligibility tool now available in Spanish; other multi-lingual materials help families see if they qualify for advance payments 

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

https://accountinginstruction.info/

The Internal Revenue Service has launched a new Spanish-language version of its online tool, Child Tax Credit Eligibility Assistant, designed to help families determine whether they qualify for the Child Tax Credit and the special monthly advance payments of the credit, due to begin on July 15.

IRS.gov: The 24/7 summertime spot for tax help 

https://www.irs.gov/newsroom/irsgov-t

https://accountinginstruction.info/

WASHINGTON — The IRS website provides millions of visitors with the answers they need to fit their busy summer schedules. On IRS.gov, waiting for service is not a problem and no appointment is needed to use the online tools.

IRS provides guidance for multiemployer retirement plans receiving assistance from the PBGC 

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

 https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service today provided guidance for multiemployer qualified retirement plans that receive special financial assistance from the Pension Benefit Guaranty Corporation (PBGC) and for participants and beneficiaries in those plans.

IRS Nationwide Tax Forum kicks off July 20 

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

https://accountinginstruction.info/

July 13 is the last day to register to attend keynote address by IRS Commissioner Chuck Rettig

IRS Tax Tip What taxpayers need know about using the IRS Tax Withholding Estimator 

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

 https://accountinginstruction.info/

All taxpayers should use the IRS Tax Withholding Estimator to check their withholding. This tool helps people make sure their employers are taking out the right amount of tax from the employee's paychecks. It can be used by workers, as well as retirees, self-employed individuals and other taxpayers.