Tax & Current Accounting Topics

IRS holds special weekend events to help people who don’t normally file taxes get Child Tax Credit payments and Economic Impact Payments https://www.irs.gov/newsroom/irs-hold...

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WASHINGTON — The Internal Revenue Service and partners in non-profit organizations, churches, community groups and others will host events in 12 cities this weekend to help people who don't normally file a federal tax return to register for the monthly Advance Child Tax Credit (AdvCTC) payments.

IRS Tax Tip What organizations should understand about applying for tax-exempt status 

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Organizations that want to apply for recognition of tax-exempt status under Section 501(c)(3) of the tax code use a Form 1023-series application. Here are some tips to help them understand the process.

How self-employed individuals and household employers repay deferred Social Security tax 

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The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 over the next two years. Half of the deferred Social Security tax is due by December 31, 2021, and the remainder is due by December 31, 2022.

IRS Tax Tip Understanding the taxpayer’s right to quality service

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It's important for all taxpayers to know their rights in case they need to work with the agency on a tax matter. The Taxpayer Bill of Rights, lists and defines 10 fundamental rights of every taxpayer. Included on that list is the Right to Quality Service:

IRS wraps up its 2021 "Dirty Dozen" scams list with warning about promoted abusive arrangements 

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WASHINGTON — The Internal Revenue Service today concludes the "Dirty Dozen" list of tax scams with a warning to taxpayers to watch out for schemes peddled by tax promoters, including syndicated conservation easements, abusive micro-captive insurance arrangements and other abusive arrangements.

IRS extends tax relief for employer leave-based donation programs that aid victims of the COVID-19 pandemic 

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WASHINGTON — The Internal Revenue Service today extended the tax relief provided in Notice 2020-46 for calendar year 2021 for employers whose employees forgo sick, vacation or personal leave because of the COVID-19 pandemic.

Draft Instructions for the Schedules K-2 and K-3 released to enhance reporting of international tax matters by pass-through entities https://www.irs.gov/newsroom/draft-in

accountinginstruction.info WASHINGTON — The Treasury and the IRS released today early draft instructions for the Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022). The early release drafts of the instructions provide a preview of the instructions before final versions are released. The new Schedules K-2 and K-3 were released on June 3 and 4, 2021.

National Taxpayer Advocate assesses tax filing season and identifies areas for IRS improvement in midyear report to Congress https://www.irs.gov/newsroom/national... 

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WASHINGTON — National Taxpayer Advocate Erin M. Collins today released her statutorily mandated midyear report to Congress. The report presents an assessment of the 2021 filing season, identifies key objectives the Taxpayer Advocate Service (TAS) will pursue during the upcoming fiscal year, and contains the IRS's responses to each of the 73 administrative recommendations the Advocate made in her 2020 Annual Report to Congress.

IRS: Families receiving monthly Child Tax Credit payments can now update their direct deposit information 

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

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WASHINGTON — The Internal Revenue Service today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment.

IRS "Dirty Dozen" list warns people to watch out for tax-related scams involving fake charities, ghost preparers and other schemes https://www.irs.gov/newsroom/irs-dirt... 

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Agency reminds seniors and immigrants to watch out for predators IR-2021-141, June 30, 2021