Tax & Current Accounting Topics

IRS Tax Tip Here’s what taxpayers need to know about paying taxes on their hobby activities 

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

https://accountinginstruction.info/

Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return.

Treasury, IRS extend safe harbor for renewable energy projects 

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

https://accountinginstruction.info

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance for taxpayers developing renewable energy projects to address delays related to the COVID-19 pandemic.

IRS, Treasury release state-by-state data on third round of Economic Impact Payments 

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

 https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service and the Treasury Department released information today detailing how many people in each state received the third round of Economic Impact Payments through early June.

IRS urges caution with email, social media and phones as part of ‘Dirty Dozen’ series 

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

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service today continues its "Dirty Dozen" scam series with a warning to taxpayers to watch out for unexpected schemes in the form of emails, text or social media messages and phone calls.

COVID Tax Tip  Errors employers should avoid when requesting advance payment of employer credits

 https://www.irs.gov/newsroom/errors-e

https://accountinginstruction.info

Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes.

IRS announces "Dirty Dozen" tax scams for 2021 

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

https://accountinginstruction.info

Americans urged to watch out for tax scams during the pandemic IR-2021-135, June 28, 2021

COVID Tax Tip People who don’t have to file taxes may need to register for monthly advance child tax credit payments https://www.irs.gov/newsroom/people-w

https://accountinginstruction.info

The IRS Non-filer Sign-up Tool offers a free and easy way for eligible people who don't normally have to file taxes to provide the IRS the basic information needed - name, address, and Social Security numbers – to figure and issue advance child tax credit payments. Often, these are individuals and families who receive little or no income, including those experiencing homelessness.

IRS releases Data Book for fiscal 2020 describing agency’s activities during pandemic 

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

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service today issued the Data Book detailing the agency's activities during fiscal year 2020 (Oct. 1, 2019 – Sept. 30, 2020).

IRS Tax Tip IRS.gov should be a taxpayer’s first stop for their tax transcript 

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

https://accountinginstruction.info

Tax transcripts are used for a variety of things, like applying for a mortgage or a student loan. Taxpayers order a tax transcript on IRS.gov. They can also learn about the different types of transcripts available from the IRS.

IRS online tool helps families see if they qualify for the Child Tax Credit; one of three tools now available for the upcoming advance payments