Tax & Current Accounting Topics

IRS and community partners team up to provide free tax help for families to get advance CTC 

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

https://accountinginstruction.info/

Partners urged to use AdvCTC online information and tools to help eligible taxpayers get registered IR-2021-132, June 23, 2021

COVID Tax Tip Reviewing eligibility for credits and deductions is an important part of year-round tax planning https://www.irs.gov/newsroom/reviewin

Tax credits and deductions can mean more money in a taxpayer's pocket. Most people only think about this when they file their tax return, but early planning can help make filing their 2021 tax return easier.

ETAAC delivers 2021 Annual Report with recommendations to Congress and IRS 

https://www.irs.gov/newsroom/etaac-de

https://accountinginstruction.info

The Electronic Tax Administration Advisory Committee (ETAAC) today released its annual report to Congress, featuring 10 recommendations with a focus on the prevention of identity theft and refund fraud.

IRS announces two new online tools to help families manage Child Tax Credit payments 

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

https://accountinginstruction.info

Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments IR-2021-130, June 22, 2021

COVID Tax Tip The first step of good tax planning is good recordkeeping 

https://www.irs.gov/newsroom/the-firs 

https://accountinginstruction.info

Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.

IRS Tax Tip Businesses must report nonemployee compensation and backup withholding 

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

https://accountinginstruction.info/

By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation.

Taxpayers may receive a refund for taxes paid on 2020 unemployment compensation 

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

https://accountinginstruction.info/

The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable amount of unemployment compensation and tax. For eligible taxpayers, this could result in a refund, a reduced balance due or no change to tax.

IRS Tax Tip Filing payroll taxes electronically makes good business sense 

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

https://accountinginstruction.info

Running a business with employees can be hard work. One way business owners can make things a little easier on themselves is by filing payroll and employment taxes electronically.

IRS Tax Tip Facts to help taxpayers understand backup withholding

 https://www.irs.gov/newsroom/facts-to... 

https://accountinginstruction.info/

Backup withholding is a federal tax on income that otherwise typically doesn't require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments.

IRS unveils online tool to help low-income families register for monthly Child Tax Credit payments 

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

https://accountinginstruction.info/

The Treasury Department and the Internal Revenue Service today unveiled an online Non-filer Sign-up tool designed to help eligible families who don't normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15.