Tax & Current Accounting Topics

The American Rescue Plan includes retroactive tax benefits that can help taxpayers 

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

https://accountinginstruction.info/

The IRS reminds taxpayers who still haven't filed, that several provisions of the American Rescue Plan affect their 2020 tax returns.

COVID Tax Tip Tips for troubleshooting common after-tax day issues 

irs.gov/newsroom/tips-for-troubleshooting-common-after-tax-day-issues 

While the deadline to file and pay federal income taxes has passed for most people, some taxpayers may still be dealing with tax-related issues.  Here are some tips for taxpayers handling some of the most common after-tax-day issues.

2021 IRS Virtual Nationwide Tax Forum begins in July 

https://www.irs.gov/newsroom/2021-irs...

https://accountinginstruction.info/

Tax pros may earn continuing education credits and more IRS YouTube Video: 2021 IRS Tax Forum Will Be Virtual – English IR-2021-118, May 24, 2021  WASHINGTON — The Internal Revenue Service today announced that the 2021 Virtual IRS Nationwide Tax Forum will be held over five weeks starting July 20, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday.

COVID Tax Tip IRS working to help those without a permanent address get benefits including stimulus payments and tax credits https://www.irs.gov/newsroom/irs-work

https://accountinginstruction.info

While the third round of Economic Impact Payments continue to be made automatically to most people, the IRS can't issue a payment to eligible Americans when information about them isn't available in the tax agency's systems.

With the May 17 deadline in the past, file taxes now to get refund or cut penalties and interest 

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

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service reminds taxpayers who missed the recent tax-filing deadline who are due a refund that there is no penalty for filing late. Those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.

COVID Tax Tip Attention extension filers: Tax help is available anytime on IRS.gov 

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

https://accountinginstruction.info

The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2020 federal tax returns is Friday, October 15, 2021. The IRS has a variety of helpful tools and resources and many of them are available anytime on IRS.gov.

IRS urges groups to share information to help those without permanent addresses get benefits including Economic Impact Payments, upcoming advance Child Tax Credit

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

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness by reminding people who don't have a permanent address or a bank account that they may still qualify for stimulus payments and other credits, including the advance Child Tax Credit.

IRS Tax Tip Here’s how taxpayers can check the status of their federal tax return 

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

https://accountinginstruction.info

The most convenient way to check on a tax refund is by using the Where's My Refund? tool. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. The tool also provides a personalized refund date after the return is processed and a refund is approved.

IRS provides guidance on premium assistance and tax credit for continuation health coverage

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

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).

What someone should do if they missed the May 17 deadline to file and pay taxes 

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

The federal income tax deadline has passed for most individual taxpayers. However, some haven't filed their 2020 tax returns or paid their tax due.