Tax & Current Accounting Topics

IRS reminds taxpayers of May 17 deadline for individual income tax returns: extensions, other help available 

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

https://www.irs.gov/newsroom/most-fed... 

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service reminds taxpayers that the deadline for filing most individual income tax returns this year is May 17. The agency also wants taxpayers who have yet to file their tax returns to know that there are a variety of options available to help them.

Most federal tax returns are due those who can’t pay should still file on time

IRS, Treasury announce families of 88 percent of children in the U.S. to automatically receive monthly payment of refundable Child Tax Credit https://www.irs.gov/newsroom/irs-trea

https://accountinginstruction.info

WASHINGTON — The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the United States — are slated to begin receiving monthly payments without any further action required.

IRS extends May 17, other tax deadlines for victims of Tennessee storms; provides special guidelines for disaster area individuals needing further extensions 

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

https://accountinginstruction.info

WASHINGTON — Victims of this spring's storms and tornadoes in Tennessee will have until August 2, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

IRS begins correcting tax returns for unemployment compensation income exclusion; periodic payments to be made May through summer https://www.irs.gov/newsroom/irs-begi...

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income.

Facing a surprise tax bill? Be sure to still file by May 17 

https://www.irs.gov/newsroom/facing-a

https://accountinginstruction.info

It's easy for most people to set up an online payment agreement with IRS IR-2021-110, May 14, 2021

IRS extends deadline to apply for the 2022-2024 volunteer Taxpayer Advocacy Panel

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

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service has extended the deadline for civic-minded volunteers to apply for membership on the Taxpayer Advocacy Panel (TAP) for 2022. Taxpayers may submit a TAP application online at www.improveirs.org through June 1, 2021.

IRS grants dyed diesel fuel penalty relief due to disruptions of the fuel supply chain 

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

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service, in response to disruptions of the fuel supply chain, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the states of Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and the District of Columbia.

IRS Tax Tip Here’s what taxpayers need to know about reporting tip income on their tax return 

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

https://accountinginstruction.info/

Generally, income received from any source, including tips, is taxable. Here's some information to help taxpayers report tip income.

Nearly 1 million additional Economic Impact Payments disbursed under the American Rescue Plan; total payments reach nearly 165 million https://www.irs.gov/newsroom/nearly-1... 

https://accountinginstruction.info/

WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 1 million payments in the ninth batch of Economic Impact Payments from the American Rescue Plan