Tax & Current Accounting Topics

IRS Tax Tip Filing season reminder: Social Security benefits may be taxable https://www.irs.gov/newsroom/filing-s...

Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits.

IRS offers overview of tax provisions in American Rescue Plan; retroactive tax benefits help many people now preparing 2020 returns https://www.irs.gov/newsroom/irs-offe

https://accountinginstruction.info​

Taxpayers with children should file returns soon for advance payments of Child Tax Credit  IR-2021-106, May 11, 2021  WASHINGTON — The Internal Revenue Service today provided an overview of some of the key tax provisions in the American Rescue Plan Act.

Filing season reminder: Military members and their families may qualify for special tax benefits 

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

​ https://accountinginstruction.info

​With the filing deadline around the corner, the IRS reminders members of the military that they may qualify for special tax benefits. For example, they don't have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.

IRS issues guidance on taxability of dependent care assistance programs for 2021, 2022 

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

​ https://accountinginstruction.info/

​IR-2021-105, May 10, 2021  WASHINGTON — The Internal Revenue Service today issued guidance on the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for incurring claims generally are not taxable.

Common but costly errors employers should avoid when filing taxes or claiming credits https://www.irs.gov/newsroom/common-b...

​Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 and carefully complete the form to avoid mistakes.

Reminder to tax-exempt organizations: 990s, other forms due on May 17; information and tools available to help  WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021. These returns are:

IRS Tax Tip Tips for taxpayers who work in the gig economy 

https://www.irs.gov/newsroom/tips-for...

​ https://accountinginstruction.info/

​The gig economy allows people to earn income by using technology to arrange transactions. This could include performing rideshare services or deliveries, renting out property, selling goods online, or providing freelance work.

More than 1.1 million additional Economic Impact Payments disbursed under the American Rescue Plan; payments total approximately 164 million https://www.irs.gov/newsroom/more-tha...

​ 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 more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan.

IRS announces use of Projected Contract Award Date web app that predicts when contracts will be signed 

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

https://accountinginstruction.info/

​WASHINGTON —The Internal Revenue Service's Office of the Chief Procurement Officer today announced the successful development of a web app called Projected Contract Award Date. The interactive forecast dashboard statistically predicts when contracts will be signed.

COVID Tax Tip Filing season reminder: An extension to file is not an extension to pay taxes 

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

​ https://accountinginstruction.info/

​For most individual taxpayers the tax filing and payment deadline was postponed to May 17. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by May 17, or they may face a failure to file penalty. This extension gives them until October 15 to file their tax return.