Tax & Current Accounting Topics

Follow the IRS on social media and sign up for e-news subscriptions for the latest IRS news 

https://www.irs.gov/newsroom/follow-t

​Taxpayers, businesses, tax professionals and others can follow the agency's official social media accounts and email subscription lists to get urgent information on Economic Impact Payments and other tax information. These platforms provide the latest alerts and information on various tax topics, including tax relief related to COVID 19.

As hurricane season nears, IRS reminds people to prepare for natural disasters 

https://www.irs.gov/newsroom/as-hurri...

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Week and is also National Wildfire Awareness Month. Now is a good time to create or review emergency preparedness plans for surviving natural disasters.

Low Income Taxpayer Clinic 2022 grant application period now open 

https://www.irs.gov/newsroom/low-inco

https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2022 will run from May 3, 2021, to June 18, 2021.

IRS Tax Tip An offer in compromise may help some taxpayers settle their tax bill 

https://www.irs.gov/newsroom/an-offer

​ https://accountinginstruction.info

​Individual taxpayers and business owners can use the IRS's recently updated Offer in Compromise Booklet PDF to learn how an offer in compromise works and decide if it could help them resolve their tax debt.

IRS now accepting TCE and VITA grant applications 

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

https://accountinginstruction.info/

​WASHINGTON — Eligible organizations can now submit applications for the Internal Revenue Service's Tax Counseling for the Elderly and Volunteer Income Tax Assistance grant programs, allowing some organizations to apply for up to three years of annual funding.

Draft Schedules K-2 and K-3 released to enhance reporting of international tax matters by pass-through entities 

https://www.irs.gov/newsroom/draft-sc

​ https://accountinginstruction.info

​WASHINGTON — The Treasury and the IRS released today updated early drafts of new Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022).

Tax Tip IRS2Go mobile app is a quick way to access IRS tools and services 

https://www.irs.gov/newsroom/irs2go-m

https://accountinginstruction.info/

​The IRS mobile app – IRS2Go – provides taxpayers with quick access to helpful IRS tools on their mobile devices. The app is free to download on any iOS or Android device, and it's available in English and Spanish.

IRS: Some people get more time to file without asking; anyone else can request an automatic extension 

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

https://accountinginstruction.info/

​WASHINGTON — Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.

IRS has options for gig economy workers and those with unemployment benefits 

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

​ https://accountinginstruction.info

​WASHINGTON — The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations.

Nearly 2 million more Economic Impact Payments disbursed under the American Rescue Plan; continuing payments reach approximately 163 million 

https://www.irs.gov/newsroom/nearly-2​

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 2 million payments in the seventh batch of Economic Impact Payments from the American Rescue Plan.