Tax & Current Accounting Topics

Here’s why some people got more than one notice about their Economic Impact Payments 

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

​After each of the three Economic Impact Payments is issued, the IRS is required to mail a notice to each recipient's last known address. The notice provides information about the amount of the payment, how it was made and how to report any payment that wasn't received.

IRS Free File can help people who aren’t required to file find tax credits and get a refund 

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

The IRS urges low- and moderate-income individuals and families, especially those who don't normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for taxpayers to claim a refund or claim benefits like the recovery rebate credit and Earned Income Tax Credit.

Electronic options on IRS.gov are available 24/7; save time online for filing information and help 

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

​ https://accountinginstruction.info

​WASHINGTON — The Internal Revenue Service today urged taxpayers and tax professionals to continue using electronic options to speed the processing of tax returns, refunds and payments. IRS.gov showcases many task-based tools and features to help people navigate their taxes. All are available 24/7/365.

IRS Office of Chief Counsel's first National Virtual Settlement Month successful in resolving almost 150 Tax Court cases https://www.irs.gov/newsroom/irs-offi

​ https://accountinginstruction.info

​WASHINGTON — Building on the success of Settlement Days and Virtual Settlement Days, the Internal Revenue Service Office of Chief Counsel hosted its first National Virtual Settlement Month in March 2021. The results are impressive.

Tax Tip Taxpayers shouldn’t believe these myths about federal tax refunds 

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

​ https://accountinginstruction.info

​Now that many taxpayers have filed their federal tax returns, they're eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers.

Two million more Economic Impact Payments disbursed under the American Rescue Plan; total reaches approximately 161 million as payments continue https://www.irs.gov/newsroom/two-mill...

​ 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 two million payments in the sixth batch of Economic Impact Payments from the American Rescue Plan.

Treasury Department and IRS provide safe harbor for small businesses to claim deductions relating to first-round Paycheck Protection Program loans https://www.irs.gov/newsroom/treasury

​ https://accountinginstruction.info

​WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Revenue Procedure 2021-20 PDF for certain businesses that received first-round Paycheck Protection

IRS suspends requirement to repay excess advance payments of the 2020 premium tax credit 

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

​The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf.

American Rescue Plan tax credits available to small employers to provide paid leave to employees receiving COVID-19 vaccines; new fact sheet outlines details 

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

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations.

People experiencing homelessness can get Economic Impact Payments and other tax benefits

 https://www.irs.gov/newsroom/people-e

​Economic Impact Payments, also known as stimulus payments, are different from most other tax benefits. People can get the payments even if they have little or no income and even if they don't usually file a tax return.