Tax & Current Accounting Topics

Taxpayers should file their tax return on time even if they can’t pay their tax bill in full 

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

https://accountinginstruction.info

​Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due.

Steer clear of typical tax return errors; May 17 deadline nears 

https://www.irs.gov/newsroom/steer-cl...

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service today reminded taxpayers to check their tax returns for common errors that could delay refunds or otherwise affect normal processing. Here are some ways to avoid tax return slipups as the May 17 due date gets closer.

IRS Tax Tip Do’s and Don’ts for taxpayers who get a letter or notice from the IRS 

https://www.irs.gov/newsroom/dos-and-...

​ https://accountinginstruction.info/

​The IRS mails letters or notices to taxpayers for a variety of reasons including if:

Those experiencing homelessness can get Economic Impact Payments and other tax benefits; permanent address not required https://www.irs.gov/newsroom/those-ex

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don't have a permanent address or a bank account that they may still qualify for Economic Impact Payments and other tax benefits.

IRS Tax Tip Taxpayers should use the correct filing status for accuracy 

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

​ https://accountinginstruction.info/

​Taxpayers need to know their correct filing status and be familiar with each option. The IRS Interactive Tax Assistant can help them determine their filing status.

IRS, Treasury disburse 2 million more Economic Impact Payments under the American Rescue Plan; VA beneficiaries bring total to approximately 159 million as payments continue 

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

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

IRS Free File can help people who have no filing requirement find overlooked tax credits and get a refund 

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

​ https://accountinginstruction.info

​WASHINGTON – The Internal Revenue Service today urged low- and moderate-income individuals and families, especially those who don't normally file a tax return, to use IRS Free File to prepare their own federal tax return, e-file it and get a refund – all for free.

COVID Tax Tip Claiming the employee retention credit in the first and second calendar quarters 2021 

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

​IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020.

IRS Tax Tip What taxpayers need to know about getting their unclaimed 2017 tax refunds 

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

https://accountinginstruction.info/​

The IRS reminds taxpayers they may have money waiting for them. An estimated 1.3 million taxpayers didn't file a 2017 Form 1040 federal income tax return and are due a refund.

IRS suspends requirement to repay excess advance payments of the 2020 Premium Tax Credit; those claiming net Premium Tax Credit must file Form 8962 

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

https://accountinginstruction.info/

​WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020.