Tax & Current Accounting Topics

IRS letters explain why some 2020 Recovery Rebate Credits are different than expected

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

​ https://accountinginstruction.info/

​WASHINGTON − As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected.

COVID Tax Tip IRS issuing third Economic Impact Payments to non-filers and most federal beneficiaries 

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

​The IRS continues to issue the third Economic Impact Payment to eligible individuals. This includes Social Security recipients and other federal beneficiaries who do not normally file a tax return. Most of these payments will be sent electronically and received on April 7

IRS has refunds totaling $1.3 billion for people who have not filed a 2017 federal income tax return 

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

​ https://accountinginstruction.info/

​WASHINGTON – Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service.

Join the Taxpayer Advocacy Panel and help improve the IRS; apply by May 14 

https://www.irs.gov/newsroom/join-the

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service today announced it is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP).

IRS provides guidance for employers claiming the Employee Retention Credit for first two quarters of 2021 

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

​ WASHINGTON — The Internal Revenue Service today issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act).

IRS, Treasury disburse more Economic Impact Payments under the American Rescue Plan; total tops 130 million with more to come https://www.irs.gov/newsroom/irs-trea​

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

University students and staff should be aware of IRS impersonation email scam 

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

​ https://accountinginstruction.info/

​People should be aware of an ongoing IRS-impersonation scam that appears to target educational institutions, including students and staff who have

IRS YouTube channels have helpful videos on a variety of tax https://www.irs.gov/newsroom/irs-yout...

​Taxpayers can subscribe to three different IRS YouTube channels to get tax information in a short and easy to understand format and see community updates from the agency.

IRS to recalculate taxes on unemployment benefits refunds to start in May

More IRS materials and resources are now available in multiple languages 

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

​ https://accountinginstruction.info

​The IRS continues its efforts to expand ways to communicate to taxpayers who prefer to get information in other languages.