Tax & Current Accounting Topics

Low Income Taxpayer Clinic 2021 supplemental application period now open 

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

​ https://accountinginstruction.info

​WASHINGTON — The Internal Revenue Service today announced it will accept applications for an 18-month Low Income Taxpayer Clinic (LITC) matching grant from all qualified organizations.

IRS begins delivering third round of Economic Impact Payments to Americans 

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

​WASHINGTON — The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week.

Tax Time Guide: Get credit for IRA contributions made by April 15 on 2020 tax returns 

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

​ https://accountinginstruction.info

​WASHINGTON — The Internal Revenue Service notes that taxpayers of all ages may be able to claim a deduction on their 2020 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 15, 2021. There is no longer a maximum age for making IRA contributions.

Here’s how people can request a copy of their previous tax return 

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

​ https://accountinginstruction.info

​Taxpayers who didn't save a copy of their prior year's tax return, but now need it, have a few options to get the information. Individuals should generally keep copies of their tax returns and any documents for at least three years after they file.

COVID Tax Tip - What employers need to know about repayment of deferred payroll taxes 

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

​To give people a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security Act allowed employers to defer payment of the employer's share of Social Security tax. IRS Notice 2020-65 PDF allowed employers to defer withholding and payment of the employee's Social Security taxes on certain wages paid in calendar year 2020. Employers must pay back these deferred taxes by their applicable dates.

Tax Time Guide: Make protecting tax and financial information a habit

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

​ https://accountinginstruction.info/

​WASHINGTON – The Internal Revenue Service today urged people to continue practicing proper cybersecurity habits by securing computers, phones and other devices. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital.

IRS provides resources and services for visually impaired taxpayers 

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

​ https://accountinginstruction.info/

​The IRS Alternative Media Center offers resources and accessibility services for taxpayers. Tax-related content is available in several formats for use with assistive technology. This includes screen reading software, refreshable Braille displays and screen magnifying software.

Tips to help taxpayers spot and avoid tax scams 

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

​Tax season is also busy season for savvy criminals. Scammers impersonating the IRS either over-the-phone, by email or in-person can steal money from people. All taxpayers should stay vigilant against these schemes.

Tips to help take the stress out of tax season

Tax Time Guide: Make IRS.gov first stop for tax help 

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

https://accountinginstruction.info/​

WASHINGTON — The Internal Revenue Service reminds taxpayers that its website, IRS.gov, continues to be the first and best place for people seeking information and assistance on their federal taxes. It is available 24 hours a day from the comfort of home, on a desktop, or from just about anywhere with a mobile device.