Tax & Current Accounting Topics

COVID Tax Tip IRS Online Account can help taxpayers get ready to file their tax return 

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

​Taxpayers can securely access and view their IRS tax information anytime through their individual online account. They can see important information when preparing to file their tax return or following up on balances or notices. This includes:

Interest rates remain the same for the second quarter of 2021  

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

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be:

Tax Time Guide: Didn’t get Economic Impact Payments? Check eligibility for Recovery Rebate Credit 

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

​ https://accountinginstruction.info/

​WASHINGTON – The Internal Revenue Service reminds first-time filers and those who usually don't have a federal filing requirement to consider filing a 2020 tax return.

Here’s why people filing taxes for the first time should use Free File COVID Tax Tip https://www.irs.gov/newsroom/heres-wh...

​Many people will be filing federal taxes for the first time this year. For these taxpayers, IRS Free File is a great option, especially if they are looking to save money on tax preparation.

IRS provides guidance for employers claiming the Employee Retention Credit for 2020, including eligibility rules for PPP borrowers https://www.irs.gov/newsroom/irs-prov

​ https://accountinginstruction.info/

​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), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act), for calendar quarters in 2020.

Here’s what taxpayers should do if they have missing or incorrect documents 

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

​ https://accountinginstruction.info/

​Taxpayers should double-check to make sure they have all their documents before filing a tax return.  Taxpayers who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099.

IRS reminds businesses to report large cash transactions; e-file encouraged

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

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.

IRS issues alert on improper corporate domestic production activities deduction refund claims 

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

https://accountinginstruction.info/

​WASHINGTON — IRS officials issued an alert today concerning amended returns and claims for the Domestic Production Activities Deduction (DPAD). This provision of tax law was repealed as part of the Tax Cuts and Jobs Act for taxable years after December 31, 2017.

Tax Time Guide: Select a tax return preparer with care 

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

​ https://accountinginstruction.info/

​WASHINGTON – The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some cause great harm through fraud, identity theft and other scams every year.

COVID Tax Tip Free electronic filing options for military members and their families 

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

​Active duty military personnel have multiple options for free federal tax preparation. One is IRS Free File. This program offers online tax preparation, electronic filing and direct deposit of refunds, at no cost.