Tax & Current Accounting Topics

COVID Tax Tip - People should be on the lookout for identity theft involving 

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

​ The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received.

Tax Time Guide: How to do taxes for free and get refunds fast 

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

https://accountinginstruction.info/

​IRS YouTube Videos: Free Help Preparing Your Tax Return -- English | Spanish | ASL Do-It-Yourself Free Tax Preparation -- English | Spanish Do Your Taxes for Free With Free File – English | Spanish | ASL WASHINGTON — During this tax season when many people are trying to stay safe at home, the Internal Revenue Service reminds taxpayers about ways to do their taxes for free online or with help from volunteers.

All taxpayers have the right to pay no more than the correct amount of tax 

https://www.irs.gov/newsroom/all-taxp

​ https://accountinginstruction.info/

​When taxpayers complete their tax returns, they may discover they will owe taxes. By law, they have the right to pay no more than the correct amount of tax.

Victims of Texas winter storms get deadline extensions and other tax relief 

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

​ https://accountinginstruction.info/

​WASHINGTON — Victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

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COVID Tax Tip Things taxpayers should know when choosing between standard and itemized deductions 

https://www.irs.gov/newsroom/things-t

​ https://accountinginstruction.info/

​Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.

Low Income Taxpayer Clinics represented over 20,000 taxpayers dealing with an IRS tax controversy; see the latest program report and the 2021 LITC grant recipient list 

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

https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service's Low Income Taxpayer Clinic (LITC) Program office today announced highlights from its 2020 annual report PDF, featuring successful taxpayer outreach to thousands of taxpayers.

IRS reminds farmers and fishers of March 1 tax deadline 

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

​ https://accountinginstruction.info

​WASHINGTON — The Internal Revenue Service is reminding those with income from a farming or fishing business can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1.

New law provides additional flexibility for health FSAs and dependent care assistance programs 

https://www.irs.gov/newsroom/new-law

https://accountinginstruction.info/​

Employers may allow participants to carry over unused amounts IR-2021-40, February 18, 2021