Tax & Current Accounting Topics

IRS News - The first step of tax preparation is gathering records 

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

​As taxpayers get ready to file their 2020 tax return, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate 2020 tax return and avoid refund delays.

IRS Free File can save families money 

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

https://accountinginstruction.info/

​COVID Tax Tip 2021-15, February 8, 2021  Families are often looking for ways to save money. One way they can do this is by using IRS Free File to do their taxes. Free File offers online tax preparation, direct deposit of refunds and electronic filing, at no cost.

Tips to help people choose a reputable tax preparer 

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

​ https://accountinginstruction.info/

​Whether taxpayers regularly use a tax professional to help them file a tax return or they have decided to work with one for the first time, it is important to choose a tax return preparer wisely. Taxpayers are responsible for all the information on their income tax return. This is true regardless of who prepares the return.

Educators can now deduct out-of-pocket expenses for COVID-19 protective items 

https://www.irs.gov/newsroom/educator...​ 

WASHINGTON — Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to:

Beware of "ghost" preparers who don’t sign tax returns 

https://www.irs.gov/newsroom/beware-o

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service reminds taxpayers to avoid "ghost" tax return preparers whose refusal to sign returns can cause a frightening array of problems. It is important to file a valid, accurate tax return because the taxpayer is ultimately responsible for it.

Here are reasons taxpayers should file a 2020 federal tax return – and why e-file is best

 https://www.irs.gov/newsroom/here-are

COVID Tax Tip 2021-13, February 4, 2021  Most people with gross income of $12,400 or more must file a federal tax return. Some people with a lower income are not required to file. However, these individuals should still consider filing for a refund of federal income tax withheld. They may also be eligible for certain tax credits, like the earned income tax credit, the recovery rebate credit and others.

People can get their federal tax refund faster with direct deposit 

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

​ https://accountinginstruction.info/

​As taxpayers prepare for the start of the 2021 filing season, the best way to get a refund is to combine electronic filing with direct deposit. It's fast, secure and easy.

IRS offers contact-free signature options for authorization forms 

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

​ https://accountinginstruction.info/

​IRS Tax Tip 2021-11, February 2, 2021  The IRS has a new online option to help tax professionals remotely get signatures from individual and business clients on authorization forms and submit those forms electronically.

New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief https://www.irs.gov/newsroom/new-law-...

​ https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit.

IRS updates FAQs on paid sick leave credit and family leave credit 

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

https://accountinginstruction.info/

​WASHINGTON — The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The FAQs are available at COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs.