Tax & Current Accounting Topics

IRS urges taxpayers to gather tax documents now for smooth filing later 

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

WASHINGTON —The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return.

Tax time is seasonal, but the Taxpayer Bill of Rights applies all year 

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

https://accountinginstruction.info/

All taxpayers have fundamental rights when they’re interacting with the IRS. These rights apply all year long, not just during tax season. The Taxpayer Bill of Rights presents these rights in 10 categories.

Taxpayers can start the new tax year off right by checking their withholding 

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

https://accountinginstruction.info/

IRS Tax Tip 2021-04, January 20, 2021  A new year means a fresh start. One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov.

Employers can withhold, make payments of deferred Social Security taxes from 2020 

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

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service today released Notice 2021-11 PDF addressing how employers who elected to defer certain employees' taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.

Taxpayers can visit IRS.gov from the safety of their home for answers to tax questions 

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

https://accountinginstruction.info/

IRS Tax Tip 2021-03, January 19, 2021  As people get ready to file their 2020 tax return, the IRS reminds taxpayers they can find answers to their tax questions from the safety of their home using IRS online tools and resources. These IRS.gov tools are easy to use and available 24 hours a day.

IRS Free File Online 

https://www.irs.gov/filing/free-file-...

IRS Free File lets you prepare and file your federal income tax online for free. File at an IRS partner site with the IRS Free File Program or use Free File Fillable Forms. It's safe, easy and no cost to you.   Pick an option based on your income What Is IRS Free File?

IRS Free File available today; claim Recovery Rebate Credit and other tax credits 

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

IR-2021-15, January 15, 2021  WASHINGTON — IRS Free File – online tax preparation products available at no charge – launched today, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced.

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic 

https://www.irs.gov/newsroom/2021-tax...

https://accountinginstruction.info/

WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

Millions of taxpayers will receive their second Economic Impact Payments by debit card 

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

COVID Tax Tip 2021-02, January 14, 2021  The Treasury Department and the IRS are issuing millions of second Economic Impact Payments by prepaid debit card to speed delivery of the payments to as many people as possible.

IRS reminds taxpayers to make final estimated tax payment for 2020 

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

https://accountinginstruction.info/

WASHINGTON − Taxpayers who paid too little tax during 2020 can still avoid a tax-time bill and possible penalties by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2020 is Friday, January 15, 2021.