Tax & Current Accounting Topics

IRS News - February 1 is the deadline for employers to issue and file wage statements

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

 https://accountinginstruction.info/

Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees.

IRS News - Economic Impact Payments on their way, visit IRS.gov instead 

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

https://accountinginstruction.info/

WASHINGTON – The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov.

Treasury, IRS provide relief for those developing renewable energy projects offshore or on federal land 

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

https://accountinginstruction.info/

IR-2020-281, December 31, 2020  WASHINGTON –The Treasury Department and the Internal Revenue Service today issued guidance PDF providing an extension of the safe harbor for taxpayers developing renewable energy projects offshore or on federal land.

Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans 

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

IR-2020-280, December 29, 2020  WASHINGTON – Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year.

IRS issues standard mileage rates for 2021 

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

https://accountinginstruction.info/

IR-2020-279, December 22, 2020  WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Year-end reminder: Expanded tax benefits help individuals and businesses give to charity during 2020 

https://www.irs.gov/newsroom/year-end... 

https://accountinginstruction.info/

IR-2020-278, December 18, 2020  WASHINGTON – The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.

How people can give back by becoming an IRS-certified volunteer 

https://www.irs.gov/newsroom/how-peop... 

https://accountinginstruction.info/

IRS Tax Tip 2020-174, December 18, 2020  The IRS and its community partners are looking for people around the country to become IRS-certified volunteers for the upcoming tax season.

Small businesses should make sure to use the right form when filing employment tax returns 

https://www.irs.gov/newsroom/small-bu... 

https://accountinginstruction.info/

IRS Tax Tip 2020-173, December 17, 2020  Some small businesses pay employment tax quarterly while others may pay it just once a year.

New things taxpayers should consider as they get ready to file taxes in 2021 

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

https://accountinginstruction.info/

COVID Tax Tip 2020-172, December 16, 2020  When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive.

Get Ready for Taxes: Stay home and stay safe with IRS online tools 

https://www.irs.gov/newsroom/get-read... 

https://accountinginstruction.info/

IR-2020-277, December 16, 2020  WASHINGTON — The Internal Revenue Service today encouraged taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021.