Tax & Current Accounting Topics

Taxpayer Relief Initiative aims to help those financially affected by COVID-19 

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

https://accountinginstruction.info/

The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax debt.

Security Summit partners announce National Tax Security Awareness Week dates; urge increased security measures as fraudsters exploit COVID-19 concerns 

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

https://accountinginstruction.info/

Register by Nov. 21 to get an Economic Impact Payment; same deadline for federal beneficiaries to get missed $500 per child payments https://www.irs.gov/newsroom/register... 

https://accountinginstruction.info/

The Internal Revenue Service today reminded people who don't normally file tax returns that they have until November 21 at 3 p.m. Eastern time to register for an Economic Impact Payment. T

Here’s how visually impaired taxpayers can access IRS resources and information 

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

https://accountinginstruction.info/

The IRS is here to serve and support all of America's taxpayers including, those who use assistive technology. The agency's Alternative Media Center (AMC) provides resources and accessibility services to taxpayers with disabilities.

Nov. 21 deadline nears to register online for Economic Impact Payment; Some people can claim special credit next tax filing season https://www.irs.gov/newsroom/nov-21-d... 

https://accountinginstruction.info/

The Internal Revenue Service today reminded anyone who doesn't normally file a tax return that they have until 3 p.m. EST this Saturday, November 21, to register with the IRS for an Economic Impact Payment (EIP).

IRS Advisory Council issues 2020 Annual Report 

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

https://accountinginstruction.info/

The Internal Revenue Service Advisory Council (IRSAC) today issued its annual report for 2020 PDF, including recommendations to the IRS on new and continuing issues in tax administration.

Common errors businesses should avoid when claiming employer tax credits 

https://www.irs.gov/newsroom/common-e...

https://accountinginstruction.info/

Employers who are filing Form 941, Employer's Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes.

IRS Criminal Investigation releases Fiscal Year 2020 Annual Report; identifies $2.3 billion in tax fraud 

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

https://accountinginstruction.info/

The Internal Revenue Service today released the Criminal Investigation Division's annual report PDF, highlighting the agency's successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19.

Get Ready for Taxes: Get ready now to file 2020 federal income tax returns 

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

https://accountinginstruction.info/

The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments (EIP).

Here’s who qualifies for the employee business expense deduction 

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

https://accountinginstruction.info/

Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators.