Tax & Current Accounting Topics

Self-supporting college students may qualify for an Economic 

https://www.irs.gov/newsroom/self-sup... 

https://accountinginstruction.info/

Any eligible self-supporting college student who doesn't need to file a tax return should register using the Non-Filers tool by 3:00 p.m. ET November 21 to receive an Economic Impact Payment before the end of this year.

IRS to mask key business transcript details; protect taxpayers from identity theft 

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

https://accountinginstruction.info/

WASHINGTON – Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting Dec. 13 it will begin masking sensitive data on business tax transcripts.

How the CARES Act changes deducting charitable contributions 

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

https://accountinginstruction.info/

Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that's personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income.

Taxpayers have the right to representation when working with the IRS 

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

https://accountinginstruction.info/

The IRS grouped all of the rights taxpayers have under the law into the Taxpayper Bill of Rights. Included in the list is the right to retain representation.

IRS reminder to non-filers: Nov. 10 is ‘National EIP Registration Day;’ Community partners can help people sign up for Economic Impact Payment https://www.irs.gov/newsroom/irs-remi...

https://accountinginstruction.info/

The Internal Revenue Service today urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, Nov. 10.

Reminder to all taxpayers: Gift cards are not used to make tax payments 

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

https://accountinginstruction.info/

Gift cards are a popular and convenient gift for all occasions. They're also a tool that scammers use to steal money from people.

IRS provides guidance on certain distributions from terminating 403(b) plans 

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

https://accountinginstruction.info/

The Department of the Treasury and the Internal Revenue Service today issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. The guidance reflects changes provided in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).

Many college students may still qualify for an Economic Impact Payment; review the guidelines and register by Nov. 21 at IRS.gov https://www.irs.gov/newsroom/many-col...

https://accountinginstruction.info/

The Internal Revenue Service (IRS) today urged any eligible self-supporting college student who doesn't need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year.

Security Summit partners warn taxpayers of new COVID-related text scam 

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

https://accountinginstruction.info/

The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment.

IRS resources to help small business owners 

https://www.irs.gov/newsroom/news-rel... 

https://accountinginstruction.info/

This week is National Veterans Small Business Week. The IRS has a variety of resources to help small business owners, including veterans, understand their tax responsibilities. Best of all, most of these resources are available online at IRS.gov.