Tax & Current Accounting Topics

IRS provides tax inflation adjustments for tax year 2021 

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

https://accountinginstruction.info/

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments.

Tips to help taxpayers avoid post-disaster scams 

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

https://accountinginstruction.info/

The IRS reminds taxpayers that criminals and scammers often try to take advantage of generous taxpayers who want to help disaster victims. Everyone should be vigilant. These scams often pop up after a hurricane, wildfire or other disaster.

IRS reminds businesses to e-file payroll tax returns 

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

https://accountinginstruction.info/

The next quarterly payroll tax return due date is October 31, and the Internal Revenue Service urges business owners to use the speed and convenience of filing the returns electronically.  IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, or e-filing, of these returns for many reasons.

To help non-filers, IRS sets Nov. 10 as ‘National EIP Registration Day;’ Register at IRS.gov for Economic Impact Payment https://www.irs.gov/newsroom/to-help-... 

https://accountinginstruction.info/

The Internal Revenue Service today set November 10 as "National EIP Registration Day," as the agency and partners across the country launch a final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment.

IRS offers new stricter settlement for micro-captive insurance schemes; offer letters being mailed to groups under audit 

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

https://accountinginstruction.info/

The Internal Revenue Service announced today a second time-limited settlement initiative for certain taxpayers under audit who participated in abusive micro-captive insurance transactions.

IRS releases draft Form 1065 instructions on partner tax basis capital reporting 

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

https://accountinginstruction.info/

The IRS released today an early draft of the instructions to Form 1065, U.S. Return of Partnership Income PDF, for tax year 2020 (filing season 2021) that include revised instructions for partnerships required to report capital accounts to partners on Schedule K-1 (Form 1065).

IRS announces 2021 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants 

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

https://accountinginstruction.info/

The Internal Revenue Service recently awarded over $36 million in Tax Counseling for the Elderly and Volunteer Income Tax Assistance grants PDF to organizations that provide free federal tax return preparation.

All taxpayers have the right to privacy – it’s the law 

https://www.irs.gov/newsroom/all-taxp...

https://accountinginstruction.info/

One of the IRS's top priorities is protecting the privacy rights of America's taxpayers. The agency takes this so seriously that the right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers.

What happens after a disaster that leads to taxpayer relief 

https://www.irs.gov/newsroom/what-hap

https://accountinginstruction.info/

No matter how devastating a disaster is, before the IRS can authorize any tax relief, FEMA must issue a major disaster declaration and identify areas qualifying for their Individual Assistance program.  Here's a list of tax-related things that usually happen after a major disaster strikes:

IRS provides tax relief for victims of September wildfires in California; Oct. 15 deadline, other dates extended to Jan. 15 https://www.irs.gov/newsroom/irs-prov...

https://accountinginstruction.info/

Victims of the California wildfires that began on September 4 now have until January 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.