Tax & Current Accounting Topics

IRS provides tax relief for victims of Hurricane Delta; Oct. 15 deadline, other dates extended to Feb. 16 

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

https://accountinginstruction.info/

Victims of Hurricane Delta that began on October 6 now have until February 16, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Reviewing these disaster resources now can help taxpayers be more prepared later 

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

https://accountinginstruction.info/

No one can fully prepare for a disaster, but knowing what resources are available beforehand can make the recovery a little easier.

IRS fights fraud aimed at charities, joins international awareness week 

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

https://accountinginstruction.info/

WASHINGTON — The Internal Revenue Service is combating fraud by once again joining organizations around the world to highlight the third annual International Charity Fraud Awareness Week, October 19-23.

Most taxpayers who requested an extension to file must file today 

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

https://accountinginstruction.info/

Today is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2019 tax return must file today.  Those filing today who also owe taxes should pay as much as possible to reduce interest and penalties. The extension of time to file is not an extension to pay. Taxes must be paid on the original due date to avoid any penalty and interest charges.

Helpful information for taxpayers on backup withholding 

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

https://accountinginstruction.info/

Taxpayers who receive certain types of income may have backup withholding deducted from these payments. Backup withholding can apply to most payments reported on certain Forms 1099 and W-2G.

Online seminars from 2020 IRS Nationwide Tax Forums now available 

https://www.irs.gov/newsroom/online-s

https://accountinginstruction.info/

The Internal Revenue Service today announced 18 new seminars from the 2020 Nationwide Tax Forums are now available on IRS Nationwide Tax Forums Online(link is external). The cost is $29 per seminar.  These self-study seminars provide information to participants using interactive videos, PowerPoint slides and audio transcripts.

IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21 

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

https://accountinginstruction.info

The deadline to register for an Economic Impact Payment using the Non-Filers tool is extended to November 21, 2020.  The IRS urges people who don't typically file a tax return – and haven't received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.

IRS adds QR technology to key balance due notices to help taxpayers 

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

https://accountinginstruction.info/

For the first time, the IRS is adding barcode technology to notices sent to millions of taxpayers.  Starting this month, the CP14 and CP14 IA notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR bar codes to help those taxpayers securely and easily navigate to the IRS.gov website.

IRS: Check tax withholdings now as the last quarter of 2020 begins 

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

https://accountinginstruction.info/

The Internal Revenue Service today reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid a surprise when filing next year.  An adjustment or two made now may boost take home pay or allow taxpayers to pay more in the last quarter of 2020 to avoid a surprise tax bill.

Here’s what taxpayers need to know about their right to finality Tax News 

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

https://accountinginstruction.info/

Taxpayers interacting with the IRS have the right to finality. This is especially for taxpayers who are being audited. This is one of ten basic rights —collectively known as the Taxpayer Bill of Rights.  For taxpayers who are in the process of an audit, here's what they should know about the right to finality: