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IRS Tax Tip 2020-89, July 21, 2020 The deadline for taxpayers who requested an extension to file is going to be here before they know it. The deadline for these filers to submit their 2019 federal tax returns is Thursday, October 15, 2020. Taxpayers who have not yet filed can find many helpful resources on …
Extension filers: Tax help is always available on IRS.gov Read More »
IRS Tax Tip 2020-88, July 20, 2020 While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet. If a taxpayer is entitled to a refund, there’s no penalty for filing late. Penalties and interest began to accrue on any remaining unpaid tax due as of …
What someone should do if they missed the July 15 deadline to file and pay Read More »
IRS Tax Tip 2020-87, July 16, 2020 Taxpayers can use the Where’s My Refund? tool to start checking on the status of refund 24 hours after the IRS acknowledges receipt of the taxpayer’s e-filed tax return. Currently, the IRS is experiencing delays in processing paper tax returns due to limited staffing as a result of COVID-19. The …
How taxpayers can quickly and easily check their refund status Read More »
COVID Tax Tip 2020-86, July 15, 2020 Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe tax, but who can’t immediately …
Tax returns are due today; taxpayers who can’t pay should still file today Read More »
COVID Tax Tip 2020-85, July 14, 2020 Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and …
Major changes to retirement plans due to COVID-19 Read More »
COVID Tax Tip 2020-84, July 13, 2020 The IRS reminds taxpayers who received tax relief as part of the People First Initiative and didn’t make previously owed tax payments between March 25, 2020 and July 15, 2020 they will need to restart those payments to avoid penalties. Here’s what people need to do to restart their IRS …
Have an installment agreement or payment plan? Payments should resume starting July 15 Read More »
IRS Tax Tip 2020-83, July 9, 2020 Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. Otherwise, they may end up owing even more because penalties and interest can cause a taxpayer’s debt to grow. If a taxpayer owes taxes, but can’t pay by the July 15, 2020 …
Taxpayers should file on time even if they can’t pay their full tax bill Read More »
IRS Tax Tip 2020-82, July 8, 2020 Generally, income received from any source, including tips, is taxable. Here’s some information to help taxpayers report tip income. All tips that taxpayers receive are income and subject to federal income tax. Taxpayers must include all tips they receive in their gross income. This includes: Tips directly from …
Taxpayers should report tip income on their tax return Read More »
COVID Tax Tip 2020-81, July 7, 2020 Taxpayers who live and work abroad have until Wednesday, July 15, 2020 to file and pay their 2019 federal income taxes. U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. The July 15 postponed deadline also applies to nonresident …
The postponed federal tax deadline applies to taxpayers living overseas Read More »
IRS Tax Tip 2020-80, July 6, 2020 There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. Generally, payers must file Form 1099-NEC by January 31. For 2020 tax …
How to report nonemployee compensation and backup withholding Read More »