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COVID Tax Tip 2020-73, June 18, 2020 Millions of eligible individuals have already received their Economic Impact Payments. Some people, including those who received a payment for a deceased individual, may be unsure whether they should return a payment. Here is additional information about returning an Economic Impact Payment. How should an individual return an Economic …
IRS Tax Tip 2020-72, June 17, 2020 Now that many taxpayers have filed their federal tax returns electronically and the IRS is back to processing paper tax returns sent by mail, they’re eager for details about their refund. When it comes to refunds, there are several common myths. Getting a refund this year means there’s …
Taxpayers should be aware of myths about tax refunds Read More »
COVID Tax Tip 2020-71, June 16, 2020 For most taxpayers the filing and payment deadline was postponed July 15. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by July 15. This gives them until October 15 to file their tax …
An extension to file is not an extension to pay taxes Read More »
COVID Tax Tip 2020-70, June 12, 2020 Some people may get their Economic Impact Payment in the mail on a prepaid debit card, instead of a paper check. People may receive a debit card even if Get My Payment shows they are receiving a check. There’s a special section about prepaid debit cards on IRS.gov. Here are a few …
An Economic Impact Payment can come on a prepaid debit card Read More »
IRS Tax Tip 2020-69, June 11, 2020 Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically. Making this form electronically fileable has been a long-time goal for the IRS. It will greatly benefit the tax professional community and taxpayers. The new electronic option …
Taxpayers will soon be able to file amended tax returns electronically Read More »
IRS Tax Tip 2020-68, June 10, 2020 Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligibleto claim up to 35% of what they spend; limits apply. For the purposes of this credit, the IRS …
Here’s who qualifies a taxpayer for the child and dependent care credit Read More »
COVID Tax Tip 2020-67, June 9, 2020 Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. Here’s a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through December 31, 2020. Credits for paid sick and family leave Businesses and tax-exempt organizations that have less …
Who qualifies for which new employer tax credit? Read More »
COVID Tax Tip 2020-66, June 4, 2020 To reach as many people as possible, the IRS translates tax information into multiple languages. To get information in one of these languages, taxpayers can click on the language dropdown tab at the top of every IRS.gov page. The dropdown displays the current language selection and lists the …
Many multilingual resources are available on IRS.gov Read More »
COVID Tax Tip 2020-65, June 3, 2020 There are many easy-to-use tools on available on IRS.gov. Even better, they are available 24 hours a day. These tools help people file and pay taxes, find information about their account and get answers to tax questions. Here are a few things that people can do with a …
Answers to tax questions are just a few clicks away on IRS.gov Read More »
IRS Tax Tip 2020-64, June 2, 2020 The 2020 IRS Nationwide Tax Forums will be held virtually beginning this July. The Forums will begin on July 21 and continue through August 20. Webinars will be live streamed each Tuesday, Wednesday and Thursday. Registered attendees can participate in all live webinars and earn up to 30 …
2020 Nationwide Tax Forums will be held virtually Read More »