2020

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

2020, Tax Tips / By

COVID Tax Tip 2020-135, October 13, 2020 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 …

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People experiencing homelessness may qualify for an Economic Impact Payment

2020, Tax Tips / By

Updated 10/9/2020. COVID Tax Tip 2020-132, October 6, 2020 People experiencing homelessness may be eligible for a $1,200 Economic Impact Payment and $500 for each qualifying child under age 17. To get this payment, they must register with the IRS by using the free Non-Filers: Enter Payment Info Here tool by Saturday, November 21, 2020. If someone’s income is …

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

2020, Tax Tips / By

IRS Tax Tip 2020-134, October 8, 2020 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 …

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Business owners should visit IRS.gov for help with tax actions when closing a business

2020, Small Business, Tax Tips / By

IRS Tax Tip 2020-131, October 5, 2020 Closing a business is always a difficult decision regardless of the circumstances. With this in mind, the IRS redesigned the closing a business page of IRS.gov to help business owners navigate the federal tax steps when closing a business. Small businesses and self-employed taxpayers will find a variety of information …

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Taxpayers should know and understand their correct filing status

2020, Tax Tips / By

IRS Tax Tip 2020-130, October 1, 2020 Taxpayers need to know their correct filing status and be familiar with each option. Generally, the taxpayer’s filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain situations. …

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Terms to help taxpayers better understand Individual Retirement Arrangements

2020, Individual, Tax Tips / By

IRS Tax Tip 2020-129, September 30, 2020 Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Here’s a list of basic terms …

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Deadlines to register for an Economic Impact Payment are just around the corner

2020, Tax Tips / By

COVID Tax Tip 2020-126, September 25, 2020 Federal benefit recipients who don’t normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment. Anyone using the Non-Filers tool …

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