Relevant, timely, professional services and products
IRS Tax Tip 2020-124, September 23, 2020 Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Here are six tips for new business owners. Choose …
IRS Tax Tip 2020-123, September 22, 2020 Businesses that receive cash payments of more than $10,000 must report these payments to the IRS – it’s the law. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Here are some key things to know about reporting these …
Businesses can file cash transaction reports electronically and in batches Read More »
IRS Tax Tip 2020-122, September 21, 2020 The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they’re ready and don’t have to wait until Thursday, Oct 15. These tools are available at IRS.gov to help people with …
The Oct. 15 deadline for extension filers is almost here Read More »
IRS Tax Tip 2020-121, September 17, 2020 Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status. These include charities, social welfare organizations, civic leagues, social clubs, labor organizations and business leagues. Most organizations are required to apply for recognition as tax-exempt. Here are some key things …
What to know about the tax-exempt application process for charities Read More »
IRS Tax Tip 2020-120, September 16, 2020 Taxpayers can get quick access to popular IRS tools by using IRS2Go on their mobile device. The mobile app is available and free to download on any iOS or Android device. The app is available in both English and Spanish. People can use it tocheck their refund, make a payment, …
Free IRS2Go app puts information at taxpayers’ fingertips Read More »
IRS Tax Tip 2020-119, September 15, 2020 When something happens to a taxpayer’s account, that taxpayer has the right to be informed about the activity. In fact, this right is one of ten outlined in the Taxpayer Bill of Rights. The right to be informed is at the top of the list. This means taxpayers have …
COVID Tax Tip 2020-117, September 10, 2020 Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable. People can have taxes withheld from this compensation now to help avoid owing taxes on …
People should have tax withheld from unemployment now to avoid a tax-time surprise Read More »
Updated September 10, 2020: Added Forms 706, 706-NA, 709, 1120-ND, 3115, 3520, and 3520-A. COVID Tax Tip 2020-116, September 9, 2020 Taxpayers are encouraged to e-file forms this year, whenever possible, because of COVID-19. To protect the health of taxpayers and tax professionals, the IRS is temporarily allowing the use of digital signatures on some tax …
E-signatures temporarily allowed on some tax forms Read More »
IRS Tax Tip 2020-115, September 8, 2020 Some taxpayers earn income not subject to withholding. For small business owners and self-employed people this can mean making quarterly estimated tax payments. Here are some important things taxpayers should know about estimated tax payments: Taxpayers generally must make estimated tax payments if they expect to owe $1,000 or …
Some taxpayers may need to make estimated tax payments Read More »
IRS Tax Tip 2020-114, September 3, 2020 The IRS will correct common errors during processing. However, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Taxpayers can now file amended returns electronically. Here are some tips for anyone who discovered they made a mistake or forgot to include …
Tips for taxpayers who need to file an amended tax return Read More »