Tag: IRS

IRS postpones April 15 tax filing deadline to May 17

The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The postponement applies only to individual taxpayers, who can postpone their federal income tax...

Request a copy of filed 1040 or 1040 transcript with these IRS forms

Filers may seek a copy of a previously filed 1040 federal tax return in two ways: Request a copy of the tax return as filed (Form 4506).  This request will provide an exact copy of what filed and the return...

IRS reminds businesses to report large cash transactions; e-file encouraged

The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.  To help businesses prepare and file reports, the IRS created...

IRS CP59 Notices Possibly Sent in Error to Taxpayers

  • February 23, 2021
  • Maria Montie, CPA, MST, CVA, MAFF

Earlier this month, the IRS issued notices to approximately 260,000 taxpayers stating they haven't filed their 2019 federal tax return. These notices, referred to as CP59 notices , are issued yearly to identified taxpayers who have failed to file tax...

IRS delays start of 2020 tax filing season to Feb. 12, 2021

  • January 22, 2021
  • ShindelRock

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.  It has advised people to file their returns electronically and...

Take five minutes to secure your tax return from identity theft

The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....

IRS releases guidance on payroll tax deferral, but questions remain

On August 8, 2020, the President signed an executive order directing the Treasury Department to defer the withholding, deposit, and payment ofthe employee portion of social security taxes (6.2%) for the period beginning September 1, 2020, and ending December 31, 2020.  The...

IRS temporarily stops mailing notices to taxpayers with balances due

The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog of unopened mail that...

IRS delays due to COVID-19 may cause check and notice backlog

The IRS is working through its correspondence backlog and is experiencing delays in processing paper returns, due to its limited staff during the pandemic: Checks: The correspondence backlog includes checks that taxpayers have mailed to the IRS (either with or...

Small IRS interest payment coming to some taxpayers

  • August 19, 2020
  • Dana Cinquepalmi

The Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds. The interest payments, averaging about $18, will be made...