Tag: IRS
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
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
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
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...
IRS announces rollover relief for retirement account RMDs that were waived under the CARES Act
The Internal Revenue Service is allowing anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver...
IRS launches new tax withholding estimator
The IRS encourages everyone to use the Tax Withholding Estimator to perform a quick “paycheck checkup.” This is even more important following the recent changes to the tax law for 2018 and beyond. The Estimator helps you identify your tax...