IRS Tag

WASHINGTON – The Treasury Department and the Internal Revenue Service recently issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). This...

19 February, 2021

WASHINGTON – The Internal Revenue Service encourages taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021.  This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season.   A special...

08 February, 2021

There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them: Donate to charity   There is still time to make a 2020 donation. Taxpayers who don't itemize deductions may take...

11 December, 2020

Instructions for Employers   On August 8, 2020, a Presidential Memorandum was issued, directing the Secretary of the Treasury to use his authority pursuant to section 7508A of the Internal Revenue Code to defer the withholding, deposit, and payment of certain payroll tax obligations. In response to...

27 November, 2020

Payroll and taxes are usually a confusing topic for businesses who can easily find themselves in trouble with the IRS if payroll taxes are not reported correctly. For churches and places of worship, payroll taxes can be especially tricky due to the dual-tax status of...

03 November, 2020

The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer most questions and...

09 July, 2020

The IRS expanded the number of taxpayers who qualify to tap into their retirement plans using the generous provisions of the CARES Act. The IRS also answered questions about details of distributions and loans under the CARES Act that have been asked by employers, employees,...

30 June, 2020

Due to COVID-19, the IRS is providing relief on a variety of issues as part of the People First Initiative. The IRS is modifying certain activities through the filing and payment deadline, Wednesday, July 15, 2020. Here’s what people need to know about relief related...

28 May, 2020