IRS Tag

IRS Notice clarifies deductibility of the Paycheck Protection Program’s small business loans

IRS Notice 2020-32 provides guidance regarding the deductibility for Federal income tax purposes of certain otherwise deductible expenses incurred in a taxpayer's trade or business when the taxpayer receives a loan pursuant to the Paycheck Protection Program. The guidance clarifies a point of confusion in...

18 May, 2020

IRS provides tax relief through increased flexibility for taxpayers in section 125 cafeteria plans

WASHINGTON –The Internal Revenue Service on May 12th released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. The guidance issued...

14 May, 2020

Common Errors to Avoid When Filing for Advance Payment of Employer Credits

Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax...

04 May, 2020

Treasury, IRS Unveil Online Application to Help With Economic Impact Payments

WASHINGTON – Working with the Treasury Department, the Internal Revenue Service unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information. With an initial round of more than 80 million Economic Impact Payments...

27 April, 2020

IRS: Get Answers to Economic Impact Payment Questions

The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Taxpayers should check the FAQs often for the latest additions; many common questions are answered in these. More than 80...

20 April, 2020

IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19

WASHINGTON — The Treasury Department and the Internal Revenue Service launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has...

17 April, 2020

Economic Impact Payments: What You Need to Know

WASHINGTON – The Treasury Department and the Internal Revenue Service announced on March 30, 2020 that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who...

06 April, 2020

All taxpayers should know their rights

The Taxpayer Bill of Rights protects all taxpayers working with the IRS. In fact, they lay out the framework to make sure the IRS fairly and impartially carries out tax administration. These rights are explained on IRS.gov and in Publication 1, Your Rights As A Taxpayer. They...

07 February, 2020

Get Ready for Taxes: Important things to know about tax credits

WASHINGTON – With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits. This is the second in a series of reminders to help taxpayers Get Ready for the upcoming tax...

17 January, 2020

Get ready for taxes: Important things to know about refunds

WASHINGTON – As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may take longer. Many...

27 December, 2019