新窗
IRS announces use of Projected Contract Award Date web app that predicts when co New
IR-2021-102, May 5, 2021 WASHINGTON —The Internal Revenue Service's Office of the Chief Procurement Officer today announced the successful development of a web app called Projected Contract Award Date. The interactive forecast dashboard statistically predicts when contracts will be signed. "This effort is a new trend in contract management that adjusts our business processes based on timing factors in the government contracting process, using cutting-edge data science technologies," said Shanna Webbers, IRS Chief Procurement Officer. "The web app will help us shorten the lead time in awards and save valuable time for our procurement staff as well as help contractors." The IRS has $2.5 billion in contracts a year. 'When will a contract be signed?' is a key question for the IRS and generally for the federal government. This tool gives insight about when each request is likely to turn into a contract. The tool provides a technique other federal agencies can implement, potentially effecting $600 billion in government contracts. The new web app provides information on requisitions for new contracts. Using historical data of contract awards, the intelligent web app forecasts the number of days to contract award for requisitions in the IRS's Integrated Financial System – Procurement for the Public Sector. Predictions can also be expressed as a projected contract award date. The managerial implications of the new application are far-reaching. The web app with its predictive model will enable internal customers to accurately forecast needs and when they will be fulfilled, enable the IRS to adjust standards by redefining requirements – solicitation procedure, competition, dollar value and type of goods/services with commensurate realistic award lead time goals – and evenly distribute workload to contracting personnel and others. This predictive web app is one of the results brought about by an IRS research partnership with Data and Analytic Solutions (DAS), a woman-owned, small business comprised of procurement practitioners as well as university professors and students with procurement and machine learning experience. Other research initiatives of the team include vendor risk analysis and natural language processing and clustering analysis. Source link
lastpost: nearmetips@ 10 小时前 186 0 10 小时前 预览
As hurricane season nears, IRS reminds people to prepare for natural disasters New
IR-2021-101, May 4, 2021 WASHINGTON — The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Week and is also National Wildfire Awareness Month. Now is a good time to create or review emergency preparedness plans for surviving natural disasters. In the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornados, severe storms, flooding, wildfires and an earthquake. Individuals, organizations and businesses should take time now to make or update their emergency plans. Secure key documents and make copies Taxpayers should place original documents such as tax returns, birth certificates, deeds, titles and insurance policies inside waterproof containers in a secure space. Duplicates of these documents should be kept with a trusted person outside the area of the taxpayer. Scanning them for backup storage on electronic media such as a flash drive is another option that provides security and portability. Document valuables and equipment Current photos or videos of a home or business's contents can help support claims for insurance or tax benefits after a disaster. All property, especially expensive and high value items, should be recorded. The IRS disaster-loss workbooks in Publication 584 can help individuals and businesses compile lists of belongings or business equipment. Employers should check fiduciary bonds Employers who use payroll service providers should ask the provider if it has a fiduciary bond in place. The bond could protect the employer in the event of default by the payroll service provider. The IRS reminds employers to carefully choose their payroll service providers. Rebuilding documents Reconstructing records after a disaster may be required for tax purposes, getting federal assistance or insurance reimbursement. Those who have lost some or all their records during a disaster can visit IRS's Reconstructing Records webpage as one of their first steps. IRS stands ready After FEMA issues a disaster declaration, the IRS may postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. There is no need to call the IRS to request this relief. The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief. Those impacted by a disaster with tax-related questions can contact the IRS at 866-562-5227 to speak with an IRS specialist trained to handle disaster-related issues. Taxpayers who do not reside in a covered disaster area, but suffered impact from a disaster should call 866-562-5227 to find out if they qualify for disaster tax relief and to discuss other available options. Find complete disaster assistance and emergency relief details for both individuals and businesses on our Around the Nation webpage on IRS.gov. The FEMA Prepare for Disasters web page includes information to Build a Kit of emergency supplies. Related items: [*]Publication 2194, Disaster Resource Guide for Individuals and Businesses PDF[*]Publication 583, Starting a Business and Keeping Records[*]FS-2017-11, Reconstructing Records After a Natural Disaster or Casualty Loss[*]Small Business Administration[*]Disasterassistance.gov[*]Ready.govSource link
lastpost: nearmetips@ 昨天 08:10 76 0 昨天 08:10 预览
Low Income Taxpayer Clinic 2022 grant application period now open New
IR-2021-100, May 3, 2021 WASHINGTON — The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2022 will run from May 3, 2021, to June 18, 2021. The LITC Program is a federal grant program administered by the Office of the Taxpayer Advocate at the IRS, which is led by National Taxpayer Advocate (NTA) Erin M. Collins. LITCs can make a tremendous impact on the lives of taxpayers, as detailed in this recent blog from the NTA: Not all Superheroes Wear Capes: Join the Low Income Taxpayer Clinic Community and Be a Hero to Taxpayers Most in Need. Under Internal Revenue Code (IRC) Section 7526, the IRS awards matching grants of up to $100,000 per year to qualifying organizations to develop, expand or maintain an LITC. An LITC must provide services for free or for no more than a nominal fee. Qualified organizations that are awarded grants ensure the fairness and integrity of the tax system for taxpayers who are low-income or speak English as a second language (ESL) by providing pro bono representation on their behalf in tax disputes with the IRS, educating them about their rights and responsibilities as taxpayers, and identifying and advocating on issues that impact these taxpayers. The IRS is committed to achieving maximum access to representation for taxpayers under the terms of the LITC Program. In awarding LITC grants for calendar year 2022, the IRS will continue to work toward providing coverage for all states and territories. Although the IRS welcomes all applicants and will give each application due consideration, the IRS is particularly interested in applicants from the following underserved areas in need of LITC services: [*]Arizona - Gila County[*]Florida - Brevard, Citrus, Flagler, Hernando, Lake, Orange, Putnam, Seminole, and Sumter Counties[*]Idaho - Ada, Adams, Bannock, Bear Lake, Bingham, Boise, Bonneville, Butte, Canyon, Caribou, Clark, Clearwater, Custer, Franklin, Freemont, Gem, Idaho, Jefferson, Latah, Lemhi, Lewis, Madison, Nez Perce, Oneida, Owyhee, Payette, Power, Teton, Washington, and Valley Counties[*]Nevada - Entire state[*]North Dakota - Entire state[*]Pennsylvania - Bradford, Clinton, Lycoming, Monroe, Northumberland, Pike, Snyder, Sullivan, Susquehanna, Tioga, and Wyoming Counties[*]Puerto Rico - Entire territory[*]West Virginia - Entire state[*]Wyoming - Entire state LITC grants are funded by federal appropriations. The clinics, their employees and their volunteers operate independently of the IRS. Examples of qualifying organizations include: [*]Clinical programs at accredited law, business, or accounting schools whose students represent low-income taxpayers in tax disputes with the IRS; and [*]Organizations exempt from tax under IRC Section 501(a) whose employees and volunteers represent or refer for representation low-income taxpayers in tax disputes with the IRS. The IRS is authorized to award multi-year grants not to exceed three years. For an organization not currently receiving a grant for 2021, an organization that received a single-year grant for 2021, or an organization whose multi-year grant ends in 2021, the organization must submit a full grant application electronically. For an organization currently receiving a grant for 2021 that is requesting funding for the second or third year of a multi-year grant, the organization must submit a request for continued funding electronically. All organizations must use the funding number of TREAS-GRANTS-052022-001. Both Full Applications and Non-Competing Continuation Requests must be submitted by 11:59 p.m. Eastern time on June 18, 2021. Questions about the LITC Program or grant application process can be addressed to the LITC Program Office at 202-317-4700 or by email at [email protected] In addition, individuals may contact Bill Beard at 949-575-6200 or by email at [email protected] More information about LITCs and the work they do to represent, educate and advocate on behalf of low-income and ESL taxpayers is available in IRS Publication 5066, LITC 2020 Program Report PDF. A short video about the LITC program is also available. Interested individuals may join LITC Program Office staff for a Zoom webinar, where staff will provide information about the LITC Program and the application process. For details on the date and time of the webinar, please check the LITC page on IRS.gov. Source link
lastpost: nearmetips@ 前天 08:10 165 0 前天 08:10 预览
IRS has options for gig economy workers and those with unemployment benefits New
IR-2021-97, April 29, 2021 WASHINGTON — The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations. Gig economy The gig economy refers to income earned providing on-demand work performing services or selling goods, including driving a car for booked rides or deliveries, renting out property, selling goods online or freelance work. Often, customers and service providers or sellers are brought together through a digital platform on an app or website. Visit the Gig Economy Tax Center on IRS.gov to learn more about withholding and estimated tax requirements for these types of earned income and paid services. Taxpayers should collect and keep records and receipts during the year. Recordkeeping can help track income, deduct expenses and complete tax returns. Unemployment benefits A record number of Americans applied for unemployment compensation in 2020 due to the pandemic. Anyone who received unemployment benefits will need to report it on their tax returns. However, the American Rescue Plan, enacted on March 11, 2021, excludes from income up to $10,200 ($20,400 if married filing jointly) of unemployment compensation paid in 2020 for those with modified adjusted gross income under $150,000. Any amount over $10,200 is still taxable for each person. To determine if payments received for being unemployed are taxable, check out the Interactive Tax Assistant on IRS.gov. For those who have already filed their 2020 tax return and paid taxes on the full amount of unemployment compensation before the law was passed, they should not file an amended return. The IRS will automatically refund money to people who already filed their tax return reporting unemployment compensation. The IRS will recompute any credits and deductions claimed on the original return. However, if the reduction of income now qualifies a taxpayer for a new credit not claimed on the original return, like the Earned Income Tax Credit (EITC), those taxpayers will need to file an amended tax return, Form 1040x, to claim the new credit. Taxpayers can see if they qualify for the EITC at IRS.gov. Unemployment benefit recipients should have received a Form 1099-G, Certain Government Payments, from the agency paying the benefits. The form will show the amount of unemployment compensation they received in 2020 in Box 1, and any federal income tax withheld in Box 4. Some states do not mail Form 1099-Gs. Taxpayers may need to get the electronic version from their state's website. Taxpayers who received an incorrect Form 1099-G for unemployment benefits they did not receive should contact the issuing state agency to request a revised Form 1099-G showing they did not receive these benefits. Taxpayers who are unable to obtain a timely, corrected form from their state should still file an accurate tax return, reporting only the income they received. A corrected Form 1099-G showing zero unemployment benefits in cases of identity theft will help taxpayers avoid an unexpected federal tax bill for unreported income. Additionally, if taxpayers are concerned that their personal information has been stolen and they want to protect their identity when filing their federal tax return, they can request an Identity Protection Pin (IP PIN) from the IRS. Generally, by law, unemployment compensation must be included as income. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted in 2020. If a taxpayer didn't report income from gig work or unemployment compensation on a return, a corrected return can be filed using Form 1040-X, Amended U.S. Individual Income Tax Return. Form 1040-X can be filed electronically. Taxpayers who owe but can't pay in full always have options to seek help through payment plans and other tools from IRS.gov/payments. Tax information is also available in: [*]Spanish (Español) [*]Chinese (中文) [*]Korean (한국어)[*]Russian (Pусский)[*]Vietnamese (Tiếng Việt)Resources [*]IRS Webinar – Understanding the Gig Economy[*]Gig Economy and Your Taxes: Things to Know PDF [*]Pay As You Go, So You Won't Owe: A Guide to Withholding & Estimated Taxes [*]ID Theft regarding unemployment [*]Tax Treatment of unemploymentSource link
lastpost: nearmetips@ 5 天前 125 0 5 天前 预览
Draft Schedules K-2 and K-3 released to enhance reporting of international tax m New
IR-2021-98, April 30, 2021 WASHINGTON — The Treasury and the IRS released today updated early drafts of new Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022). The schedules are designed to provide greater clarity for partners and shareholders on how to compute their U.S. income tax liability with respect to items of international tax relevance, including claiming deductions and credits. The early release drafts of the schedules are intended to give a preview of the changes before final versions are released. The release of an early draft of the instructions for the schedules is planned for this summer. The redesigned forms and instructions will also give useful guidance to partnerships, S corporations and U.S persons who are required to file Form 8865 with respect to controlled foreign partnerships on how to provide international tax information. The updated forms will apply to any persons required to file Form 1065, 1120-S or 8865, but only if the entity for which the form is being filed has items of international tax relevance (generally foreign activities or foreign partners). The changes do not affect partnerships and S corporations with no items of international tax relevance. The Treasury Department and the IRS released prior drafts of Schedules K-2 and K-3 for the Form 1065 in July 2020 and engaged with stakeholders to solicit input on the changes. Helpful comments were received, and changes have been made to the schedules and instructions as appropriate. To promote compliance with adoption of Schedules K-2 and K-3 by affected pass-through entities and their partners and shareholders, the Treasury Department and the IRS intend to provide certain penalty relief for the 2021 tax year in future guidance. Source link
lastpost: nearmetips@ 5 天前 204 0 5 天前 预览
IRS now accepting TCE and VITA grant applications New
IR-2021-99, April 30, 2021 WASHINGTON — Eligible organizations can now submit applications for the Internal Revenue Service's Tax Counseling for the Elderly and Volunteer Income Tax Assistance grant programs, allowing some organizations to apply for up to three years of annual funding. Organizations can apply on Grants.gov through June 4, 2021, and can find application packages and guidelines on IRS.gov. In 2021, the IRS awarded 31 TCE grantees $11 million and 297 VITA grantees $25 million. The two programs prepare millions of tax returns each year. The IRS established the TCE program in 1978 to provide tax counseling and return preparation to persons age 60 or older and to give training and technical assistance to the volunteers who provide free federal income tax assistance within elderly communities across the nation. For more information visit the TCE webpage on IRS.gov. The IRS created the VITA program in 1969. In 2007, the IRS established the VITA Grant program to supplement VITA partners' efforts. VITA provides free tax filing assistance to underserved communities. The grant program enables VITA to extend services to underserved populations in the hardest-to-reach urban and non-urban areas, to increase the capacity of targeted taxpayers to file returns electronically, to enhance training of volunteers and to improve the accuracy rate of returns prepared at VITA sites. For more information visit the VITA webpage on IRS.gov. More Information: [*]Applying for a TCE grant[*]Publication 1101, Application Package and Guidelines for Managing a TCE Program  PDF[*]Applying for a VITA grant[*]Publication 4671, VITA Grant Program Overview and Application Instructions  PDFSource link
lastpost: nearmetips@ 5 天前 197 0 5 天前 预览
IRS: Some people get more time to file without asking; anyone else can request a New
IR-2021-96, April 29, 2021 WASHINGTON — Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service. Due to the ongoing pandemic, this year the IRS postponed the usual April 15 deadline for filing individual income tax returns until May 17, 2021. Even so, as is the case every year, many Americans will still need more time to meet their tax-filing obligation. The IRS estimates that more than 16 million taxpayers will get an automatic extension this filing season, either by filing a form or making an electronic tax payment. But some taxpayers, including disaster victims, those serving in a combat zone and Americans living abroad get more time, even if they don't ask for it. Here are details on each of these special tax-relief provisions. Disaster victims Victims of the February winter storms in Texas, Oklahoma and Louisiana have until June 15, 2021, to file their 2020 returns and pay any tax due. The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in a federally declared disaster area when at least one area qualifies for FEMA's Individual Assistance program. Ordinarily, this means that taxpayers need not contact the IRS to get disaster tax relief. This relief also includes more time for making 2020 contributions to IRAs and other plans and making 2021 estimated tax payments. In some cases, relief is also available to people living outside the disaster area if, for example, they have a business located in the disaster area, have tax records located in the disaster area or are assisting in disaster relief. For details on all available relief, visit the Around the Nation page on IRS.gov. Combat zone taxpayers Military service members and eligible support personnel serving in a combat zone have at least 180 days after they leave the combat zone to file their tax returns and pay any tax due. This includes those serving in Iraq, Afghanistan and other combat zones. A complete list of designated combat zone localities can be found in Publication 3, Armed Forces' Tax Guide, available on IRS.gov. Combat zone extensions also give affected taxpayers more time for a variety of other tax-related actions, including contributing to an IRA. Various circumstances affect the exact length of the extension available to taxpayers. Details, including examples illustrating how these extensions are calculated, are in the Extensions of Deadlines section in Publication 3. Taxpayers outside the United States U.S. citizens and resident aliens who live and work outside the U.S. and Puerto Rico have until June 15, 2021 to file their 2020 tax returns and pay any tax due. The special June 15 deadline also applies to members of the military on duty outside the U.S. and Puerto Rico who do not qualify for the longer combat zone extension. Affected taxpayers should attach a statement to their return explaining which of these situations apply. Though taxpayers abroad get more time to pay, interest -- currently at the rate of 3% per year, compounded daily -- applies to any payment received after this year's May 17 deadline. For more information about the special tax rules for U.S. taxpayers abroad, see Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad, on IRS.gov. Everyone else Taxpayers who don't qualify for any of these three special situations can still get more time to file by submitting a request for an automatic extension. This will extend their filing deadline until October 15, 2021. But because this is only a tax-filing extension, their 2020 tax payments are still due by May 17. An easy way to get the extra time is through Free File on IRS.gov. In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an extension on Form 4868. To get the extension, taxpayers must estimate their tax liability on this form. Another option is to pay electronically and get a tax-filing extension. The IRS will automatically process an extension when a taxpayer selects Form 4868 and makes a full or partial federal tax payment by the May 17 due date using Direct Pay, the Electronic Federal Tax Payment System (EFTPS) or a debit or credit card. Under this option, there is no need to file a separate Form 4868. Please note, you must register for EFTPS before using. Electronic payment options are available at IRS.gov/payments. Source link
lastpost: nearmetips@ 6 天前 239 0 6 天前 预览
Nearly 2 million more Economic Impact Payments disbursed under the American Resc
IR-2021-95, April 28, 2021 WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the seventh batch of Economic Impact Payments from the American Rescue Plan. Today's announcement brings the total disbursed so far to approximately 163 million payments, with a total value of approximately $384 billion, since these payments began rolling out to Americans in batches as announced on March 12. The seventh batch of payments began processing on Friday, April 23, with an official payment date of April 28, with some people receiving direct payments in their accounts earlier as provisional or pending deposits. Here is additional information on this batch of payments: [*]In total, this batch includes nearly 2 million payments with a value of more than $4.3 billion.[*]More than 1.2 million payments, with a value of over $3 billion, went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return. [*]This batch also includes additional ongoing supplemental payments for people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns. This batch included more than 730,000 of these "plus-up" payments, with a value of over $1.3 billion.[*]Overall, this seventh batch of payments contains about 1.1 million direct deposit payments (with a total value of $2.5 billion) and about 850,000 paper check payments (with a total value of more than $1.8 billion). Additional information is available on the first six batches of Economic Impact Payments from the American Rescue Plan, which processed weekly on April 16, April 9, April 2, March 26, March 19 and March 12. The IRS will continue to make Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well to people who qualify for "plus-up" payments. Special reminder for those who don't normally file a tax return Although payments are automatic for most people, the IRS continues to urge people who don't normally file a tax return and haven't received Economic Impact Payments to file a 2020 tax return to get all the benefits they're entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Tax Credit. Filing a 2020 tax return will also assist the IRS in determining whether someone is eligible for an advance payment of the 2021 Child Tax Credit, which will begin to be disbursed this summer. For example, some federal benefits recipients may need to file a 2020 tax return – even if they don't usually file – to provide information the IRS needs to send payments for a qualifying dependent. Eligible individuals in this group should file a 2020 tax return as quickly as possible to be considered for an additional payment for their qualifying dependents. People who don't normally file a tax return and don't receive federal benefits may qualify for these Economic Impact Payments. This includes those experiencing homelessness, the rural poor, and others. Individuals who didn't get a first or second round Economic Impact Payment or got less than the full amounts may be eligible for the 2020 Recovery Rebate Credit, but they'll need to file a 2020 tax return. See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren't required to file a tax return. Free tax return preparation is available for qualifying people. The IRS reminds taxpayers that the income levels in this third round of Economic Impact Payments have changed. This means that some people won't be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly). The payments end at $80,000 for individuals ($160,000 for married filing jointly); people with Adjusted Gross Incomes above these levels are ineligible for a payment. Individuals can check the Get My Payment tool on IRS.gov to see the payment status of these payments. Additional information on Economic Impact Payments is available on IRS.gov. Source link
lastpost: nearmetips@ 7 天前 56 0 7 天前 预览
IRS Office of Chief Counsel's first National Virtual Settlement Month successful
IR-2021-93, April 26, 2021 WASHINGTON — Building on the success of Settlement Days and Virtual Settlement Days, the Internal Revenue Service Office of Chief Counsel hosted its first National Virtual Settlement Month in March 2021. The results are impressive. Settlement Days events are coordinated efforts to resolve cases in the United States Tax Court by providing taxpayers who are not represented by counsel the opportunity to receive free tax advice from Low Income Taxpayer Clinics (LITCs), American Bar Association (ABA) volunteer attorneys and other pro bono organizations. "The March Settlement Days campaign yielded great results with well over half of participating taxpayers settling their cases on a basis agreeable to them without having to represent themselves in Tax Court," said IRS Commissioner Chuck Rettig. "These strong results could not be achieved without the dedication and support of our partner groups--the LITCs, ABA and other pro bono organizations." During the Office of Chief Counsel's National Virtual Settlement Month, Virtual Settlement Days events were held in all 50 states and the District of Columbia. Many were held in cities that had not recently hosted a Settlement Days event. Nearly 240 taxpayers met with Chief Counsel employees and pro bono organizations, leading to settlements in 148 Tax Court cases. Those taxpayers whose cases were not resolved had the opportunity to obtain free legal advice and better understand their cases and the process of litigating in the Tax Court. LITC representatives and ABA volunteer attorneys provided free legal advice, assisting taxpayers outside their regular service areas as needed. At many events, taxpayers were also able to discuss payment options with IRS Collection employees. Taxpayers were also able to consult Taxpayer Advocate Service employees about unrelated tax matters not before the Tax Court. "Unrepresented taxpayers with cases in Tax Court should strongly consider seeking assistance at a settlement day event when given the chance. It provides taxpayers a fair way to resolve their cases on a basis they agree with rather than taking their chances in court," Rettig noted. Virtual Settlement Days events were first announced in May 2020 to continue the benefits of Settlement Days during the pandemic. Before March 2021, more than 260 taxpayers resolved their Tax Court cases during a Virtual Settlement Days event, avoiding the need for over 260 trials. The Office of Chief Counsel plans to continue Virtual Settlement Days events together with face-to-face options when circumstances permit. In the meantime, taxpayers with cases before the Tax Court are encouraged to contact the assigned Chief Counsel attorney or paralegal to inquire about participating in a Virtual Settlement Days event. It is possible they can achieve same-day resolution of their case on a basis they agree with. Source link
lastpost: nearmetips@ 2021-4-27 08:10 83 0 2021-4-27 预览
Electronic options on IRS.gov are available 24/7; save time online for filing in
IR-2021-94, April 27, 2021 WASHINGTON — The Internal Revenue Service today urged taxpayers and tax professionals to continue using electronic options to speed the processing of tax returns, refunds and payments. IRS.gov showcases many task-based tools and features to help people navigate their taxes. All are available 24/7/365. Timely processing of tax returns and refund issuance is especially important during the pandemic. To speed refunds and avoid delays in processing, the IRS strongly advises taxpayers to file electronically with direct deposit as soon as they have the information they need. Simple options to make filing easier[*]Check IRS.gov for the latest tax information, including the latest on Economic Impact Payments and tax refund status. There is no need to call.  [*]Consider IRS Free File. Taxpayers who want to prepare and file their tax returns electronically for free can use IRS Free File. This program offers brand-name tax software for taxpayers with an income of $72,000 or less in 2020. Those who earned more can use Free File Fillable Forms, the electronic version of IRS paper forms. Some people will need to file a return to get a third Economic Impact Payment and Free File gives people the ability to do that for free.  [*]Check payment options on IRS.gov. Several electronic payment options are available to taxpayers. View an account and learn about other ways to pay such as an online installment agreement.  [*]Find answers to many tax questions using the Interactive Tax Assistant. The ITA is a tool that provides answers to several tax law questions specific to an individual's circumstances.  [*]Online tools for tax professionals. e-Services is a suite of web-based tools that allow tax professionals, reporting agents, mortgage industry, payers and others to complete transactions online with the IRS.Other useful tools and features[*]Get My Payment. People can find out when their third Economic Impact Payment is scheduled to be sent, or when and how IRS sent it with the Get My Payment application. Get My Payment updates once a day, usually overnight.  [*]Filing options. Find complete tax filing information for individuals, business and self-employed taxpayers, charities and non-profits, International taxpayers and government entities.  [*]Get an Identity Protection PIN. IP PINs are available to all taxpayers. An IP PIN is a six-digit number that prevents someone else from filing a tax return using another taxpayers' Social Security number. The IP PIN is known only to the taxpayer and the IRS and helps the IRS verify the identity of a taxpayer when filing an electronic or paper tax return.  [*]View an account. Online account is an online system that allows people to securely access their individual account information. Taxpayers can view taxes owed, balance details, information on a most recent tax return, payment plan details and more.  [*]Get a tax record. Request a copy of a tax return online. The Get Transcript Service is for individual taxpayers to retrieve their own transcripts for their own purposes.  [*]Download tax forms and instructions. Current and prior years' forms are available. Other online options include IRS e-Books and accessible versions for people with disabilities.  [*]Tax Withholding Estimator. Use of this tool can help people bring their taxes paid closer to what is owed. The IRS encourages everyone to perform a "paycheck checkup" to be sure the right amount of tax is withheld based on their personal situation.Free options for the military and some veterans MilTax, Military OneSource's tax service, provides online software for eligible individuals to electronically file a federal return and up to three state returns for free. Military OneSource is a program funded by the Department of Defense that provides a range of free resources for military members, veterans and their families. More information about OneSource is available at MilitaryOneSource.mil. Tax deadline is May 17 Although the tax filing deadline has been extended to May 17, 2021, from April 15, the IRS continues to process electronic tax returns, issue direct deposit refunds and accept electronic payments. As of April 16, the IRS received over 110 million tax returns and issued over $210 billion in refunds. Overall, the IRS anticipates nine out of 10 taxpayers will receive their refund within 21 days of when they file electronically with direct deposit if there are no issues with their tax return. Source link
lastpost: nearmetips@ 2021-4-27 08:10 66 0 2021-4-27 预览
American Rescue Plan tax credits available to small employers to provide paid le
IR-2021-90, April 21, 2021 WASHINGTON — The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. The additional details, provided in a fact sheet released today, spell out some basic facts about the employers eligible for the tax credits. It also provides information on how these employers may claim the credit for leave paid to employees related to COVID-19 vaccinations Eligible employers, such as businesses and tax-exempt organizations with fewer than 500 employees and certain governmental employers, can receive a tax credit for providing paid time off for each employee receiving the vaccine and for any time needed to recover from the vaccine. For example, if an eligible employer offers employees a paid day off in order to get vaccinated, the employer can receive a tax credit equal to the wages paid to employees for that day (up to certain limits). "This new information is a shot in the arm for struggling small employers who are working hard to keep their businesses going while also watching out for the health of their employees," said IRS Commissioner Chuck Rettig. "Our work on this issue is part of a larger effort by the IRS to assist the nation recover from the pandemic." The American Rescue Plan Act of 2021 (ARP) allows small and midsize employers, and certain governmental employers, to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. Self-employed individuals are eligible for similar tax credits. The ARP tax credits are available to eligible employers that pay sick and family leave for leave from April 1, 2021, through Sept. 30, 2021. The paid leave credits under the ARP are tax credits against the employer's share of the Medicare tax. The tax credits are refundable, which means that the employer is entitled to payment of the full amount of the credits if it exceeds the employer's share of the Medicare tax. In anticipation of claiming the credits on the Form 941, Employer's Quarterly Federal Tax Return PDF, eligible employers can keep the federal employment taxes that they otherwise would have deposited, including federal income tax withheld from employees, the employees' share of social security and Medicare taxes and the eligible employer's share of social security and Medicare taxes with respect to all employees up to the amount of credit for which they are eligible. If the eligible employer does not have enough federal employment taxes on deposit to cover the amount of the anticipated credits, the eligible employer may request an advance by filing Form 7200, Advance Payment of Employer Credits Due to COVID-19. Self-employed individuals may claim comparable credits on the Form 1040, U.S. Individual Income Tax Return PDF. More details are available on this fact sheet. Source link
lastpost: nearmetips@ 2021-4-22 08:10 161 0 2021-4-22 预览
Treasury Department and IRS provide safe harbor for small businesses to claim de
IR-2021-91, April 22, 2021 WASHINGTON — The Treasury Department and the Internal Revenue Service today issued Revenue Procedure 2021-20 PDF for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of tax relief legislation in December of 2020. Under prior guidance, businesses that received PPP loans to cover payroll costs, interest on covered mortgage obligations, covered rent obligation payments, and covered utility payments could not deduct corresponding expenses. With the Dec. 27, 2020, enactment of the Consolidated Appropriations Act, 2021, businesses now may claim these deductions even though they received PPP loans to cover original eligible expenses. These businesses can use the safe harbor provided by this guidance to deduct those expenses on the return for the immediately subsequent year. More information on COVID-19 related tax relief for business can be found on IRS.gov Source link
lastpost: nearmetips@ 2021-4-22 08:10 96 0 2021-4-22 预览
Two million more Economic Impact Payments disbursed under the American Rescue Pl
IR-2021-92, April 22, 2021 WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing nearly two million payments in the sixth batch of Economic Impact Payments from the American Rescue Plan. Today's announcement brings the total disbursed so far to approximately 161 million payments, with a total value of more than $379 billion, since these payments began rolling out to Americans in batches as announced on March 12. The sixth batch of payments began processing on Friday, April 16, with an official payment date of April 21, with some people receiving direct payments in their accounts earlier as provisional or pending deposits. Here is additional information on this batch of payments: [*]In total, this batch includes nearly 2 million payments with a value of nearly $3.4 billion.[*]Nearly 700,000 payments, with a value of more than $1.3 billion, went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return. [*]This batch also includes additional ongoing supplemental payments for people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns. This batch included nearly 700,000 of these "plus-up" payments, with a value of nearly $1.2 billion.[*]Another 600,000 payments went to Social Security beneficiaries and Supplemental Security Income recipients, including those with foreign addresses.[*]Overall, this sixth batch of payments contains about 900,000 direct deposit payments (with a total value of $1.5 billion) and nearly 1.1 million paper check payments (with a total value of nearly $1.8 billion). Additional information is available on the first five batches of Economic Impact Payments from the American Rescue Plan, which began processing on  April 9 , April 2, March 26, March 19 and March 12. The IRS will continue to make Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well to people who qualify for "plus-up" payments. Special reminder for those who don't normally file a tax return Although payments are automatic for most people, the IRS continues to urge people who don't normally file a tax return and haven't received Economic Impact Payments to file a 2020 tax return to get all the benefits they're entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Tax Credit. Filing a 2020 tax return will also assist the IRS in determining whether someone is eligible for an advance payment of the 2021 Child Tax Credit, which will begin to be disbursed this summer. For example, some federal benefits recipients may need to file a 2020 tax return – even if they don't usually file – to provide information the IRS needs to send payments for a qualifying dependent. Eligible individuals in this group should file a 2020 tax return as quickly as possible to be considered for an additional payment for their qualifying dependents. People who don't normally file a tax return and don't receive federal benefits may qualify for these Economic Impact Payments. This includes those experiencing homelessness, the rural poor and others. Individuals who didn't get a first or second round Economic Impact Payment or got less than the full amounts may be eligible for the 2020 Recovery Rebate Credit, but they'll need to file a 2020 tax return. See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren't required to file a tax return. Free tax return preparation is available for qualifying people. The IRS reminds taxpayers that the income levels in this new round of Economic Impact Payments have changed. This means that some people won't be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly). The payments end at $80,000 for individuals ($160,000 for married filing jointly); people with Adjusted Gross Incomes above these levels are ineligible for a payment. Individuals can check the Get My Payment tool on IRS.gov to see the payment status of these payments. Additional information on Economic Impact Payments is available on IRS.gov. Source link
lastpost: nearmetips@ 2021-4-22 08:10 70 0 2021-4-22 预览
20-year Exam veteran selected as new Office of Promoter Investigations acting di
IR-2021-88, April 19, 2021 WASHINGTON — As part of the continued focus on compliance issues, the Internal Revenue Service announced today the establishment of the IRS Office of Promoter Investigations. The new office will further expand on the efforts of the Promoter Investigations Coordinator that began last summer. "By establishing the Office of Promoter Investigations, we are continuing our increased focus on promoters of abusive tax avoidance transactions, which we have demonstrated over the last year," said IRS Commissioner Chuck Rettig. "This office will coordinate efforts across multiple business divisions to address abusive syndicated conservation easements and abusive micro-captive insurance arrangements, as well as other transactions." Lois Deitrich, a 20-year veteran of the agency, will be the new office's acting director. Even though OPI will be positioned within SB/SE, Deitrich will work on agency-wide compliance issues, including coordination of promoter activities with promoter teams in other business divisions, including Large Business & International, Tax Exempt/Government Entities, the Office of Fraud Enforcement, and Criminal Investigations.. She will serve as the principal advisor and consultant to IRS division commissioners and deputy commissioners on issues involving promoters of abusive transactions and the schemes they peddle. The OPI will also develop strategic plans, programs and policy. Prior to the creation of OPI, the SB/SE division completed a realignment of field examination employees who work on promoter investigations. This realignment brought SB/SE revenue agents under a single director within the Field Exam Division, increasing the focus and attention they apply to investigations going forward. With additional training, resources and applied analytics, SB/SE will bring improved focus on identifying, investigating and taking necessary enforcement action to halt promotion of abusive transactions. De Lon Harris, commissioner, SB/SE Exam, noted that the realignment of field employees will continue to strengthen the internal compliance efforts within SB/SE. "These groups are exclusively dedicated to investigating those who peddle abusive tax schemes. Bringing these agents together, in combination with the creation of the service-wide Office of Promoter Investigations, will help strengthen our compliance work and is yet another opportunity to increase our capacity to conduct these investigations," said De Lon Harris, commissioner, SB/SE Exam. "Our promoter office will strategically focus resources to help expand detection and deterrence efforts of promoter work across the IRS." Deitrich will take over the work the agency has been pursuing for the past year under Brendan O'Dell, who was selected as the Promoter Investigation Coordinator in early 2020. Prior to this position, Deitrich served as the director of the southwest area of SB/SE's Field Examination, where she was responsible for overseeing SB/SE field operation for abusive transaction investigations. She brings extensive experience in the abusive transaction space and the Special Enforcement Program. Previously, she served as director of Exam Case Selection and Exam Quality and Technical Support. Deitrich began her IRS career as a revenue agent in 2001. She holds a master's degree in Tax from the University of Denver and is a certified public accountant and a certified fraud examiner. Source link
lastpost: nearmetips@ 2021-4-20 08:10 142 0 2021-4-20 预览
Steer clear of typical tax return errors; May 17 deadline nears
IR-2021-89, April 20, 2021 WASHINGTON — The Internal Revenue Service today reminded taxpayers to check their tax returns for common errors that could delay refunds or otherwise affect normal processing. Here are some ways to avoid tax return slipups as the May 17 due date gets closer. Use electronic filing. Filing electronically, whether through IRS Free File or other e-file service providers, is a great way to cut the chances for many tax return mistakes and maximize deductions to reduce tax owed at the same time. The tax software automatically applies the latest tax laws, checks for available credits or deductions, does the calculations, and asks taxpayers for all required information. Report all taxable income. Be sure to have income documents on hand before starting the tax return. Examples are Forms W-2, 1099-MISC or 1099-NEC. Underreporting income may lead to penalties and interest. Get names and Social Security numbers right. Enter each Social Security number (SSN) and individual's name on a tax return exactly as printed on the Social Security card. Persons generally must list on their individual income tax return the SSN of any person they claim as a dependent. If a dependent or spouse does not have and is not eligible to get a SSN, list the Individual Tax Identification Number (ITIN) instead of a SSN. Learn about filing status. If taxpayers are unsure about their filing status, the Interactive Tax Assistant on IRS.gov can help them choose the correct status, especially if more than one filing status applies. Tax software, including IRS Free File, also helps prevent mistakes with filing status. Correctly answer the virtual currency question. The 2020 Form 1040 asks whether at any time during 2020, a person received, sold, sent, exchanged or otherwise acquired any financial interest in any virtual currency. If a taxpayer's only transactions involving virtual currency during 2020 were purchases of virtual currency, they are not required to answer "yes" to the question. Mail paper returns to the right address. Paper filers should check the right address for where to file on IRS.gov or on form instructions to avoid processing delays. Note that due to staffing issues related to COVID-19, processing paper tax returns could take much longer than usual. Taxpayers and tax professionals are encouraged to file electronically if possible. Use the right routing and account numbers. Requesting direct deposit of a federal refund into one, two or even three accounts is convenient and allows the taxpayer access to his or her money faster. Make sure the financial institution routing and account numbers entered on the return are accurate. Incorrect numbers can cause a refund to be delayed or deposited into the wrong account. Taxpayers can also use their refund to purchase U.S. Savings Bonds. Sign and date the return. If filing a joint return, both spouses must sign and date the return. E-filers can sign using a self-selected personal identification number (PIN). Keep a copy. When ready to file, taxpayers should make a copy of their signed return and all schedules for their records. Request an extension, if needed. Taxpayers who cannot meet the May 17 deadline can easily request an automatic filing extension to October 15 and prevent late filing penalties. Use Free File or Form 4868. But keep in mind that while an extension grants additional time to file, tax payments are still due May 17. Source link
lastpost: nearmetips@ 2021-4-20 08:10 78 0 2021-4-20 预览
Those experiencing homelessness can get Economic Impact Payments and other tax b
IR-2021-87, April 15, 2021 WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don't have a permanent address or a bank account that they may still qualify for Economic Impact Payments and other tax benefits. While Economic Impact Payments continue to be made automatically to most people, the IRS can't issue a payment to eligible Americans when information about them isn't available in the tax agency's systems. To help people experiencing homelessness, the rural poor and other historically under-served groups, the IRS urges community groups, employers and others to share information about Economic Impact Payments and help more eligible people file a tax return so they can receive everything they're entitled to. IRS.gov has a variety of information and tools to help people receive the Economic Impact Payments. "The IRS has been continuing to work directly with groups inside and outside the tax community to get information directly to people experiencing homelessness and other groups to help them receive Economic Impact Payments," said IRS Commissioner Chuck Rettig. "The IRS is working hard on this effort, enabling millions of people who don't normally file a tax return to receive these payments. But we need to do more, and we appreciate all the help we've been receiving from national and local groups to assist in this effort to reach the people who desperately need this help." Economic Impact Payments, also known as stimulus payments, are different from most other tax benefits; people can get the payments even if they have little or no income and even if they don't usually file a tax return. This is true as long as they have a Social Security number and are not being supported by someone else who can claim them as a dependent. The IRS needs information from people who don't usually file a tax return – even if they did not have any income last year or their income was not large enough to require them to file. The only way for the agency to have that information is for people to file a basic 2020 tax return with the IRS. Once that return is processed, the IRS can quickly send stimulus payments to an address selected by the eligible individual. People do not need a permanent address or a bank account. They don't need to have a job. For eligible individuals, the IRS will still issue the payment even if they haven't filed a tax return in years. People in this group can still qualify for the first two Economic Impact Payments when they file their 2020 return by claiming the Recovery Rebate Credit. There's a special section on IRS.gov that can help: Claiming the 2020 Recovery Rebate Credit if you aren't required to file a tax return. For the current third round of payments, people who are experiencing homelessness usually qualify to receive $1,400 for themselves. If they are married or have dependents, they can get an additional $1,400 for each of their family members. Filing a 2020 federal income tax return that provides very basic information about the person is something that can be done electronically using a smartphone or a computer. When the IRS receives the return, it will automatically calculate and issue the Economic Impact Payments to eligible individuals. Permanent address not required People can claim an Economic Impact Payment or other credits even if they don't have a permanent address. For example, someone experiencing homelessness may list the address of a friend, relative or trusted service provider, such as a shelter, drop-in day center or transitional housing program, on the return filed with the IRS. If they are unable to choose direct deposit, a check or debit card for the tax refund and the third Economic Impact Payment can then be mailed to this address. Individuals experiencing homelessness can receive the EITC A worker experiencing homelessness can get an Earned Income Tax Credit (EITC). To get the credit, federal law requires that a worker live in the U.S. for more than half of the year and meet other requirements. This means living in a home in any of the 50 states or the District of Columbia. Therefore, individuals experiencing homelessness, including those who reside at one or more homeless shelters, can meet that requirement. No bank account? No problem Many financial institutions will help a person lacking an account to open a low-cost or no-cost bank account. Individuals who open accounts will then have an account and routing number available when they file and claim a direct deposit of the Economic Impact Payment. Visit the Federal Deposit Insurance Corporation (FDIC) website for details, in both English and Spanish, on opening an account online. Among other things, people can also use the FDIC's BankFind tool to locate a nearby FDIC-insured bank. In addition, BankOn, American Bankers Association, Independent Community Bankers of America, and National Credit Union Administration have all compiled lists of banks and credit union that can open an account online. For veterans, see the Veterans Benefits Banking Program (VBBP) for access to financial services at participating banks. For those with a prepaid debit card, they may be able to have their refund applied to the card. Many reloadable prepaid cards or mobile payment apps have account and routing numbers that can be provided to the IRS. Individuals would need to check with the financial institution to ensure the card can be used and to obtain the routing number and account number, which may be different from the card number. File for free The fastest and easiest way to claim the 2020 Recovery Rebate Credit and Earned Income Tax Credit (EITC) or to get the third Economic Impact Payment is to file a return electronically using IRS Free File. People can use a smartphone or computer to visit IRS.gov and click the File Your Taxes for Free link. Through the Free File system, anyone who qualifies for the EITC also qualifies to use brand-name software to prepare and electronically file their return for free. The IRS urges anyone experiencing homelessness who has a smartphone or access to a computer to take advantage of this service. Get free help from IRS partners Alternatively, anyone who qualifies for the EITC or does not have a filing requirement but is filing to get an Economic Impact Payment also qualifies for free tax help from a trained community volunteer tax preparer. Through VITA (Volunteer Income Tax Assistance) and TCE (Tax Counselling for the Elderly), volunteers prepare basic tax returns at thousands of tax help sites nationwide. Please note that some VITA/TCE sites are not operating at full capacity and others are not opening this year. To find the nearest location, visit the Free Tax Return Preparation site on IRS.gov, or call 800-906-9887. VITA/TCE site availability is updated throughout the filing season, so check back if there aren't any sites listed nearby. The IRS also continues to work extensively with community groups across the country to get people to file tax returns and receive all the Economic Impact Payments and credits they're entitled to. These efforts helped lead to more than 8 million people last year to submit tax returns who normally don't file. Direct deposit speeds payments Direct deposit is the safest and fastest way to receive a refund and Economic Impact Payments. People will need to include direct deposit information on their 2020 tax return to get their payment directly deposited. Anyone with a savings, checking, or brokerage account can choose to have their refund electronically deposited in that account. Direct deposit is available even for people who file a paper tax return, but processing of paper returns takes longer. More details on the Earned Income Tax Credit For people experiencing homelessness who have a job, filing a return often carries an added bonus—getting a refund based on various tax benefits, especially the EITC for low-and moderate-income workers and working families. Like many other workers, some workers experiencing homelessness still qualify for the credit even if they earned too little income during 2020 to owe tax. For 2020, the income limit is $15,820 for singles with no children ($21,710 for couples with no children). The income limit is higher for people with children. For example, the limit is $50,594 for singles with three or more children ($56,844 for couples with three or more children). Those who make less than this amount must also meet other eligibility requirements. Because it's a refundable credit, those who qualify and claim the credit could pay less federal tax, pay no tax, or even get a tax refund. The EITC can put up to $6,660 into a worker's pocket. The amount varies depending upon the worker's income, marital status, and other factors. The IRS recognizes that eligible workers experiencing homelessness often encounter unique challenges not faced by other people. To find out if they're eligible, people can use the EITC Assistant on IRS.gov. It's available in both English and Spanish. Help spread the word Employers can help by making their employees aware of the third Economic Impact Payment, 2020 Recovery Rebate Credit and Earned Income Tax and Child Tax Credit, and by encouraging them to file for these benefits based on tax year 2020 rules. In addition, the American Rescue Plan, enacted in March 2021, expands EITC and the Child Tax Credit benefits for the 2021 tax year. Some people will be able to get advance payments of the Child Tax Credit later this year. There is nothing those who qualify need to do at this point other than file a 2020 tax return. Employers can also help by making it easy for employees to obtain or access their 2020 W-2 forms. For more information, check out the outreach material, available on IRS.gov. Source link
lastpost: nearmetips@ 2021-4-16 08:10 77 0 2021-4-16 预览
IRS, Treasury disburse 2 million more Economic Impact Payments under the America
IR-2021-86, April 14, 2021 WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing nearly 2 million payments in the fifth batch of Economic Impact Payments from the American Rescue Plan. Today's announcement brings the total disbursed so far to approximately 159 million payments, with a total value of more than $376 billion, since these payments began rolling out to Americans in batches as announced on March 12. The fifth batch of payments began processing on Friday, April 9, with an official payment date of April 14, with some people receiving direct payments in their accounts earlier as provisional or pending deposits. Here is additional information on this batch of payments: [*]In total, this batch includes nearly 2 million payments with a value of more than $3.4 billion.[*]More than 320,000 payments, with a total value of $450 million, went to Veterans Affairs (VA) beneficiaries who receive Compensation and Pension (C&P) benefit payments but who don't normally file a tax return and didn't use the Non-Filers tool last year.[*]Nearly 850,000 payments, with a total value of nearly $1.6 billion, went to eligible individuals for whom the IRS previously did not have information to issue an Economic Impact Payment but who recently filed a tax return. [*]This batch also includes additional ongoing supplemental payments for people who earlier this year received payments based on their 2019 tax returns but are eligible for a new or larger payment based on their recently processed 2020 tax returns. This batch included more than 700,000 of these "plus-up" payments, with a total value of more than $1.2 billion.[*]Another 72,000 payments went to Social Security beneficiaries who didn't file a 2020 or 2019 tax return and didn't use the Non-Filers tool last year.[*]Overall, this fifth batch of payments contains nearly 1.2 million direct deposit payments (with a total value of just under $2 billion) and nearly 800,000 paper check payments (with a total value of over $1.4 billion). Additional information is available on the first four batches of Economic Impact Payments from the American Rescue Plan, which began processing on April 2, March 26, March 19 and March 12. A larger percentage of payments was made electronically during this round of payments than during previous rounds. This accelerated the delivery of payments to millions of American families whose payments would otherwise have been sent by mail. Over 95% of all Social Security beneficiaries have been paid electronically during this round of payments, compared to 70% in the first round and 72% in the second round. The IRS will continue to make Economic Impact Payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS previously did not have information to issue a payment but who recently filed a tax return, as well to people who qualify for "plus-up" payments. Special reminder for those who don't normally file a tax return Although payments are automatic for most people, the IRS continues to urge people who don't normally file a tax return and haven't received Economic Impact Payments to file a 2020 tax return to get all the benefits they're entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax Credit, and the Earned Income Tax Credit. Filing a 2020 tax return will also assist the IRS in determining whether someone is eligible for an advance payment of the 2021 Child Tax Credit, which will begin to be disbursed this summer. For example, some federal benefits recipients may need to file a 2020 tax return – even if they don't usually file – to provide information the IRS needs to send payments for a qualifying dependent. Eligible individuals in this group should file a 2020 tax return as quickly as possible to be considered for an additional payment for their qualifying dependents. People who don't normally file a tax return and don't receive federal benefits may qualify for these Economic Impact Payments. This includes those experiencing homelessness, the rural poor, and others. Individuals who didn't get a first or second round Economic Impact Payment or got less than the full amounts may be eligible for the 2020 Recovery Rebate Credit, but they'll need to file a 2020 tax return. See the special section on IRS.gov: Claiming the 2020 Recovery Rebate Credit if you aren't required to file a tax return. Free tax return preparation is available for qualifying people. The IRS reminds taxpayers that the income levels in this new round of Economic Impact Payments have changed. This means that some people won't be eligible for the third payment even if they received a first or second Economic Impact Payment or claimed a 2020 Recovery Rebate Credit. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly). The payments end at $80,000 for individuals ($160,000 for married filing jointly); people with Adjusted Gross Incomes above these levels are ineligible for a payment. Individuals can check the Get My Payment tool on IRS.gov to see the payment status of these payments. Additional information on Economic Impact Payments is available on IRS.gov. Source link
lastpost: nearmetips@ 2021-4-15 08:10 120 0 2021-4-15 预览
IRS Free File can help people who have no filing requirement find overlooked tax
IRS YouTube Video: [*]Do Your Taxes for Free with Free File  English | Spanish IR-2021-85, April 13, 2021 WASHINGTON – The Internal Revenue Service today urged low- and moderate-income individuals and families, especially those who don't normally file a tax return, to use IRS Free File to prepare their own federal tax return, e-file it and get a refund – all for free. This year's federal tax filing deadline for individuals has been postponed to May 17 from April 15. Free File offers free access to brand-name tax software to anyone who makes $72,000 or less. Already this year, more than 2.96 million individuals and couples have used this online service to file returns and get their share of these valuable benefits. Available only at IRS.gov, Free File offers people experiencing homelessness, students who are now on their own, low-and moderate-income families and others a fast and easy way to access these benefits. All anyone needs to reach Free File is access to a computer or similar device. No computer? No problem. IRS Free File products support mobile phone access too. Never has Free File been as important as it is right now. The IRS delivered two rounds of Economic Impact Payments to eligible people. The first payment was up to $1,200 per person and $500 per qualifying child. The second payment was up to $600 per eligible person and $600 per qualifying child. People who did not receive the full amount of the first or second payments can claim the additional amount they are due as the Recovery Rebate Credit when they file their 2020 tax return. And that's where Free File comes in. It's a free way to claim the full amount of tax benefits, including the Recovery Rebate Credit, and ensure that eligible people get their refund. See the special section on IRS.gov - Claiming the 2020 Recovery Rebate Credit if you aren't required to file a tax return – for more information. Look for a Free File product with "no minimum income" and file electronically and choose direct deposit. Free File is also a great way to take advantage of two other tax benefits that help workers and families --the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC). Under a special COVID-related rule, people who were laid off during part or all of 2020 will often still qualify for these benefits. That's because if they worked during 2019, they can choose to use their 2019 earned income to figure these credits, as long as it was higher than it was in 2020. Through Free File, leading tax software providers make their online products available for free as part of a 19-year partnership with the IRS. There are nine products in English and one in Spanish. Visit IRS.gov/freefile for details. In addition, MilTax, available free through the Department of Defense, offers a similar online tax-preparation service to members of the military. Because Free File returns are filed electronically, the service offers everyone a great way to get their money quickly. This is especially true for anyone who chooses to have their refund deposited directly into a savings or checking account. The IRS urges everyone to consider taking advantage of the speed and convenience of Free File. This includes: [*]People experiencing homelessness. As long as they are not someone's dependent, chances are they still qualify for the Recovery Rebate Credit even if they have little or no income. They can still use Free File even if their only access to the Internet is through a smartphone. Look for a Free File product with "no minimum income."[*]Individuals who were claimed as a dependent on someone else's tax return in 2018 or 2019, but who cannot be claimed as a dependent on someone else's return in 2020, may now be eligible to claim a 2020 Recovery Rebate Credit and must file a 2020 tax return.[*]One spouse with an ITIN: Under a new law enacted in December 2020, a married couple filing a joint return now may be eligible for a partial credit when only one spouse has a Social Security number valid for employment. If a couple did not receive one or both Economic Impact Payments because one of them did not have a Social Security number valid for employment, they may be eligible to claim a 2020 Recovery Rebate Credit and must file a 2020 tax return. There is an exception if one spouse is a member of the U.S. Armed Forces.[*]Qualifying child: Families who had a baby or adopted a child during 2020 did not receive a first or second Economic Impact Payment for that qualifying child. They may be eligible to claim a 2020 Recovery Rebate Credit and must file a 2020 tax return.[*]Low- and moderate-income workers and working families who don't normally file a return: Historically, many of these families miss out on the EITC and ACTC because they don't file.  Check out the A Closer Look column for more information on how Free File can help people get all available tax benefits. For those who are not comfortable doing their own return, IRS-trained community volunteers offer tax help at more than 11,000 tax help sites, nationwide. To find the nearest site, visit IRS.gov/volunteers, or call 800-906-9887. Source link
lastpost: nearmetips@ 2021-4-14 08:10 125 0 2021-4-14 预览
IRS suspends requirement to repay excess advance payments of the 2020 Premium Ta
IR-2021-84, April 9, 2021 WASHINGTON — The American Rescue Plan Act of 2021 suspends the requirement that taxpayers increase their tax liability by all or a portion of their excess advance payments of the Premium Tax Credit (excess APTC) for tax year 2020. A taxpayer's excess APTC is the amount by which the taxpayer's advance payments of the Premium Tax Credit (APTC) exceed his or her Premium Tax Credit (PTC). The Internal Revenue Service announced today that taxpayers with excess APTC for 2020 are not required to file Form 8962, Premium Tax Credit, or report an excess advance Premium Tax Credit repayment on their 2020 Form 1040 or Form 1040-SR, Schedule 2, Line 2, when they file. Eligible taxpayers may claim a PTC for health insurance coverage in a qualified health plan purchased through a Health Insurance Marketplace. Taxpayers use Form 8962, Premium Tax Credit to figure the amount of their PTC and reconcile it with their APTC. This computation lets taxpayers know whether they must increase their tax liability by all or a portion of their excess APTC, called an excess advance Premium Tax Credit repayment, or may claim a net PTC. Taxpayers can check with their tax professional or use tax software to figure the amount of allowable PTC and reconcile it with APTC received using the information from Form 1095-A, Health Insurance Marketplace Statement. The process remains unchanged for taxpayers claiming a net PTC for 2020. They must file Form 8962 when they file their 2020 tax return. See the Instructions for Form 8962 for more information. Taxpayers claiming a net PTC should respond to an IRS notice asking for more information to finish processing their tax return. Taxpayers who have already filed their 2020 tax return and who have excess APTC for 2020 do not need to file an amended tax return or contact the IRS. The IRS will reduce the excess APTC repayment amount to zero with no further action needed by the taxpayer. The IRS will reimburse people who have already repaid any excess advance Premium Tax Credit on their 2020 tax return. Taxpayers who received a letter about a missing Form 8962 should disregard the letter if they have excess APTC for 2020. The IRS will process tax returns without Form 8962 for tax year 2020 by reducing the excess advance premium tax credit repayment amount to zero. Again, IRS is taking steps to reimburse people who filed Form 8962, reported, and paid an excess advance Premium Tax Credit repayment amount with their 2020 tax return before the recent legislative changes were made. Taxpayers in this situation should not file an amended return solely to get a refund of this amount. The IRS will provide more details on IRS.gov. There is no need to file an amended tax return or contact the IRS. As a reminder, this change applies only to reconciling tax year 2020 APTC. Taxpayers who received the benefit of APTC prior to 2020 must file Form 8962 to reconcile their APTC and PTC for the pre-2020 year when they file their federal income tax return even if they otherwise are not required to file a tax return for that year. The IRS continues to process prior year tax returns and correspond for missing information. If the IRS sends a letter about a 2019 Form 8962, we need more information from the taxpayer to finish processing their tax return. Taxpayers should respond to the letter so that the IRS can finish processing the tax return and, if applicable, issue any refund the taxpayer may be due. See the  Form 8962, Premium Tax Credit and Fact Sheet 2021-08, More details about changes for taxpayers who received advance payments of the 2020 Premium Tax Credit. Source link
lastpost: nearmetips@ 2021-4-10 08:10 166 0 2021-4-10 预览
IRS reminds U.S. territory residents about U.S. income tax rules relating to pan
IR-2021-81, April 8, 2021 WASHINGTON — The Internal Revenue Service reminds eligible residents of the U.S. territories that if they receive unemployment compensation payments that are otherwise  subject to U.S. income tax, they may be eligible to exclude up to $10,200 per person of  unemployment compensation from U.S. income tax for 2020, following legislation that was passed March 11, 2021. Taxpayers with modified adjusted gross income of less than $150,000 may exclude the first $10,200 of unemployment compensation from their 2020 federal income tax return. In the case of taxpayers that are married filing jointly, the maximum exclusion would be $10,200 for each spouse for a maximum of $20,400. Taxpayers who filed before the law was passed should not file an amended return. Last year, in response to the COVID-19 pandemic, Congress passed legislation providing eligible individuals with two new types of pandemic-related unemployment compensation, which are subject to the same U.S. tax rules that apply to other unemployment compensation: [*]Pandemic Unemployment Assistance (PUA)[*]Federal Pandemic Unemployment Compensation (FPUC) The $10,200 exclusion applies to these new types of unemployment compensation for U.S. income tax purposes. The IRS also notes that for U.S. income tax purposes, unemployment compensation is generally considered sourced where the taxpayer performed the underlying services. For guidance on the U.S. income taxation of residents of the U.S. territories, see Publication 570, Tax Guide for Individuals with Income from U.S. Possessions. The U.S. territories are American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, the Commonwealth of Puerto Rico, and the U.S. Virgin Islands. U.S. territory residents should contact their territory tax department with questions relating to the taxation of COVID-related unemployment compensation at the territory level. Source link
lastpost: nearmetips@ 2021-4-9 08:10 146 0 2021-4-9 预览

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