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Financial safety is an important part of disaster preparedness
Financial safety is an important part of disaster preparedness
Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place.
To help protect their financial safety in a disaster situation, taxpayers should:
• Update emergency plans. A disaster can strike at any time. Personal and business situations are…
Here’s what taxpayers need to know about the home office deduction
Here’s what taxpayers need to know about the home office deduction
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year.
Here are some things to help taxpayers understand the home office deduction and whether they can claim it:
Dirty Dozen part 2: Thieves are constantly coming up with ways to scam taxpayers
Dirty Dozen part 2: Thieves are constantly coming up with ways to scam taxpayers
This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and information from taxpayers.
Taxpayers should watch out for these scams.
Scammers targeting individuals with limited English proficiency: IRS impersonators and other scammers are…
What taxpayers should do if they get a letter or notice from the IRS
What taxpayers should do if they get a letter or notice from the IRS
Every year the IRS mails letters or notices to taxpayers for many different reasons.
Here are some do’s and don’ts for taxpayers who receive one:
• Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do.
• Don’t panic. The IRS and its authorized private collection…
IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
WASHINGTON − The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.
Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file
Reminder to tax-exempt organizations: 990s, other forms due July 15; e-file best way to file
WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15, including:
IRS says a Paycheck Checkup helps avoid tax surprises
IRS says a Paycheck Checkup helps avoid tax surprises
WASHINGTON — The Internal Revenue Service is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year.
Because income taxes are pay-as-you-go, taxpayers are required by law to pay most of their tax as income is received. There are two ways to do this:
All taxpayers should know the telltale signs of common tax scams
All taxpayers should know the telltale signs of common tax scams
Every year scammers add new twists to well-known tax-related scams and 2020 is no exception.
Taxpayers should remember that the IRS generally first mails a bill to a taxpayer who owes taxes. There are special circumstances when the IRS will call or come to a home or business.
Here are some tips to help taxpayers spot scams and avoid becoming a victim.
Have an installment agreement or payment plan? Payments should resume starting July 15
Have an installment agreement or payment plan? Payments should resume starting July 15
The IRS reminds taxpayers who received tax relief as part of the People First Initiative and didn’t make previously owed tax payments between March 25, 2020 and July 15, 2020 they will need to restart those payments to avoid penalties.
Here’s what people need to do to restart their IRS Installment Agreements, Offers in Compromise or Private Debt Collection program payments:
IRS advice for those who missed the July 15 deadline, file now to avoid bigger bill
IRS advice for those who missed the July 15 deadline, file now to avoid bigger bill
WASHINGTON — For those who missed the July 15 tax deadline and didn’t request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties.
Some taxpayers may have extra time to file and pay any taxes due without penalties and interest. These include:
What someone should do if they missed the July 15 deadline to file and pay
What someone should do if they missed the July 15 deadline to file and pay
While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet.
If a taxpayer is entitled to a refund, there’s no penalty for filing late. Penalties and interest will begin to accrue on any remaining unpaid tax due as of July 16, 2020.
Anyone who didn’t file and owes tax should file a return as soon as they can and pay as much as…
Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020.
These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a half, but they are still subject to regular tax. Taxpayers can include…
IRS is sending letters to those experiencing a delay with advance payment of employer credits
IRS is sending letters to those experiencing a delay with advance payment of employer credits
WASHINGTON – The Internal Revenue Service has started sending letters to taxpayers who have experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19.
A taxpayer will receive letter 6312 if the IRS either rejected Form 7200 or made a change to the requested amount of advance payment due to a computation error.
IRS reminder: Taxpayers can get an extension to Oct. 15 to file taxes
IRS reminder: Taxpayers can get an extension to Oct. 15 to file taxes
WASHINGTON – The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return. The extension gives taxpayers until Oct. 15 to file, but taxes owed are due by July 15.
The July 15 due date generally applies to all taxpayers who have an income tax filing or payment deadline falling on or after…
Taxpayers should file on time even if they can’t pay their full tax bill
Taxpayers should file on time even if they can’t pay their full tax bill
Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. Otherwise, they may end up owing even more because penalties and interest can cause a taxpayer’s debt to grow.
If a taxpayer owes taxes, but can’t pay by the July 15, 2020 deadline, they should:
• File their tax return or request an extension of time to file.
Taxpayers who can’t file their return on…
IRS gives tips on filing, paying electronically and checking refunds online; 2019 tax returns and payments due July 15
IRS gives tips on filing, paying electronically and checking refunds online; 2019 tax returns and payments due July 15
WASHINGTON — The Internal Revenue Service today reminded taxpayers with a filing requirement to file an accurate tax return on time even if a balance due can’t be paid in full. The deadline to submit 2019 tax returns is July 15, 2020, for most people. Members of the military serving overseas may have more time.
File electronically to avoid most common errors
Taxpayers have a variety of options to consider when paying federal taxes. This year, in response to the COVID-19 pandemic, the filing deadline and tax payment due date was postponed from April 15 to July 15, 2020.
A list of forms due July 15 is on the Coronavirus Tax Relief: Filing and Payment Deadlines page. Electronic payment options are the optimal way to make a tax payment. All payment…
