This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds.
13.9M Americans to Receive IRS Tax Refund Interest Read More »
With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year.
Unemployment Compensation Is Taxable Read More »
Some businesses have begun to include a surcharge for COVID-19 precaution and prevention costs (e.g., COVID-19 Fee, Coronavirus Fee, PPE Fee, Sanitation Fee, Cleaning Fee, etc.) on customers’ invoices. Determining if the surcharge to cover COVID-19 costs, such as masks, gloves, and cleaning supplies, is subject to Sales Tax depends on whether the service provided
Sales Tax and Surcharges for COVID-19 Precautions Read More »
The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. A solid plan includes securing and duplicating essential documents, creating lists of property
IRS Reminds People to Prepare for Natural Disasters Read More »
The Internal Revenue Service issued a memorandum that provides interim guidance to the agency’s compliance staff on requests to designate issues for litigation.
IRS Updates Procedures for Designating Taxpayer Disputes for Litigation Read More »
The Internal Revenue Service reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Aug. 31 to rollover or repay the distribution to avoid paying taxes.
Deadline to Return Distributions to Retirement Accounts Aug. 31 Read More »