The IRS announced on its website that it has suspended the mailing of automated collection notices, including balance due notices and unfiled tax return notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.
Expect The IRS To Struggle During The 2021 Tax Season
Zinner & Co. Tax Department Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , income tax , filing , IRSCPAs and taxpayers urged to contact elected officials and push for passage of H.R. 5155
Based on multiple media reports, the U.S. Treasury and IRS are preparing for the worst this filing season.
According to a Jan. 10 Washington Post article, the Treasury warned of enormous challenges this tax filing season that will likely delay refunds.
Treasury Department officials told reporters they predict a “frustrating season” for taxpayers and tax preparers due to delays caused by the pandemic, years of budget cuts to the IRS, and federal stimulus measures that have added to the tax agency’s workload.
IRS Urges Taxpayers To Take Steps To Make Filing Taxes Easier In 2022
Zinner & Co. Tax Team electronic filing , tax services , Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , filing , IRSA page on the IRS website reminds taxpayers to take the steps now to make the tax filling process easier in 2022.
IRS Has Restarted the Income Tax Levy Program
Zinner & Co. Tax Team Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , Taxes - Individual , IRSAccording to Accounting Today, the Internal Revenue Service began sending out letters from its Automated Collection System function in June and restarted the income tax levy program in July.
Suspended last year, the IRS tax levy program includes both tax levy and treasury payments.
IRS Sends Out Letters Regarding Monthly Child Tax Credit Payments
Zinner & Co. Tax Team IRS , tax avoidance , Tax Credit , Child Tax Credit , American Rescue Plan ActIn early June, the Internal Revenue Service started sending letters to families about how they may be able to qualify for monthly Child Tax Credit payments.
The letters are going out to families who may be eligible based on information they included in either their 2019 or 2020 tax return or who used the Non-Filers tool on IRS.gov last year to register for an Economic Impact Payment.
Tax Filing and Payment Deadline Pushed Back to May 17
Zinner & Co. Tax Team tax services , Taxes - Planning, Rules and Returns , Taxes - Individual , tax , taxes , income tax , IRS , Treasury DepartmentThe Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.
The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.
IRS Announces New Retirement Plan Limits for 2021
Zinner & Co. Tax Team Taxes - Individual , Retirement Planning & IRAs , IRSThe IRS has released the retirement contribution limits for the 2021 tax year. The new limits are adjusted based on increases in the cost of living.
Concern Over IRS Guidance on Presidential Order Deferring Payroll Tax
Zinner & Co. Tax Team Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , deductions , taxes , IRS , Coronavirus , COVID-19On Aug. 8, President Donald Trump issued a memorandum on deferring payroll tax obligations in light of the ongoing COVID-19 Disaster, which directed the Treasury Department to suspend collection of the employee portion of Social Security taxes from Sept. 1 through the end of 2020.
Don't Panic if You Received a Tax Notice from the IRS or State of Ohio
Zinner & Co. Tax Team Taxes - Corporate & Business , Taxes - Planning, Rules and Returns , tax , taxes , IRSOver the past few weeks, we have received dozens of calls from clients, who have received tax notices from both the Internal Revenue Service and the State of Ohio.
IRS grants rollover relief for RMDs waived under the CARES Act
Zinner & Co. Brett W. Neate , Taxes - Planning, Rules and Returns , Retirement Planning & IRAs , IRS , cash flow , Zinner & Co.The Internal Revenue Service recently announced anyone, who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts, now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.
This 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, in order to give taxpayers time to take advantage of this opportunity.
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