The IRS is providing broad-based penalty relief to most taxpayers who filed certain 2019 and/or 2020 tax returns late due to the COVID-19 pandemic. Find out if you might qualify.
Tag: IRS
IRS Reaches Milestone on Paper Return Backlog
IRS reaches internal milestone for 2020 individual tax return backlog. National Taxpayer Advocate’s report shows that milestone may not be a significant accomplishment considering remaining paper return backlog and additional processing delays.
AICPA Releases Response to IRS Website Post Regarding Taxpayer Automated Notices
Have you been receiving excess automated notices from the IRS? Here is what the IRS is doing to mitigate these notices and what the AICPA is recommending for improvements.
Is the IRS a hot mess right now?
Can’t get through to the IRS on the phone? We’ve got some tips that may help you get your hands on the tax information you need.
M&A transactions: Be careful when reporting to the IRS
Have you bought or sold business assets in an M&A deal in 2021 or are in the process of a transaction? If so, you must report the details to the IRS. The tax agency may then compare what both parties report to ensure they match.
The easiest way to survive an IRS audit is to get ready in advance
Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you can fare.
Employers have questions and concerns about deferring employees’ Social Security taxes
The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.
Good records are the key to tax deductions and trouble-free IRS audits
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
IRS releases 2021 amounts for Health Savings Accounts
There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.
The chances of IRS audit are down but you should still be prepared
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just[ … ]
