IR-2021-42, February 19, 2021 WASHINGTON — The Internal Revenue Service is reminding those with income from a farming or fishing business that they can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1. This rule generally applies if farming or fishing income was at least…
IR-2021-36, February 11, 2021 WASHINGTON — The Internal Revenue Service today reminded taxpayers they can securely access their IRS account information through their individual online account. The IRS regularly adds features to online account. For example, people can now check the amounts of their Economic Impact Payments (EIPs) to help them accurately calculate any Recovery Rebate…
IR-2021-32, February 9, 2021 WASHINGTON — The Internal Revenue Service announced today that Nancy Sieger has been selected as the Chief Information Officer. She has served as acting CIO since June 2019. “Nancy has done an exemplary job as Acting CIO supporting delivery of two rounds of Economic Interest Payments totaling more than $420 billion along with…
IR-2021-27, January 29, 2021 WASHINGTON — The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA of 2020),…
IR-2021-20, January 25, 2021 WASHINGTON – The Internal Revenue Service today rolled out a new online option that will help tax professionals remotely obtain signatures from individual and business clients and submit authorization forms electronically. Tax professionals can find the new “Submit Forms 2848 and 8821 Online” on the IRS.gov/taxpro page. Tax professionals must have…
IR-2021-15, January 15, 2021 IRS YouTube Video: Do Your Taxes for Free with Free File – English | Spanish WASHINGTON — IRS Free File – online tax preparation products available at no charge – launched today, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced. Leading tax software…
IR-2021-05, January 6, 2020 WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations PDF regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018. The final regulations help businesses understand how the credit for qualified carbon oxide sequestration may benefit those claiming two…
IR-2020-280, December 29, 2020 WASHINGTON – Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. The initial direct deposit…
IR-2020-279, December 22, 2020 WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel…
IR-2020-278, December 18, 2020 WASHINGTON – The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes four temporary tax changes that are designed to help people and…
