Tax News

  • IRS Creates New Position: Chief Taxpayer Experience Officer

    For some time now, Internal Revenue Service Commissioner Chuck Retting has been declaring 2021 as the year his agency transforms the user experience of the American taxpayer. Now, the agency has taken concrete steps in that direction. The IRS has created a new position—the Chief Taxpayer Experience Officer—to “help unify and expand efforts across the…

  • Employers Can Get Tax Credits for Providing Required COVID-19 Paid Leave

    Small and midsize companies have been particularly hard hit over the past year by COVID-19. And while those employers been stretched to their limits by paying out large sums for sick leave and family leave due to the pandemic, some help is available. The Families First Coronavirus Response Act, or FFCRA, became law in March…

  • IRS Recommends Direct Deposit for Fast and Flexible Tax Refunds

    The Internal Revenue Service closed out the week by reminding taxpayers that receiving a tax refund by direct deposit is faster and more flexible than traditional paper checks, even for those who do not currently have a bank account. To help convince the remaining 20 percent of taxpayers to make the jump to direct deposit,…

  • Today is the Deadline for Making a TY 2020 Fourth Quarter Estimated Tax Payment

    The Internal Revenue Service is reminding taxpayers that today—January 15, 2021—is the deadline for making a tax year 2020 fourth quarter estimated tax payment. The goal of the press release is to prevent taxpayers who did not pay enough tax throughout 2020 from owing tax or a penalty during filing season. The IRS says there…

  • All Taxpayers Now Eligible for Identity Protection PINs

    The Internal Revenue Service is expanding just who is eligible for an Identity Protection PIN. In fact, the IRS has thrown open the gates and now says any taxpayer who can verify their identity can now get an IP PIN. The IP PIN is a six-digit code that is known only to the taxpayer and…

  • Treasury Issuing Millions of EIPs by Debit Card in Second Round

    It’s a busy time for the Treasury Department and the Internal Revenue Service. They’re sending out some 8 million second-round Economic Impact Payments (EIPs) by prepaid debit card. The debit cards follow millions of EIPs already made by direct deposit and the ongoing mailing of paper checks to deliver the second batch of EIPs as…

  • 2021 Standard Mileage Rates Now Available

    Taxpayers who expect to do some business-related driving next year will probably be happy to learn that the optional standard mileage rates for 2021 are now available from the Internal Revenue Service. Included in Notice 2021-02, the new standard mileage rates will apply on January 1, 2021. The optional standard mileage rates are one of…

  • Guidance Released for Some Debt Instruments Issued for Property

    The Internal Revenue Service has issued Revenue Ruling 2021-01, which lays out the prescribed rates for various income tax purposes. The ruling includes rates including those for applicable federal interest rates, adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. The rates are determined as laid out…

  • New IRS Guidance Eases Burdens on Certain Safe Harbor Plans

    The Internal Revenue Service has issued Notice 2020-86, addressing certain parts of the SECURE Act that affect safe harbor plans—including safe harbor 401(k) plans and some 403(b) plans. The SECURE Act—also known as the Setting Every Community Up for Retirement Enhancement Act—was passed into law in 2019. Not all 401(k) plans qualify A safe harbor…

  • What’s New, What to Consider When Filing in 2021

    The tax-filing season will be upon us before we know it, so the Internal Revenue Service is urging taxpayers to take actions now to help ensure they can file timely and accurate returns in 2021. Things to consider The IRS says there are some areas that taxpayers should give extra attention before filing. These topics…