IRS advice for those who missed the July 15 deadline, file now to avoid bigger bill
WASHINGTON — For those who missed the July 15 tax deadline and didn't request an extension, the Internal Revenue Service reminds taxpayers about some important tips, including filing electronically as soon as possible to reduce potential penalties. Some taxpayers may have extra time to file and pay any taxes due without penalties and interest. These include: * Members of the military who served or are currently in a combat zone. They qualify for an additional extension of at least 180 days to file and pay taxes.
IRS provides guidance on recapturing excess employment tax credits
WASHINGTON — The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response Act (Families First Act) and Coronavirus Aid, Relief and Economic Security Act (CARES Act).
IRS issues final regulations and other guidance on business interest expense deduction limitation
WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. For tax years beginning after December 31, 2017, business interest expense deductions are generally limited to the sum of: * the taxpayer's business interest income;
What taxpayers should do if they get a letter or notice from the IRS
Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do's and don'ts for taxpayers who receive one: * Don't ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do.
James Lee selected to lead IRS Criminal Investigation
WASHINGTON — The Internal Revenue Service announced today that James Lee will become the new chief of IRS Criminal Investigation (CI) on October 1. Lee, currently CI's deputy chief and a 25-year veteran of the organization, will succeed current Chief Don Fort, who announced last month he will retire on September 30.
Working Virtually: Use a virtual private network to secure remote locations; Part 3 of Security Summit tips for tax professionals
WASHINGTON — As more tax professionals consider teleworking during COVID-19, the Internal Revenue Service and the Security Summit partners today urged practitioners to secure remote locations by using a virtual private network (VPN) to protect against cyber intruders.