The second set of Economic Impact Payments are already showing up in eligible Americans’ bank accounts, but some may encounter problems with their direct payment. Rather than picking up the phone, the Internal Revenue Service today advised taxpayers to instead visit the IRS website for answers since “IRS phone assistors do not have additional information beyond what’s on IRS.gov.”…
The Internal Revenue Service this week published a safe harbor for the management or operation of qualified residential living facilities in Revenue Procedure 2021-9.…
Read more about IRS Publishes Qualified Residential Living Facility Safe Harbor
The Treasury Department and Internal Revenue Service yesterday evening announced that the next set of Economic Impact Payments are officially on the way. According to the IRS release, the agency aimed to start direct deposits later that night and send the first round of paper checks today.…
The president signed H.R. 133, or the Consolidated Appropriations Act of 2021, on Sunday, December 27, greenlighting $900 billion in coronavirus relief for Americans.…
Read more about President Signs Second Coronavirus Stimulus, Direct Payments on the Way
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 Internal Revenue Service and its Security Summit partners routinely raise awareness about data security issues threatening the financial health of taxpayers. Unsurprisingly, they’re not the only agency trying to protect you from con artists.…
Read more about FTC Warns of Scams in “12 Days of Consumer Protection” Campaign
According to reporting from The Hill, Congress is poised to vote on a second coronavirus relief package. The bill is expected to pass Congress and land on the president’s desk later today, greenlighting $900 billion in aid that will include direct payments, unemployment benefits, and additional Paycheck Protection Program funds.…
Read more about $900 Billion in Coronavirus Relief Includes Direct Payments, Unemployment Benefits
A government audit says that allowing taxpayers to electronically correct their returns is more than just good customer service—it’s good business.…
Read more about Expansion of E-file Self-Correction Could Cut Taxpayer Hassle and Costs
The Internal Revenue Service has issued Revenue Ruling 2021-01, which lays out the prescribed rates for various income tax purposes.…
Read more about Guidance Released for Some Debt Instruments Issued for Property
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.…
Read more about New IRS Guidance Eases Burdens on Certain Safe Harbor Plans
