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.…
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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
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
Final regulations have been issued on the deduction for qualified transportation fringe and commuting expense.…
While it seems our world is on the edge of big changes for the coming year, the IRS is keeping some things status-quo for now. The Internal Revenue Service says interest rates will be the same for the calendar quarter that starts Jan. 1, 2021.…
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Businesses should be on high alert as thieves try to use their stolen names and data to file fraudulent income tax returns. The warning comes from the Internal Revenue Service, state tax agencies and tax industry partners who make up the Security Summit partnership.…
Read more about Security Summit Urges Businesses to Tighten Defenses
Day two of National Tax Security Awareness Week is all about multi-factor authentication. Following opening day warnings about the increased number of phishing scams that taxpayers will face over the holidays, during tax season, and throughout 2021, it makes sense that the second day emphasizes a security measure that the Internal Revenue Service says “will be available on all 2021 online tax preparation products.”…
Read more about Multi-factor Authentication Spotlighted for National Tax Security Awareness Week
