Author: Frank Carnahan

2021-05-28 IRS Tax Tip 2021-75, May 26, 2021 All taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if they should make a change to their withholding. This online tool guides users, step-by-step through the process of checking their withholding, and provides withholding recommendations…

2021-05-28 The IRS launched an improved Tax Withholding Estimator tool last summer to make it easier for everyone to have the right amount of tax withheld during the year. This is especially important for anyone who faced an unexpected tax bill or a penalty when they filed this year. It's also an important step for those who made withholding adjustments in 2020, had a major life change or were adversely…

2021-05-28 Under the shift in procedure, there is a new division of duties. SB/SE’s Automated Collection System (ACS) will now exclusively resolve collection issues The IRS updated the PPS automated recording to say: “If your client's account is in Automated Collection System status, ACS, or you need to address balance due issues, press or say 4.” Practitioner Priority Service assistors will not be able to take any actions for collection…

2021-05-19 Every filing season, millions of taxpayers have their refunds delayed. Where’s My Refund feature on IRS.gov and on the IRS2Go app provide information to taxpayers as to the status of their refunds. Processing Station: First Level of Return Reviews Takes Place Even Before They Post to IRS Systems Once a return is filed with the IRS and before it posts to IRS systems, it will go through a series…

2021-03-31 Press Release, Missouri Gov. Michael L. Parson, March 19, 2021. Missouri extended the 2020 state individual tax filing and payment deadline to May 17, 2021. Taxpayers that file their return and pay the tax due by May 17, 2021, will avoid late filing and payment penalties, and interest. The relief is automatic, and individuals do not need to take any action to qualify. Taxpayers may still ask for an…

2021-03-18 “Electric Bicycle Incentive Kickstart for the Environment Act” or The E-BIKE Act, H. R. 1019, was introduced on 2/11/2021 to amend the Internal Revenue Code to provide a credit for the purchase of certain new electric bicycles. The credit would be up to 30% of the cost of any qualified electric bicycle placed in service during the taxable year, up to a maximum of 1 bicycle and $1,500 for…

2021-03-18 The Treasury Department and Internal Revenue Service announced March 18 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. IR-2021-59, March 17, 2021. Individual taxpayers do not need to file any forms or call the IRS to qualify for this…

2021-02-12 Appointments are required for non-cash payments, dropping off current year Form 1040 series tax returns, or obtaining forms. Taxpayers who do not have a pre-scheduled appointment are advised that service is by appointment, and to call the toll-free number, 844-545-5640. Taxpayers wil also be told of alternative services available for their issue. Information regarding appointment times was updated to state that time will be provided to clean workstations between…

2021-02-04 Although the IRS has publicized that it has "opened" the mail, it has apparently only managed to "process" the mail that has been opened through April 15, 2020.

2021-01-15 The Taxpayer Certainty and Disaster Tax Relief Act of 2019 retroactively repealed Internal Revenue Code (IRC) Section 512(a)(7), implemented by the Tax Cuts and Jobs Act of 2017 (TCJA), Pub. L 115-97, which increased unrelated business taxable income (UBTI) by amounts paid or incurred for qualified transportation fringes. Congress had previously enacted this provision for amounts paid or incurred after December 31, 2017. To claim a refund or credit…