Tips for taxpayers who need to file an amended tax return
The IRS will correct common errors during processing. However, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Taxpayers can now file amended returns electronically. Here are some tips for anyone who discovered they made a mistake or forgot to include something on their tax return.
Some taxpayers may need to make estimated tax payments
Some taxpayers earn income not subject to withholding. For small business owners and self-employed people this can mean making quarterly estimated tax payments.
Why You Should Withhold Unemployment
Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It's important for these individuals to know that unemployment compensation is taxable.
Filing a New W4
All taxpayers should review their withholding annually. They can use the IRS Tax Withholding Estimator to check and make sure they're not having too little or too much federal tax withheld. This tool offers workers, retirees and self-employed individuals a step-by-step method to help figure out if they should adjust their withholding.
Here are some reminders for extension filers
October 15 is almost here. That's the last day to file for most people who requested an extension for their 2019 tax return. These taxpayers can file any time before Thursday, October 15 if they have all their required tax documents. They can also pay part or all of their taxes anytime on IRS.gov.
What taxpayers should do if they receive 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.
Relief for those that take funds from IRAs…
The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.
Employers should consider filing payroll taxes electronically
Business owners can make taxes a little easier on themselves by filing payroll and employment taxes electronically.
What you should do if you missed the July 15 deadline to file and pay
While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet.
Major changes to retirement plans due to Covid-19
Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between Jan. 1 and Dec. 30, 2020.
How to check your IRS refund status
Taxpayers can use the Where’s My Refund tool to start checking on the status of a refund 24 hours after the IRS acknowledges receipt of the e-filed tax return.
Need an extension?
The Internal Revenue Service today reminds taxpayers that they have until the postponed due date of July 15, 2020, to file an extension for their 2019 federal tax return. The extension gives taxpayers until Oct. 15 to file, but taxes owed are due by July 15.
The July 15th deadline is coming…
The Internal Revenue Service today reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020. For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15.