Tax Alert 03.31.2020 The Internal Revenue Service (IRS) today issuedNotice 2020-22, which waives penalties for failing to deposit taxes for employers required to pay qualified sick and family leave wages as required by the recently enactedFamilies First Coronavirus Response Act (FFCRA,...
Deposits will continue in the days ahead, starting with people who have filed tax returns for 2018 or 2019 and authorized direct deposit. Others — including people who haven’t filed returns, authorized direct deposits, or receive Social Security — will probably have to wait weeks or months b...
The coronavirus pandemic has created additional urgency this year for Americans expecting tax refunds, particularly as many have not been able to rely on other forms of relief from the government. Millions of people lost work in 2020, and despitecalls from economistsfor regular direct p...
● Make sure your preparer offers IRS e-file. The quickest and most accurate way to get your refund is toelectronically fileand use direct deposit. ● Confirm that your preparer signs your return and will be available after the tax filing deadline. So-called ghost preparers often help taxpay...
The IRS plans to notify 9 million Americans who may be eligible for a government stimulus check but who have yet to claim the relief payment. That mostly pertains to people who typically don't file a federal income tax return, the agency said Tuesday. They will have until October 15 to ...
*guaranteed by Column Tax Which penalties qualify for first-time penalty abatement? Generally, there are three types of penalties that the IRS considers eligible for abatement: Failure to file penalty. Failure to pay penalty. Failure to deposit penalty. The failure to file penalty is a fee that...
results would show that the money was scheduled to be deposited April 15 -- even though those individuals hadn’t seen the money arrive yet. In some scenarios, the last four digits of the bank account number associated with the deposit provided by the IRS didn’t match a bank account that...
Take the COVID pandemic, for instance. At the start of the pandemic, different supports like the Families First Coronavirus Relief Act (FFCRA), were signed and put into effect in March 2020 to provide temporary tax relief. More supports were then added as the pandemic went on. ...
The IRS states that employers will incur no penalty for anaccuratereduction in the tax deposit in anticipation of the credit for qualified leave wages paid; employers should be aware of the possibility of underpayment of taxes in these circumstances.SeeNotice 2020-22for additional details. ...
Don’t like ’em but got to pay Uncle Sam to stay clean and fund the land we live in. However be smart and realize while we should pay our fair share there are many credits, deductions and tax breaks you should be taking advantage of to lower your taxes or maximize your refund. For...