The Internal Revenue Service (IRS) announces that for the first time this summer taxpayers will be able to file Form 1040-X Amended U.S. Individual Tax Return electronically using current tax software products. This is great tax news for taxpayers and a "major milestone" for the IRS. The new electronic Form 1040-X amended tax return will only be available for tax year 2019.
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The Internal Revenue Service (IRS) reminds those who are low-income and those who are not required to file a tax return have until October 15, 2020 to use the IRS Non-Filers Tool to register for a Economic Impact Payment. Click below for more information.
The Consumer Financial Protection Bureau (CFPB) says Do Not Throw Away the Prepaid VISA Debit Card sent to you. This Prepaid VISA Debit Card is sent to some people because the IRS couldn't direct deposit your stimulus payment. Click below for more information.
Tax News: Telephone assistance on Economic Impact Payments is available at the IRS main number or dialed direct at 1.800.919.9835.
Tax News: Taxes today, IRS compiled information and outreach materials to a special page on its website providing updated information on Economic Impact/Stimulus Payments.
The Tax Cuts and Jobs Act of 2017 resulted in the IRS having to revised the Form W-4, Employee's Withholding Certificate to eliminate the personal exemption allowance. Now, the revised Form W-4 asks taxpayers to provide details on their actual filing status, your income sources, spouses' income, self-employment income, credits, and deductions. There is no requirement to complete a new Form W-4 with your current employer unless you have a life change such as getting married, divorced, having a bay, buying a home, or other change in your life related to taxes.
Tax News: Taxes today, IRS Poster: Economic Impact Payments - What you Need To Know: IRS Poster with facts about the stimulus/impact payments.
Tax News: Taxes today, Up to date information on Coronavirus Tax Relief directly from the Internal Revenue Service (IRS) that's related to the Tax Service industry.
Taxes Today - Maryland Poster: Up to date tax news and information on the state of Maryland taxes.
Taxes Today: Breaking Tax news in the state of Maryland:
The Small Business Administration (SBA) along with the Treasury Department released their Paycheck Protection Program (PPP) Loan Forgiveness Application providing details for completing the application. Also, the SBA will soon issue regulations and guidance to assist borrowers and lenders on their responsibilities.
Tax News: Taxes today, the IRS has a "Web-Tool" for those who normally would not file a tax return because of "no taxes" paid due to individual income did not exceed $12,000.00 and married couples with gross income that did not exceed $24,400.00. For IRS to determine your eligibility and stimulus payment amount Click on the button below:
Remember there are scammers and thieves seeking to steal and scam you out of your Economic Impact Payments/ stimulus payments. Always verify the source of everyone sending you emails and calling you about your payment. For more information on the IRS "Do's and Don'ts":
Tax News: Taxes today, as soon as you start to think about taking actions concerning your income and business, a Tax Practitioner, tax service can help you take the next steps. We can discuss your business's organization, tax purposes and operations.