Closing your business can be a difficult and challenging task. The Taxpayer Advocate Service (TAS) partnered with IRS to expand its Closing a Business page to help business owners understand the specific actions needed, from a federal tax perspective, for … Read More
Monthly Archives: October 2020
Newly expanded ‘Closing a Business’ information provides step-by-step actions
The post Newly expanded ‘Closing a Business’ information provides step-by-step actions appeared first on Taxpayer Advocate Service. Source: taxpayeradvocate.irs.gov
TAS Tax Tip Unemployment Compensation is Taxable – Explore Your Options Now
Unemployment compensation, including special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, must generally be included in gross income. If you are receiving unemployment benefits, the benefits are taxable. Do you know you can have … Read More
Tax Tip Filing a Petition with the United States Tax Court
Taxpayers have the right to appeal an IRS decision in an independent forum. One way taxpayers may exercise this right is by filing a petition with the United States Tax Court. How do I get to the Tax Court? Receiving … Read More
Taxpayers Can Now Electronically Submit 2019 Forms 1040-X in Certain Cases
Starting now, for tax year 2019 only, Form 1040-X, Amended U.S. Individual Income Tax Return can be filed electronically, though commercial tax-filing software. Please be aware that these cannot currently be e-filed directly through IRS systems. Taxpayers will have to … Read More
Time to claim the Economic Impact Payment for non-filers is extended to November 21
Non-filers now have until November 21 to register for their Economic Impact Payment (EIP). Eligible individuals, with little or no income and who are not normally required to file tax returns, now have more time to claim an Economic Impact … Read More
LITCs Offering Assistance with Economic Impact Payments
Low-Income Taxpayer Clinics (LITC) Offering Targeted Assistance with Economic Impact Payments These organizations may be able to assist you with claiming the EIP. Please note that the hours referenced are for the time zone where the clinic is located. Clinics … Read More