The CARES Act waives required minimum distributions (RMDs) during 2020 for IRAs and defined contribution retirement plans. RMDs are also waived for beneficiaries with inherited IRAs and accounts inherited in a retirement plan. You’re not required to have been affected […]
IRS issues standard mileage rates for 2021
WASHINGTON — The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2021, the standard mileage rates […]
Small businesses should make sure to use the right form when filing employment tax returns
Some small businesses pay employment tax quarterly while others may pay it just once a year. The IRS advises small business owners to review the rules for filing two commonly used employment tax returns. The two forms are: • […]
Get Ready for Taxes: Stay home and stay safe with IRS online tools
WASHINGTON – The Internal Revenue Service today encouraged taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021. This is the fourth in a series of reminders to help taxpayers get ready for […]
Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions
Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act includes […]
Every taxpayer has the right to challenge the IRS’s position and be heard
Taxpayers have the right to challenge the IRS’s position and be heard. This is part of Taxpayer Bill of Rights, which clearly outlines the fundamental rights every taxpayer has when working with the IRS. Taxpayers have the right to: Raise […]
IRS to employers: Remember Feb. 1, 2021 deadline for Form W-2, other wage statements
WASHINGTON — The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by Feb. 1, 2021, to avoid penalties and help the IRS prevent fraud. A 2015 law made it a permanent requirement […]
Taxpayers should check out these tips before choosing a tax preparer
As taxpayers get ready to file their 2021 taxes, they may be thinking about hiring a tax preparer. People should choose a tax preparer wisely. This is important because taxpayers are responsible for all the information on their return, no […]
Get ready to file taxes: What to do before the tax year ends
There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them. Donate to charityThere is still time to make a 2020 donation. […]
Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize
WASHINGTON – The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this […]