What Exactly Is a Tax Year?
Tax years are based on annual accounting periods where you keep records and report income and expenses. A tax year may not be a calendar year. Discover the annual accounting periods you may or may not adopt.
Tag: IRS
IRS Extends 2020 IRA and HSA Contributions to May 17
The IRS announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, 2021. Estimated tax payments are still due on April 15, 2021.
IRS and Private Tax Collection
The IRS is using private collection contractors to assist in collecting delinquent federal taxes. Learn how taxpayer rights are protected during the collections process.
IRS Clarifies CP59 Notices
Due to confusion about the filing of 2019 returns, the IRS erroneously sent CP59 notices to many taxpayers stating they had not filed their 2019 federal tax return. The agency has now issued a clarifying statement.
IRS Announcement CCH E-Filing Outage on September 15, 2020
The IRS stated in a September 24, 2020 memorandum, it would treat September 15, 2020 returns and any elections filed on September 17, 2020, as timely if the September 15, 2020 filing was affected by a CCH e-filing system software outage.
IRS Accepts E-Filings of Amended Individual Tax Returns
The IRS reached a major milestone by accepting Form 1040-X, Amended U.S. Individual Income Tax Return, electronically. Now, taxpayers can correct tax returns with fewer errors and expedite processing.
IRS Offers Identity Protection PIN
The IRS is launching a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent tax return. How does it work? Are you eligible for the program?
GoFundMe | IRS Rules
GoFundMe is an online platform that anyone can create to raise money for a family member’s cancer treatments, college tuition, new church building, or other cause. Anyone who makes a donation can obtain an official-looking receipt for tax purposes. Are these donations eligible for a charitable deduction?