IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS recently completed the final corrections of tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation received in 2020. This resulted in nearly 12 million refunds totaling $14.8 billion, with an average refund of $1,232. The American Rescue Plan Act of 2021 ( P.L. 117-2), which became law in March 2021, excluded up to $10,200 in tax year 2020 unemployment compensation from taxable income calculations. The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000.
Many of the adjustments included corrections to the (1) Earned Income Tax Credit; (2) Recovery Rebate Credit; (3) Additional Child Tax Credit; (4) American Opportunity Tax Credit; (5) Premium Tax Credit; and (6) Advance Premium Tax Credit. Eligible taxpayers whose accounts were not corrected by the IRS may need to file an amended 2020 tax return to claim the exclusion and any credits affected by the exclusion. If they do need to amend tax year 2020 Forms 1040 and 1040-SR, taxpayers can file Form 1040-X, Amended U.S. Individual Income Tax Return, electronically with tax filing software. More information can be found https://www.irs.gov/newsroom/2020-unemployment-compensation-exclusion-faqs.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has warned taxpayers not to fall for scams centered around the Fuel Tax Credit, the Sick and Family […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
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