IRS: victims of Tennessee tornadoes, storms get have July 15 to file taxes

Victims of recent tornadoes and severe storms in parts of Tennessee, including Nashville, will have until July 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service said. The IRS is offering this relief to any area designated by the Federal Emergency [...]

By |2020-03-23T20:15:40-08:00March 24th, 2020|Finance|Comments Off on IRS: victims of Tennessee tornadoes, storms get have July 15 to file taxes

IRS: guard personal, financial and tax information year-round

The Internal Revenue Service is reminding taxpayers to remain vigilant with their personal information by securing computers and mobile phones. Proper cybersecurity protection and scam recognition can reduce the threat of identity theft inside and outside the tax system. For example, the IRS doesn't initiate contact with taxpayers by email, [...]

By |2020-03-14T13:56:59-08:00March 17th, 2020|Finance|Comments Off on IRS: guard personal, financial and tax information year-round

Check out these free tax return preparation options

The Internal Revenue Service reminds taxpayers that free tax help is available in-person at nearly 11,000 volunteer sites nationwide and online through IRS Free File. Get Free Tax Help from Volunteers During the 2019 filing season, volunteers helped prepare over 3.5 million returns at thousands of tax sites nationwide. The Volunteer [...]

By |2020-03-07T18:02:45-08:00March 10th, 2020|Finance|Comments Off on Check out these free tax return preparation options

Interest rates remain the same for the second quarter of 2020

The Internal Revenue Service said interest rates will remain the same for the calendar quarter beginning April 1, 2020. According to an IRS news release the rates will be: Five (5) percent for overpayments [four (4) percent in the case of a corporation]; Two and one-half (2.5) percent for the [...]

By |2020-02-29T14:45:50-08:00March 3rd, 2020|Finance|Comments Off on Interest rates remain the same for the second quarter of 2020

Farmers and fishermen encouraged to take advantage of IRS’ ‘Direct Pay’

The Internal Revenue Service is reminding farmers and fishermen who chose to forgo making quarterly estimated tax payments they must file their 2019 Form 1040 along with a payment for all taxes owed by Monday, March 2, 2020, according to an IRS news release. This special rule normally applies to [...]

By |2020-02-22T11:13:55-08:00February 25th, 2020|Finance|Comments Off on Farmers and fishermen encouraged to take advantage of IRS’ ‘Direct Pay’

Track tax refunds using the ‘Where’s My Refund?’ tool at IRS.gov

Offering time-saving alternatives to a telephone call, the Internal Revenue Service reminds taxpayers they can get fast answers to their refund questions by using the "Where's My Refund?" tool available on IRS.gov and through the IRS2Go app. The IRS issues nine out of 10 refunds in less than 21 days, and [...]

By |2020-02-15T16:59:38-08:00February 18th, 2020|Finance|Comments Off on Track tax refunds using the ‘Where’s My Refund?’ tool at IRS.gov

Many taxpayers can file their state and federal tax returns for free

As taxpayers get ready to file their federal tax returns, most will also be thinking about preparing their state taxes. There's some good news for filers wanting to save money. Eligible taxpayers can file their federal and state taxes at no cost. Taxpayers whose adjusted gross income was $69,000 or [...]

By |2020-02-08T15:18:44-08:00February 11th, 2020|Finance|Comments Off on Many taxpayers can file their state and federal tax returns for free

IRS revises Form 1023 for applying for tax-exempt status

As part of an ongoing effort to improve service for the tax-exempt community, the Internal Revenue Service has revised Form 1023 to allow electronic filing for the first time. Help for Charities To help charities apply for Section 501(c)(3) tax-exempt status, the IRS has revised Form 1023, Application for Recognition [...]

By |2020-02-01T16:08:41-08:00February 4th, 2020|Finance|Comments Off on IRS revises Form 1023 for applying for tax-exempt status

Get up-to-date info for tax filing season with redesigned IRS e-News subscriptions

If you're getting ready for the 2020 tax season the Internal Revenue Service is encouraging taxpayers, businesses, tax professionals and others to take advantage of a variety of improved e-mail subscription services. The e-News Subscription Service has been redesigned and updated in recent months to make it easier to subscribe to [...]

By |2020-01-26T19:41:48-08:00January 28th, 2020|Finance|Comments Off on Get up-to-date info for tax filing season with redesigned IRS e-News subscriptions

IRS considers requests for relief from double taxation related to repatriation

The IRS recently announced that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended by the Tax Cuts and Jobs Act also known as the TCJA. The [...]

By |2020-01-20T15:34:14-08:00January 21st, 2020|Finance|Comments Off on IRS considers requests for relief from double taxation related to repatriation