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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

All about Extensions!!!!

Extensions offered during Covid-19 are as follows:

Individual tax returns normally due 4/15/2020      New due date 07/15/2020

Business tax returns nomrally due 03/15/2020    New due date 06/15/2020

The pandemic extensions granted an additional 90 days for filing of all tax returns. A normal six month extension was not granted. A normal individual IRS extenion Form 4868 allows a taxpayer additional time to file and is due 10/15/2020. A normal business IRS extenion Form 7004 allows a taxpayer to file on or before 09/15/2020.

The pandemic extensions also does not penalize either tax filers for non-payment after 04/15/2020 nor is interest charged. However, if either filer needs additional time to file, the IRS has not granted additional time to file past the 90 day extension. The recommendation is to file a regular extension.

At this time, if a taxpayer requests additional time to file past the 06/15/2020 due date for business returns and 07/15/2020 for individual returns, interest will still be charged from 07/15/2020 to the filed and paid date. If an extension is not sought for additional time to file for the 06/15/2020 and 07/15/2020 due date, penalties for late filing and interest will be charged. For more information, click on the following link:

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

 

Taxpayer Advocate Service Feed

TAS Tax Tip: Important Reminders for October 15 - Extension Filers

Wed, Sep 23, 2020

Most individual taxpayers who filed an extension for their 2019 federal income tax return have until Thursday, October 15 to file. Although October 15 is the last day for most people to file, some taxpayers may have more time. They include: Taxpayers serving in or in support of the Armed Forces in an area designated as a combat zone or contingency operation. They typically have at least 180 d...

Blog de NTA: TAS extiende una mano para la Semana Nacional de la Pequeña Empresa

Tue, Sep 22, 2020

Suscríbase al Blog de la NTA y reciba actualizaciones sobre las últimas publicaciones del blog de la Defensora Nacional del Contribuyente Erin M. Collins. Se pueden encontrar blogs adicionales en www.taxpayeradvocate.irs.gov/blog. In English Cada año desde 1963, los Estados Unidos han celebrado la Semana Nacional de la Pequeña Empresa. Este año, quizá...

TAS Tax Tip: COVID-19 Business Tax Relief Tool for Businesses and Tax-Exempt Entities

Mon, Sep 21, 2020

Need relief for employment taxes? Here’s a simple way to find out what your options might be under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and/or the Families First Coronavirus Response Act (FFRCA). What Are the Tax Relief Options? Employee Sick and Family Leave Reimbursement: Eligible businesses (including certain self-employed persons) are entitled to recei...

NTA Blog: TAS Extends a Hand for National Small Business Week

Mon, Sep 21, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. en Español Each year since 1963, the United States has celebrated National Small Business Week. This year, perhaps more than any other, I recognize and celebrate the importance of small busine...

COVID-19 Business Tax Relief Tool

Tue, Sep 15, 2020

Redirecting you to the COVID-19 Business Tax Relief Tool. ...

TAS Tax Tip: Use Tax Withholding Estimator and Take Action on Your Tax Withholding Now

Fri, Sep 04, 2020

The Taxpayer Advocate Service encourages you to use the Tax Withholding Estimator now. The Tax Withholding Estimator is a mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. Who should use it and why now? WHO - Every individual taxpayer. Anyone who works for someone else (an employee) and depends on the tax withholding taken from th...

NTA BLOG: IT Modernization – The IRS’s Reliance on Antiquated Technology Poses a Continuing Risk to Tax Administration

Thu, Sep 03, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. en Español I discussed the expansion of digital service options to improve taxpayers’ experiences interacting with the IRS. Here, I will discuss the desperate need for multi-year funding...

Blog de la NTA: Modernización de la Tecnología de la Información (IT, por sus siglas en inglés) ˗ La dependencia del IRS de sistemas de tecnología anticuados representa un riesgo continuo para la administración tributaria

Thu, Sep 03, 2020

Suscríbase al Blog de la NTA y reciba actualizaciones sobre las últimas publicaciones del blog de la Defensora Nacional del Contribuyente Erin M. Collins. Se pueden encontrar blogs adicionales en www.taxpayeradvocate.irs.gov/blog. In English En mi publicación de blog anterior, hablé de la expansión de las opciones de los servicios digitales para mejorar las ...

TAS Tax Tip: Two Key Economic Impact Payment Dates

Tue, Sep 01, 2020

IRS takes new steps to ensure eligible individuals who normally do not have a filing requirement and have qualifying children receive $500 for each child, and other non-filers get extra time to claim their Economic Impact Payments (EIPs). September 30, 2020 The IRS urges certain federal benefit recipients who have not used the Non-Filers tool to register online at IRS.gov using the Non-Filers ...

NTA BLOG: Lessons Learned From COVID-19: The Critical Need to Improve IRS Digital Services

Tue, Sep 01, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. en Español Individuals, businesses, schools, and federal and state agencies all continue to be impacted by the COVID-19 pandemic. And as the IRS resumes its business operations that were ...