by taxPRO Websites Staff | Jan 22, 2021 | Tax Tips and News
The Internal Revenue Service has issued a notice that seeks to expand relief for funds and investors affected by the COVID-19 pandemic. Notice 2021-10 provides additional relief under section 7508A of the Internal Revenue Code for Qualified Opportunity Funds (QOFs)...
by taxPRO Websites Staff | Jan 19, 2021 | Tax Tips and News
It’s a busy time for the Treasury Department and the Internal Revenue Service. They’re sending out some 8 million second-round Economic Impact Payments (EIPs) by prepaid debit card. The debit cards follow millions of EIPs already made by direct deposit and the ongoing...
by taxPRO Websites Staff | Jan 19, 2021 | Tax Tips and News
The Internal Revenue Service is expanding just who is eligible for an Identity Protection PIN. In fact, the IRS has thrown open the gates and now says any taxpayer who can verify their identity can now get an IP PIN. The IP PIN is a six-digit code that is known only...
by taxPRO Websites Staff | Jan 19, 2021 | Tax Tips and News
The Internal Revenue Service submitted the Taxpayer First Act Report to Congressional leaders this week. As the name suggests, this 253-page document is required by the 2019 Taxpayer First Act—and it’s an essential step in determining how the IRS will improve the...
by taxPRO Websites Staff | Jan 19, 2021 | Tax Tips and News
The Internal Revenue Service is reminding taxpayers that today—January 15, 2021—is the deadline for making a tax year 2020 fourth quarter estimated tax payment. The goal of the press release is to prevent taxpayers who did not pay enough tax throughout 2020 from owing...
