by taxPRO Websites Staff | Mar 7, 2021 | Tax Tips and News
It’s not uncommon for taxpayers to forget some of the tax documents required to accurately file their return, even in a normal year. When dealing with a chaotic mix of mail delays, new tax credits, underemployment, and unemployment, it’s almost guaranteed that there...
by taxPRO Websites Staff | Mar 6, 2021 | Tax Tips and News
The Internal Revenue Service says its interest rates will hold at previous levels for the second quarter of 2021. The IRS says the interest rates will be: 3% for overpayments (2% in the case of a corporation); 0.5% for the portion of a corporate overpayment exceeding...
by taxPRO Websites Staff | Mar 5, 2021 | Tax Tips and News
First-time income tax filers and those who usually don’t have a federal filing requirement are being urged to reconsider sitting out this filing season. They may be eligible to claim the Recovery Rebate Credit—but they have to file an income tax return to get it. The...
by taxPRO Websites Staff | Mar 4, 2021 | Tax Tips and News
Congress bookended 2020 with two taxpayer relief packages aimed at mitigating the financial strain caused by the ongoing coronavirus pandemic. The Coronavirus Aid, Relief, and Economic Securities Act and Taxpayer Certainty and Disaster Tax Relief Act of 2020 include a...
by taxPRO Websites Staff | Mar 3, 2021 | Tax Tips and News
A status report from the IRS shows income tax returns are being filed at a much slower rate than last year. But unlike in 2020, an extension to the April 15 filing deadline is unclear. The Internal Revenue Service released its Filing Season Statistics for the Week...
