WASHINGTON — The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This continues to
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Congress Passes $1.9 Trillion Covid Relief Package Loaded with Tax Provisions
On Wednesday, March 10, the House of Representatives, by a party-line vote of 220-211, passed the Senate's version of the American Rescue Plan Act (the Act) that had been narrowly approved on Saturday, by a 50-49 vote. The House accepted the Senate's version of the Act without change and President Biden
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Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans
WASHINGTON – Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier
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Offers in Compromise Enable Taxpayers to Settle Tax Debt for Less than They Owe – Qualifying Can Be Difficult
The Internal Revenue Service (IRS) has a program that allows taxpayers to settle their tax debts for less than they owe. This program is called Offers in Compromise. It may be a legitimate option if a taxpayer cannot pay their full tax liability, or doing so creates a financial hardship. There are
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Installment Agreements Offer an Alternative to Bankruptcy
If you do not want to file for bankruptcy, consider working with your accounting professional to set up an Installment Agreement. This is an agreement between the taxpayer and the IRS to allow you to pay your back-tax liabilities in monthly payments, over an extended timeframe. The IRS usually utilizes
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Bankruptcy Basics You Need to Know
Are you considering bankruptcy but aren’t sure which form would be best for your financial situation? This post walks you through the basics of bankruptcy so you can make an informed decision about your next steps. According to FindLaw, “Bankruptcy is a generalized term for a federal court procedure
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What Items Are Considered in a Bankruptcy Filing?
Making the decision to file for bankruptcy can be scary and feel overwhelmingly invasive. So, it can be helpful to learn which of your assets and liabilities, as well as other aspects of your life, are taken into consideration in the proceedings. This checklist includes some of the issues that will be
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IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law
WASHINGTON — The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for
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What to Do If You Can’t Pay Your Taxes?
We know the story: Things are tight financially, so you either don’t file your tax returns, or you file the returns but don’t pay the balance due. But don’t worry, you tell yourself, next year will be better and I will be able to catch up. Now it is 2-3 years later and a letter arrives from the IRS.
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