IRS News
More California wildfire relief from IRS: Sept. 15, Oct. 15 deadlines, other dates further extended to Jan. 3 for certain areas | Internal Revenue Service
Wildfire victims in parts of California now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
irs.gov
IRS announces new online tool to help U.S. withholding agents validate their 1042-S data prior to filing | Internal Revenue Service
The Internal Revenue Service today launched a new online tool designed to help U.S. withholding agents comply with their reporting and withholding responsibilities with respect to IRS Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding.
irs.gov
IRS offers how-to videos to help taxpayers apply for Offers in Compromise and avoid scams | Internal Revenue Service
The Internal Revenue Service today unveiled a new how-to video series enabling taxpayers to avoid potential scams by considering and applying for an Offer in Compromise (OIC) themselves and avoid paying excessive fees to companies advertising outlandish claims.
irs.gov
IRS: All of Mississippi now qualifies for expanded Hurricane Ida relief; Sept. 15, Oct. 15 deadlines, other dates extended to Jan. 3 | Internal Revenue Service
Victims of Hurricane Ida throughout Mississippi now have additional time--until Jan. 3, 2022--to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
irs.gov
IRS warns of tax debt OIC scams
The Internal Revenue Service posted a series of videos to explain how taxpayers can steer clear of scammers who claim to be able to help them with their tax debts while charging exorbitant fees and making outrageous claims.
accountingtoday.com
When IRS Taxes “Loans” As Income
Loans are not income, but in Novoselsky, a lawyer was taxed on loans that the IRS recharacterized. The IRS said they were not loans and instead were taxable as income. The Tax Court agreed with the IRS, causing concerns in the litigation funding industry.
forbes.com
NTA Blog: IRS Delays in Processing Amended Tax Returns Are Impacting TAS’s Ability to Assist Taxpayers - Taxpayer Advocate Service
As of October 30, 2021, the IRS had a backlog of over 2.7 million unprocessed amended returns. The IRS is processing these returns in the order received, and the current processing time posted on its operational page is more than 20 weeks. Our cases indicate that the processing time is considerably longer than 20 weeks, and as such, I have made the difficult decision to suspend accepting cases where the sole issue involves the processing of amended returns until the IRS is able to work through its backlog. We are also analyzing the upcoming filing season and expect to issue revised guidance for original filed returns.
irs.gov
News
Taxes aren't the only reason Elon Musk is selling Tesla stock
Most of Elon Musk's Tesla stock sales don't appear to be connected with taxes, accountants said, which could mean he will unload far more stock than expected.
cnbc.com
From The Desk of Keith L. Jones, CPA
Payroll Tax Filing-What You Better Know
Employers must submit IRS Form 941, also known as the Quarterly Federal Tax Return, to report three different taxes via payroll tax filing:
Most noteworthy is the federal income tax in addition to other payroll taxes withheld from employee paychecks like social security and Medicare. Finally the employer’s portion of social security or Medicare tax. You use Form 941 quarterly to report these taxes on your payroll tax filing.
keithjonescpa.com