IRS News
NTA Blog: The IRS May Consult a Ten-Year-Old Tax Return to Decide Whether to Exclude Your Account From Its Private Debt Collection Program - Taxpayer Advocate Service
Since 2015, Congress has required the IRS to enter into contracts with private debt collection agencies (PCAs) to collect unpaid tax liabilities from taxpayers the IRS does not have the resources to collect. In 2019, as part of the Taxpayer First Act (TFA), Congress amended the law to bar the IRS from assigning the tax debts of low-income taxpayers to PCAs. Specifically, the TFA directs the IRS to exclude the debts of taxpayers with adjusted gross incomes (AGIs) at or below 200 percent of the federal poverty level from PCA assignment. This requirement took effect on January 1, 2021, and its intent to protect low-income taxpayers was straightforward and set forth in the accompanying House Ways and Means Committee report. The provision aimed “to protect such taxpayers from entering into payment plans they cannot afford.”
irs.gov
News
How Scary Is The IRS?
When my grandmother was with us, I took care of her finances including filing her tax return every year. Her return was very simple, and I usually finished it well ahead of the April 15th deadline. One year, I completed it in early March and determined she owed about $100 to the IRS. I told her she could pay it electronically through the tax software I was using at the time.
forbes.com
Plan For Tax-Efficient Retirement Income
When it comes to retirement income planning, taxes are an important but often overlooked factor. Pre-retirees tend to assume their tax bracket will decrease after they leave the workforce and don’t realize they could lose 25%–30% or more of their retirement income to taxes.
forbes.com
Fairfax County Warns of Scammers Posing as IRS
As tax season arrives, the Fairfax County Commonwealth's Attorney’s Office is warning of scammers posing as the IRS.
Herndon Vice Mayor Cesar del Aguila is the caregiver of his sister, Elena, and he said he almost fell for the scam. A caller claimed Elena owed money to the government and asked for her bank account information.
nbcwashington.com
Want to slash your 2020 tax bill? Do this before it's too late
What if I told you there's a legal way to shield more of your hard-earned cash from the IRS, and the government might actually reward you for taking advantage of it?
foxbusiness.com
If You Received Unemployment Benefits This Year, You Could Owe Thousands to the IRS
Millions of Americans are going to be in for a rude awakening this tax season when they discover they owe the IRS money for unemployment payments.
About 40 million Americans received unemployment insurance benefits last year, according to a recent report from the left-leaning Century Foundation authored by Brian Galle and Elizabeth Pancotti. That amounted to over $580 billion in benefits. The average beneficiary received a total of about $14,000 in unemployment benefits last year.
nbcwashington.com
Small Businesses Struggle to Assess Whether They Are Eligible for PPP Funds - WSJ
Some small businesses are struggling to determine whether they are eligible for loans from the recently reopened Paycheck Protection Program, especially those that are affiliated with other companies.
The program, which is overseen by the U.S. Small Business Administration and the Treasury Department, reopened in January after Congress in December authorized its relaunch with $284 billion in funding. The SBA has approved $125.75 billion in loans so far from the second round as of Feb. 15. Since the initial launch of the PPP program last spring, it has shelled out $648.18 billion to companies.
wsj.com
The boss wants to see you: Is working from anywhere reality or fantasy? | SmartBrief
There is always a tension between the wishes of management and what employees are willing to do. The challenge is for those in authority to provide a means for employees to achieve the mission by following the organization's strategic direction.
One such issue arising and worthy of study is the workplace's future, namely whether work-from-anywhere will become our norm. If so, that's not what CEOs are thinking. [Note: this survey covered employers where work could be done remotely.]
smartbrief.com