IRS WILL AUTO RECALCULATE TAXES ON UNEMPLOYMENT

To help taxpayers, the IRS annouced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. Here is quick summary on the press release: Taxpayer who...

TAX DAY FOR INDIVIDUALS EXTENDED: MAY 17

The Treasury Department and Internal Revenue Service announced today that 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 one-month delay...

2021 E-FILE START DATE: FEBRUARY 12 😲

IRS announces the start of e-File for the 2021 Tax Season will be Friday, February 12th.  Today, the IRS announced the e-file start date for the 2021 tax season, which came as a surprise to many of us since normally IRS starts accepting tax returns no later than the last week...

2020 IRS TAX UPDATES

Form 1099-NEC The 1099-NEC disappeared in the early '80s, and after a 38 absence is making a disco comeback! This form will be used to report non-employee compensation in box 1, meaning that nonemployee compensation will no longer be reported on Form 1099-MISC. Form 1099-NEC will need to be entered...

1099-NEC, NONEMPLOYEE COMPENSATION

Introducing New From 1099-NEC is used by payers to report payments of $600 or more made in the course of a trade or business to others for services. Prior to the creation of this form, these payments were reported in box 7 on Form 1099-MISC. Payers must provide a copy...