IR-2021-206, Oct. 20, 2021 WASHINGTON — The Internal Revenue Service today reminded employers that the next quarterly payroll tax return is due Nov. 1, 2021. The IRS urges employers to use the speed and convenience of filing the returns electronically. E-filing is the most accurate method to file returns and saves taxpayers time by performing…
Read more
IRS reminds tax professionals that it’s time to renew PTINs
WASHINGTON — The Internal Revenue Service reminds the more than 759,000 federal tax return preparers they must renew their Preparer Tax Identification Numbers (PTINs) now for 2022. All current PTINs will expire Dec. 31, 2021. “Taxpayers are relying on your expertise to help them meet their tax obligations and for some to complete their largest…
Read more
IRS issues another 430,000 refunds for adjustments related to unemployment compensation
WASHINGTON – The Internal Revenue Service recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020. The IRS efforts to correct unemployment compensation overpayments will help most of the affected taxpayers avoid filing an amended tax return. So far, the…
Read more
IRS releases reporting guidance for partnership interests held in connection with the performance of services
WASHINGTON — The Internal Revenue Service today posted detailed reporting directions for certain passthrough entities and taxpayers reporting of partnership interests held in connection with the performance of services, often referred to as “carried interests”, in the form of frequently asked questions (FAQs). The FAQs contain sample worksheets that certain passthrough entities and taxpayers may…
Read more
