Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe tax, but who can’t immediately pay their tax bill. Taxpayers should: File…
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Offer in Compromise
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances: Ability to pay;Income;Expenses; andAsset equity. We…
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E-signatures temporarily allowed on some tax forms
Taxpayers are encouraged to e-file forms this year, whenever possible, because of COVID-19. To protect the health of taxpayers and tax professionals, the IRS is temporarily allowing the use of digital signatures on some tax forms that can’t be filed electronically.This will help reduce in-person contact and lessen the risk to taxpayers and tax professionals…
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IRS expands tax help into more languages; Form 1040 offered in Spanish and more services, information available in multiple languages
WASHINGTON — As part of a larger effort to reach underserved communities, the Internal Revenue Service is taking a number of aggressive steps to expand information and assistance available to taxpayers in additional languages, including providing the Form 1040 in Spanish for the first time. In addition to being available in English and Spanish, the…
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26 CFR 601.105: Examination of returns and claims for refund, credit or abatement;
determination of tax liability(Also: 842(b))Rev. Proc. 2020-41SECTION 1. PURPOSEThis revenue procedure provides the domestic asset/liability percentages anddomestic investment yields needed by foreign life insurance companies and foreignproperty and liability insurance companies to compute their minimum effectivelyconnected net investment income under section 842(b) of the Internal Revenue Codefor taxable years beginning after December 31, 2018. Instructions…
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Tax Return Errors-Tips to Avoid Them
Here is a video tax tip from the IRS: Tax Return Errors-Tips to Avoid Them English | Spanish | ASL Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL. www.youtube.com/irsvideoswww.youtube.com/irsvideosmultilinguawww.youtube.com/irsvideosASL
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