WASHINGTON – The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. The new law…
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IRS Statement: Child Tax Credits update
Last week, the IRS successfully delivered a third monthly round of approximately 35 million Child Tax Credits, totaling $15 billion. We have resolved a technical issue, which we estimate caused fewer than 2% of CTC recipients not to receive their September payment. These individuals will receive their payments as early as today by direct deposit or…
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IRS Nationwide Tax Forums Online launches 18 new seminars
Tax pros: 2021 self-study seminars now available for continuing education credit WASHINGTON — The Internal Revenue Service today announced that 18 new self-study seminars are available through the IRS Nationwide Tax Forums Online. Tax professionals – CPAs, enrolled agents, Annual Filing Season Program participants and others – can earn continuing education for $29 per credit.…
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Farmers and ranchers affected by drought have additional time to replace livestock
Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are eligible. The one-year extension gives eligible farmers…
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