For self-employed taxpayers and household employers, it’s time, as they say, to pay the piper. The CARES Act—also known as the Coronavirus Aid, Relief and Economic Security Act—gave these specific taxpayers permission to defer paying certain Social Security taxes for tax year 2020.… Read more about Repaying Deferred Social Security Tax (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued.… Read more about Update Bank Info for Advance Child Tax Credit Payments on IRS.gov (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
New guidance from the Internal Revenue Service and the Treasury Department is aimed at keeping the lights on at renewable energy projects delayed by the COVID-19 pandemic.… Read more about New Guidance Lights Up Renewable Energy Projects (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
The American Rescue Plan, or ARP, excluded up to $10,200 in unemployment compensation from each taxpayer’s taxable income. But some people filed their returns and paid taxes on the full amount of their unemployment benefits before the ARP became law, so the IRS is working to send those taxpayers a refund.… Read more about Refunds Could Be Issued for Overpayment of Tax on Unemployment (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
The latest publication from the Internal Revenue Service is getting all the sendup worthy of a new best-seller. The Data Book for 2020 recounts the agency’s effort to deal with tax season during the time of the coronavirus.… Read more about 2020 Data Book Spotlights IRS’ Work During Pandemic (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…