Found 124 Matching Items; Displaying 1 - 10.
IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause
IR-2023-244, Dec. 19, 2023 — In a major step to help people who owe back taxes, the Internal Revenue Service today announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.
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News Media, Individuals, Tax Professionals, Charities and Nonprofits, Businesses, Trusts and Estates
Businesses and tax-exempt organizations may receive automatic tax penalty relief for 2020 and 2021
Jan. 5, 2024 — The IRS will automatically waive failure to pay penalties on unpaid taxes less than $100,000 for tax years 2020 or 2021.
General Information
Businesses, Governments, Charities and Nonprofits
For Colorado wildfire victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16
IR-2022-01, January 3, 2022 — Victims of this weekend’s wildfires in Colorado will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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News Media, Individuals, Tax Professionals, Businesses
About Form 941, Employer's Quarterly Federal Tax Return
Information about Form 941, Employer's Quarterly Federal Tax Return, including recent updates, related forms, and instructions on how to file. Form 941 is used by employers who withhold income taxes from wages or who must pay social security or Medicare tax.
General Information
Businesses
For Illinois and Tennessee tornado victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16
IR-2021-252, December 20, 2021 — Victims of this month’s tornadoes in parts of Illinois and Tennessee will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. This is the same relief already provided to storm victims in Kentucky.
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News Media, Individuals, Businesses, Tax Professionals
IRS reminder to many: Make final 2021 quarterly tax payment by Jan. 18; avoid surprise tax bill, possible penalty
IR-2022-03, January 5, 2022 — The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes.
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News Media, Individuals, Tax Professionals, Businesses
Paid Sick and Family Leave Credit – 2020 vs 2021 Comparison Chart
A comparison chart about the Paid Sick and Family Leave Credit
General Information
Businesses
About Form 1120, U.S. Corporation Income Tax Return
Information about Form 1120, U.S. Corporation Income Tax Return, including recent updates, related forms and instructions on how to file. Use this form to report the income, gains, losses, deductions, credits, and to figure the income tax liability of a corporation.
General Information
Businesses
IRS provides further details on additional relief for certain partnerships preparing schedules K-2 and K-3 for 2021
IR-2022-38, February 16, 2022 — The IRS today provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the new schedules for tax year 2021.
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News Media, Corporations, Partnerships
Check business tax returns for signs of incorrect Employee Retention Credit claims
Tax Tip 2024-49, May 15, 2024 — Some unscrupulous promoters have misrepresented eligibility rules for the Employee Retention Credit, luring well-intentioned businesses to claim the credit when they don’t qualify. The IRS is highlighting seven suspicious signs and urging businesses to seek a trusted tax professional to resolve an incorrect claim if they need to.
General Information
Businesses