Tax relief now available to victims of Hurricane Ida

IR-2021-175, August 31, 2021 WASHINGTON — Victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for […]

National Preparedness Month

IR-2021-174, August 30, 2021 WASHINGTON — September is National Preparedness Month. With the height of hurricane season fast approaching and the ongoing threat of wildfires in some parts of the country, the Internal Revenue Service reminds everyone to develop an emergency preparedness plan. All taxpayers, from individuals to organizations and businesses, should take time now […]

Interest rates remain the same for the fourth quarter 2021

IR-2021-173, August 25, 2021 WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2021. The rates will be: 3% for overpayments (2% in the case of a corporation); 0.5 % for the portion of a corporate overpayment exceeding $10,000; 3% percent for […]

Know how IRS communicates

IRS Tax Tip 2021-124, August 24, 2021 If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal […]

Compliance Assurance Process for 2022

IR-2021-172, Aug. 23, 2021 WASHINGTON — The Internal Revenue Service announced today the opening of the application period for the 2022 Compliance Assurance Process (CAP) program. The application period runs September 1 to November 1, 2021. The IRS will inform applicants if they’re accepted into the program in February 2022. Launched in 2005, CAP employs […]

Child Tax Credit Update Portal

IR-2021-171, August 20, 2021 WASHINGTON — The Internal Revenue Service has launched a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update Portal, found exclusively on IRS.gov. This feature will help any family that chooses to receive their payment by […]

Tell-tale signs of identity theft

IR-2021-170, August 17, 2021 WASHINGTON — With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients. The IRS, state tax agencies and the tax industry – working together as the Security Summit – […]

August Child Tax Credit payments

IR-2021-169, Aug. 13, 2021 WASHINGTON — The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of August as direct deposits begin posting in bank accounts and checks arrive in mailboxes. This second batch of advance monthly […]

Work Opportunity Tax Credit

IR-2021-168, August 10, 2021 WASHINGTON — The Internal Revenue Service today announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to […]

Employee Retention Credit

IR-2021-167, August 10, 2021 WASHINGTON — The Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) today issued a safe harbor allowing employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). Revenue Procedure 2021-33 PDF provides a safe harbor permitting employers to exclude certain amounts […]