IRS URGES HELP TO UPDATE ADDRESSES
IRS urges help to update addresses. The Internal Revenue Service continued an ongoing effort to help those experiencing homelessness by reminding people who don’t have a permanent address or a bank account that they may still qualify for stimulus payments and other credits, including the advance Child Tax Credit. The agency is also asking for […]
IRS COMMISSIONER WARNS OF PROSECUTION
IRS commissioner warns of prosecution. After the release of the names of some of the wealthiest Americans, showing they paid little, or virtually no income tax, the IRS Commissioner promised an investigation into the source of the leak, and prosecution of the offender. The report, first obtained by Pro Publica, outlined that the wealthiest Americans […]
IRS EXTENDS TAXPAYER ADVOCACY DEADLINE
IRS extends taxpayer advocacy deadline. With budget cuts rampant in the government over the last few decades, due to a increasing budget deficit, the IRS has seen its share of cutbacks in funding for over 20 years. The shortfalls have led to a massive hole in the agency, a crisis in the customer service area, […]
IRS BEGINS CORRECTING TAX RETURNS
IRS begins correcting tax returns. The Internal Revenue Service will begin issuing refunds to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers who filed tax returns prior to the American Rescue Plan of 2021 becoming […]
FAIR LABOR STANDARDS ACT
Fair labor standards act. The U.S. Department of Labor issued a final rule, Independent Contractor Status, under the Fair Labor Standards Act, to clarify the standard for determining whether a worker should be considered an employee or an independent contractor. The new guidelines are to take effect March of 2021. Officials said the rule would […]
