Tag Archives: TaxExcise

IRS People First Initiative provides relief to taxpayers facing COVID-19 issues

Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment deadline, Wednesday, July 15, 2020.

• Existing Installment Agreements – Under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are delayed. Those currently unable to meet the terms of an Installment Payment Agreement or Direct Deposit Installment Agreement may cancel payments during this period with no default. By law, interest will continue to accumulate on any unpaid balances.

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IRS urges taxpayers to use electronic options; outlines online assistance

Today the IRS has urged people to use electronic services in a new release (Issue Number: IR-2020-68) and announced that is it closing the Taxpayer Assistance Centers and stop processing paper returns etc. The Internal Revenue Service reminds taxpayers and tax professionals to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments.

Federal Excise Tax Filing can be made online at TaxExcise.com and we’re operational with limited resources remotely to support businesses that needs to support excise taxes online and for truck operators to report the Federal Vehicle Use Tax returns online. Connect to us at (866) 245 – 3918 or write to us at support@taxexcise.com.

TaxExcise.com

To protect the public and employees, and in compliance with orders of local health authorities around the country, certain IRS services such as live assistance on telephones, processing paper tax returns and responding to correspondence are extremely limited or suspended until further notice. All Taxpayer Assistance Centers remain temporarily closed as are many volunteer tax preparation sites until further notice. This will not affect the IRS’s ability to deliver Economic Impact Payments, which taxpayers will begin receiving next week. 

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IRS extend filing deadline and federal tax payments till July 15

Tax Day now July 15, 2020: The Treasury and the IRS extend filing deadline and federal tax payments regardless of amount owed without penalties and interest, till July 15, 2020.

Yes there is a good news to taxpayers while we’re all going through a national emergency because of the breakthrough of COVID 19. Due to the prevailing situation the federal agencies has extended the due date from April 15 to July 15. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Extension of time will help you all to work with your tax return and file it well within the due date.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.  Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

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Gathering records before preparing tax return makes filing go smoother

As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return.

It’s important for folks to have all the needed documents on hand before starting to prepare their return. Doing so helps them file a complete and accurate tax return. Here are some things taxpayers need to have before they begin doing their taxes.

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Tax preparers can take classes online to earn CPE credits

Tax preparers who cannot attend the IRS Nationwide Tax Forums in person can do so online. They can visit  IRS Nationwide Tax Forums Online anytime to earn continuing education credits. The website offers courses based on recorded seminars from previous forums. The courses can be watched for free or purchased for continuing education credits.

To receive credits, preparers will need to create an account. The frequently asked questions on the website have details about how to do this. Once preparers have an account, they can take courses on a wide variety of topics to help them serve their individual and business clients.

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