The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return.
Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their charitable contributions. But a temporary law change now permits them to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to qualifying charitable organizations. Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify. Continue reading →
In recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to avoid being victimized. Here are some tips to help people recognize and avoid some of the most common tax-related scams.
Email phishing scams
The IRS does not initiate contact with taxpayers by email to request personal or financial information. Generally, the IRS first mails a paper bill to the person who owes taxes. In some special situations, the IRS will call or come to a home or business. Continue reading →
Victims of Hurricane Ida in parts of Connecticut now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced on November 3, 2021.
Following the Oct. 30 disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS is offering this relief to those parts of the state designated for either individual or public assistance. Currently, this includes Fairfield and New London counties, including the Mashantucket Pequot Tribal Nation and the Mohegan Tribal Nation. Any jurisdiction added to the FEMA declaration will automatically receive the IRS relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov. Continue reading →
The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts.
Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted by one of the following three agencies:
WASHINGTON – Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return, according to the Internal Revenue Service.
“The IRS wants to help taxpayers who are due refunds but haven’t filed their 2017 tax returns yet,” said IRS Commissioner Chuck Rettig. “Time is quickly running out for these taxpayers. There’s only a three-year window to claim these refunds, and the window closes on May 17. We want to help people get these refunds, but they will need to quickly file a 2017 tax return.”
All states allow absentee voting, but there are many differences in their procedures and deadlines.
Forty states plus Washington, D.C., allow voters to come to their polling place in-person days or weeks before the election. There are 34 states, plus Washington, D.C., that allow any registered voter to request an absentee ballot without an excuse. Five of those states – Washington, Oregon, Utah, Colorado and Hawaii – conduct their elections with all-mail voting, while also giving voters the option to vote early in-person at the polls.
The Quarterly Federal Excise Tax Form 720 deadlines for the 2nd Quarter of 2020 is July 31, 2020 and just couple of more days to go. All the businesses that has collected excise taxes through the services offered or goods sold has to be reported and paid in Form 720 by July 31. Electronic filing can keep your tax deadline straight and on-time. You can do it by yourself in 3 simple steps at http://TaxExcise.com.
Form 720 – Quarterly Federal Excise Tax – 2nd Quarter – July 31 – Deadline!
Federal Excise Tax Form 720 and attachments are to report to the IRS at end of every quarter listing the liabilities and pay the taxes collected. The federal government charges an excise tax on specific types of products and services, which has to be collected and paid to IRS at regular intervals, quarterly.
E-file is the most preferred option of reporting excise taxes with the IRS. However you can also take a print out of the complete Form 720 PDF and file it manually or mail it across to the IRS as specified in the form.
Your business needs to fill out IRS Form 720 if you deal in the goods or services for which excise taxes are due. These products and services can include, but are not limited to: Telephone communications, Air transportation, Gasoline, Passenger ship transportation, Coal, Fishing equipment, Indoor tanning services, Bows and arrows, Tires, Vaccines etc.
Environmental taxes—petroleum oil spills, imported petroleum products, ozone-depleting chemicals (if you must pay these environmental taxes, you’ll also have to complete IRS Form 6627)
Electronic filing is by and large the best way of reporting Quarterly Federal Excise Tax Form 720 returns with the IRS and get the best available resources. The most trusted and top rated website since 2007.
Get Started with Form 720 – Quarterly Federal Excise Tax Returns at
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.
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.
WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to submit a simple tax return to receive the stimulus payment.
Who is eligible for the economic impact payment? Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns will receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Single filers with income exceeding $99,000 and $198,000 for joint filers with no children are not eligible.
As the COVID-19 (coronavirus) outbreak continues, the Internal Revenue Service is taking multiple steps to protect our employees, America’s taxpayers and our partners. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical functions to support the nation, and that includes accepting tax returns and sending refunds.
“As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience,” IRS Commissioner Chuck Rettig. “I’m incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment. Working closely with our partners in the nation’s tax community, we will do everything in our power to help.”
The following is an overview of IRS operations and advice for taxpayers during this period. The IRS will continue to monitor issues related to the COVID-19 outbreak, and updated information will be posted on a special coronavirus page on IRS.gov.