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Charitable Contribution Deduction for 2021 – What You Need to Know
IRS charitable contribution deduction for 2021 helps more taxpayers deduct donations to qualifying charities. Special Charitable Tax Benefit Available for 2021 For the 2020 tax year, the IRS implemented the CARES Act, which created an above-the-line charitable...
COVID-19 Pandemic Underscores IRS Funding Issues
Recent report from the Internal Revenue Service reveals how the pandemic has diminished the functions of an already underfunded agency. The IRS has issued its progress report for 2021. In it, the IRS spotlights several agency-related issues caused by the COVID-19...
Tax Lawyer Columbus Ohio – IRS Awards New Contracts to Private Debt Collection Agencies
Tax Lawyer Columbus Ohio Alert — On September 22, 2021, the IRS has announced in IR-2021-191 that it has awarded new contracts to three private debt collection agencies. These agencies will collect overdue tax debt beginning on September 23, 2021. Contact the Tax...
IRS Payment Plan – What is the minimum monthly payment?
If you owe money to the IRS, and you can't afford to pay in full, you may be able to qualify for an IRS payment plan (or installment agreement). Establishing the payment terms is not arbitrary. The IRS has guidelines for determining your minimum monthly payment. When...
Taxpayer Relief Initiative Helps Taxpayers Struggling with Tax Debt
If you are like millions of Americans struggling with tax debt, the new Taxpayer Relief Initiative could provide you with much needed assistance. The COVID-19 pandemic has undoubtedly caused economic uncertainty. The IRS knows this. As a result, it has implemented new...
IRS Reporting of Economic Impact Payments and PPP Loan Proceeds
How to report IRS economic impact payments and PPP loan proceeds on your 2021 federal income tax return. Along with 160 million other Americans, you probably received an economic impact payment, economic stimulus payment, stimulus check, etc. (also called an “EIP” in...