Reschedule payments set for April 15 to July 15

REMINDER: Schedule and pay federal taxes electronically due by July 15; only a few hours remaining for taxpayers to reschedule payments set for April 15

The Internal Revenue Service reminds taxpayers they have several options to schedule and pay federal taxes electronically that are due on July 15. Taxpayers with payments scheduled for April 15 also have a midnight Monday deadline to reschedule payments.

Several options allow taxpayers to schedule payments up to a year in advance. For taxpayers using Direct Pay and Electronic Funds Withdrawal (EFW) with payments scheduled for April 15, they will need to take special steps to reschedule their payments if they would like a later date. Direct Pay and EFW users with a scheduled April 15 deadline will need to reschedule these payments before midnight Eastern time on Monday.

In Notice 2020-18 (PDF), the Treasury Department and the Internal Revenue Service announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency.

The Federal income tax filing due date is automatically extended from April 15 to July 15. Taxpayers can also defer federal income tax payments due on April 15 to July 15 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. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.

Best Indian CPA (Certified Public Accountant) in Aurora, IL

Keshav Prem Agrawal, CPA, CAQualifications include: M Com (Master’s degree in Commerce) CA (Chartered Accountant) CPA (Certified Public Accountant) CWA (Cost and Works Accountant) CIA (Certified Internal Auditor) CISA (Certified Information System Auditor)Click Here for more info on Keshav Agrawal, CPA , CAKeshav Prem Agrawal, CPA, CAHuge Experience: 15+ Years as CPA in USA Currently

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Top 10 Questions You May Ask this Tax Season

Answer to top 10 tax questions answered by an experienced CPA, tax preparer, and tax expert offer free initial consulting.  Q1: What do I need to do to prepare for tax year 2022 season? Please start gathering the following forms, documents, and information. These are generic and depending on your tax situation, you may need

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What Is a Marriage Penalty? A marriage penalty is when a household’s overall tax bill is higher if the married couple file taxes jointly.  A marriage penalty typically occurs when both spouses have similar incomes.  This is true for both high- and low-income couples. Federal Marriage Penalty Prior to the Tax Cuts and Jobs Act (TCJA) of

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Employee Retention Credit (ERC)- 2020 vs 2021 Comparison Chart

The federal government established the Employee Retention Credit (ERC) to provide a refundable employment tax credit to help businesses with the cost of keeping staff employed. Eligible businesses that experienced a decline in gross receipts or were closed due to government order and didn’t claim the credit when they filed their original return can take

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Employers warned to beware of third parties promoting improper Employee Retention Credit (ERC) claims

WASHINGTON — The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. These third parties often charge large upfront

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Reminder: Service providers, others may receive 1099-Ks for sales over $600 in early 2023

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Penalties

Taxpayers who don’t meet their tax obligations may owe a penalty. The IRS charges a penalty for various reasons, including if you don’t: File your tax return on time Pay any tax you owe on time and in the right way Prepare an accurate return Provide accurate information returns We may charge interest on a

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Plug-In Electric Drive Vehicle Credit (IRC 30D)

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Reschedule payments set for April 15 to July 15

REMINDER: Schedule and pay federal taxes electronically due by July 15; only a few hours remaining for taxpayers to reschedule payments set for April 15 The Internal Revenue Service reminds taxpayers they have several options to schedule and pay federal taxes electronically that are due on July 15. Taxpayers with payments scheduled for April 15

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Don’t be victim to a ‘ghost’ tax return preparer

Today, towards the end of the second full week of the 2019 tax filing season, the Internal Revenue Service warned taxpayers to avoid unethical tax return preparers, known as ghost preparers. By law, anyone who is paid to prepare or assist in preparing federal tax returns must have a valid 2019 Preparer Tax Identification Number,

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