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The tax responsibilities that come with shutting down a business [税金]

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS of their plans. The closing a business page of IRS.gov is designed to help owners navigate the process of shutting down.

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Here are some key reminders for extension filers [税金]

October 15 is fast approaching. That's the last day to file for most people who requested an extension for their 2020 tax return. These taxpayers can file any time on or before Friday, October 15 if they have all their required tax-related documents. They should also pay part or all their taxes since amounts owed after May 17 this year could be subject to penalties and interest.

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Here are tips extension filers should remember.

•Pay tax balance as soon as possible. The deadline to pay 2020 income taxes was May 17, 2021. Taxpayers can check their account balance or view payment options .They can pay taxes online for free from a checking or savings account with Direct Pay. Those who owe taxes and can't pay their balance in full should pay as much as they can to reduce interest and penalties for late payment. This IRS has options for people who can’t pay their taxes, including applying for a payment plan on IRS.gov.

•File by the deadline to avoid penalties. Taxpayers should file by Friday, October 15, 2021 to avoid a failure-to-file penalty.

•What taxpayers should do about a missed deadline. Anyone who did not request an extension by this year's May 17 deadline should file and pay as soon as possible. This will stop additional interest and penalties from adding up.

(Source of quote)
COVID Tax Tip 2021-137


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Edited by

Office T.Professional

米国税理士 小野 知史(Tomofumi Ono)

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Taxpayers can find answers to questions about payments and penalties on IRS.gov [税金]

Payments

・Payment options


This page lays out the different ways taxpayers can pay what they owe, from having the payment taken directly from their bank account to using a credit card.

・Payment plan


Taxpayers who cannot pay what they owe in full can learn their options on this page.

・View balance and payment history


Individual taxpayers can use this tool to check their account and see things like the total amount they owe and their payment history.

Liens and levies

These links explain what a lien and a levy are, and the effect of each legal action.

・Understanding a federal tax lien


・Understanding a levy


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Resolve a dispute

The Office of Appeals is an independent organization within the IRS that helps taxpayers resolve their tax disputes. This page has links to information that will help taxpayers who received a notice saying their case qualifies to be reviewed by Appeals.

・Office of Appeals


Penalties

These links take the user to information where they can find out more about topics related to penalties and penalty relief.

・Penalties


・Penalty relief/abatement


・Penalty relief for under withholding


・Help for struggling taxpayers


(Source of quote)
IRS Tax Tip 2021-130, September 2, 2021


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Edited by

Office T.Professional

米国税理士 小野 知史(Tomofumi Ono)

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Need to file an amended tax return [税金]

The IRS will correct common errors during processing. However, there are certain situations in which a taxpayer may need to file an amended return to make a correction.

Here are some tips for anyone who discovered they made a mistake or forgot to include something on their tax return.

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Do’s and Don’ts for taxpayers who get a letter or notice from the IRS [税金]

The IRS mails letters or notices to taxpayers for a variety of reasons including if:

•They have a balance due.
•They are due a larger or smaller refund.
•The agency has a question about their tax return.
•They need to verify identity.
•The agency needs additional information.
•The agency changed their tax return.

Here are some do's and don'ts for taxpayers who receive one:

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Here’s how taxpayers can check the status of their federal tax return [税金]

The most convenient way to check on a tax refund is by using the Where's My Refund? tool. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. The tool also provides a personalized refund date after the return is processed and a refund is approved.

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Taxpayers can access the Where's My Refund? tool two ways:
•Visiting IRS.gov
•Downloading the IRS2Go app

To use the tool, taxpayers will need:
•Their Social Security number or Individual Taxpayer Identification number
•Tax filing status
•The exact amount of the refund claimed on their tax return

The tool displays progress in three phases:
•Return received
•Refund approved
•Refund sent

When the status changes to approved, this means the IRS is preparing to send the refund as a direct deposit to the taxpayer's bank account or directly to the taxpayer in the mail, by check, to the address used on their tax return. The IRS updates the Where's My Refund? tool once a day, usually overnight, so taxpayers don't need to check the status more often. Taxpayers allow time for their financial institution to post the refund to their account or for it to be delivered by mail. Calling the IRS won't speed up a tax refund. The information available on Where's My Refund? is the same information available to IRS telephone assistors.

(Source of quote)
IRS Tax Tip 2021-70, May 19, 2021


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Here’s why some people got more than one notice about their Economic Impact Payments [税金]

After each of the three Economic Impact Payments is issued, the IRS is required to mail a notice to each recipient's last known address. The notice provides information about the amount of the payment, how it was made and how to report any payment that wasn't received. Some people may receive multiple notices about each payment. Most people will simply file the notice with their tax records and won’t need to contact the IRS or take any further action.

Here are some details about each notice and what action some people may need to take.

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IRS extends additional tax deadlines for individuals to May 17 [税金]

The Internal Revenue Service announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund.

This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for individuals for the 2020 tax year was extended from April 15, 2021, to May 17, 2021.

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Here’s what taxpayers should do if they have missing or incorrect documents [税金]

Taxpayers should double-check to make sure they have all their documents before filing a tax return.

Taxpayers who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099.

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2021 tax filing season set to begin February 12 [税金]

The IRS will begin accepting and processing 2020 tax year returns on Friday, February 12, 2021.

・Friday, February 12. IRS begins 2021 tax season. Individual tax returns start being accepted and processing begins.

・Thursday, April 15. Due date for filing 2020 tax returns or requesting extension of time to file.

・Thursday, April 15. Due date for paying 2020 tax owed to avoid owing interest and penalties.

・Tuesday, June 15. Due date for filing 2020 tax returns if you are a U.S. citizen or resident alien residing overseas.

・Friday, October 15. Due date to file for those requesting an extension on their 2020 tax returns.

(Source of quote)
COVID Tax Tip 2020-09


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Edited by

Office T.Professional

米国税理士 小野 知史(Tomofumi Ono)

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