First Coast Tax & Accounting

01/21/2021

https://www.irs.gov/newsroom/eligible-paycheck-protection-program-expenses-now-deductible

IR-2021-04, January 6, 2021 — The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protectio...

01/21/2021

https://www.irs.gov/newsroom/businesses-have-feb-1-deadline-to-provide-forms-1099-misc-and-1099-nec-to-recipients

IR-2021-14, January 14, 2021 — The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by February 1, 2021.

01/21/2021

https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

IR-2021-16, January 15, 2021 — The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

04/13/2020

To help everyone check the status of their Economic Impact Payment, IRS is launching a tool that will provide the status of a payment, including the date it’s scheduled to be deposited or mailed. www.irs.gov/eip

04/01/2020

Economic Impact Payments:
What you need to know

The 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. Please do not call the IRS about this. When more specific details become available, we will update this page.

To explain the tax relief for those affected by coronavirus.

03/27/2020

IRS does not have information available yet on stimulus or payment checks. Instead of calling, please watch for updates to www.irs.gov/coronavirus

03/22/2020

www.irs.gov/coronavirus

03/20/2020

Treasury Secretary Stephen Mnuchin announced on Twitter that taxpayers now have an additional 90 days to file their tax returns.

03/20/2020

The IRS has officially moved this year's federal tax deadline to July 15th for both filing AND paying your taxes.

This is good news to anyone who is impacted financially by the Coronavirus and may owe money on taxes this time around. Use this extra time to focus on covering the 4 Walls of your budget (food, utilities, shelter, and transportation), and save for your tax bill that will now be due in July.

It is still smart to go ahead and do your taxes as soon as you can to find out if you owe money or if you're getting a refund. If you're getting a refund this time around, filing now will get your hard-earned money back in your hands sooner, so that you can use it to take care of your needs during this season.

03/20/2020

IRS Extends 2020 Income Tax Filing Deadline to July 15

The Treasury Department and IRS have announced that the income tax filing deadline has now been extended to July 15, 2020.

Earlier this week, Secretary Mnuchin announced the extension of the payment deadline, but did not change the filing deadline