Georgia Association of Enrolled Agents, Inc. News

PTIN and EA Renewals

Candace Cansler — Tue, 04 Nov 2025 11:25:21 GMT

Have you renewed your PTIN for 2026 yet? The non-refundable PTIN fee is $18.75, and the renewal can be done online at IRS.gov/taxpros. While there, check your CE totals for each year to ensure you have enough and that you have two ethics hours for each year. BTW, all EAs must have a valid PTIN, no matter if you prepare tax returns or not.

What about your EA renewal? If your SSN ends in 4, 5, or 6, it’s time to apply for the next 3-year cycle. Enrolled agents must obtain 72 hours of continuing education every three years. A minimum of 16 hours must be earned per year, two of which must be on ethics. Enrolled agents must use an IRS approved CE provider (which GAEA is!).

GAEA Webinar Maximizing QBI 199A Deduction

Candace Cansler — Mon, 15 Sep 2025 15:03:25 GMT

Maximizing QBI 199A Deduction

2 CE with Jane Ryder, CPA, EA

When: September 29, 2025 3:00 PM, EDT
Where: Zoom Webinar https://4gaea.org/event-6342017

EVENT DETAILS:

MAXIMIZING QBI - It's an Art!

Maximizing the Section 199A deduction (QBI) calls for strong skills related to planning, structuring and strategizing for a plethora of business entities. Every choice matters! Learn how to add this special skill to your toolbox that factors owner compensation, health insurance, retirement plans and business profits to get the maximum tax benefit from the QBI deduction. Plus find out more about the new limits buried in the OB3 Act.

Learning Objectives:

Develop skills to maximize QBI for tax issues unique to S-Corps, Partnerships, LLCs, Sole Proprietors, Rentals, and Trusts.
Learn QBI strategies related to compensation, health insurance, self-rental, related businesses, multiple income streams, global income and more.
Identify best practices to support positions taken to maximize QBI and be prepared to defend QBI in an audit.
Understand the new minimum QBI deduction from OB3.

Online Group/Internet Based -- 2 CE awarded

Registration Fee $25 for members; $35 for non-members.

Prerequisites: Basic knowledge of Federal Tax.
Program Level: Intermediate
Delivery Method: Group Internet Based
Who Should Attend: Enrolled Agents, CPAs, Tax Preparers, Tax Attorneys.

IRS to End Acceptance of Paper Checks After September 2025

Candace Cansler — Tue, 22 Jul 2025 13:22:17 GMT

IRS to End Acceptance of Paper Checks After September 2025

Taxpayers urged to switch to digital payments

Beginning October 1, 2025, the Internal Revenue Service (IRS) will no longer accept paper checks for tax payments, marking a significant shift toward digital transactions. This change is aimed at streamlining payment processing and enhancing security, as the IRS encourages taxpayers to use electronic payment methods such as direct bank transfers, credit cards, and the IRS’s online payment portal. Taxpayers who typically mail checks are advised to update their payment habits ahead of the September 30 deadline to avoid delays or complications with their tax obligations.

TREASURY DEPARTMENT ANNOUNCES SUSPENSION OF ENFORCEMENT OF CORPORATE TRANSPARENCY ACT AGAINST U.S. CITIZENS AND DOMESTIC REPORTING COMPANIES

Candace Cansler — Mon, 03 Mar 2025 18:26:42 GMT

The Treasury Department announced that it is suspending enforcement of the Beneficial Ownership Information (BOI) reporting requirements. The rule requires the owners and part-owners of an estimated 32.6 million small businesses to register personal information, such as their name, birthdate, and address.

This is the latest change in the ever changing BOI Requirements.

Final regulations should be out by March 21, 2025- so stay tuned.

IRS Nationwide Tax Forum

Candace Cansler — Fri, 21 Feb 2025 17:35:03 GMT

SAVE THE DATE!

2025 IRS Nationwide Tax Forum

Registration will open March 1, 2025.

You can reserve your hotel room at the forum location of your choice by selecting the links below.

City	Hotel	2025 Dates
Chicago, IL	Hyatt Regency Chicago	July 1 - 3
New Orleans, LA	Hyatt Regency New Orleans	August 5 - 7
Orlando, FL	Hyatt Regency Orlando	August 26 - 28
Baltimore, MD*	Hyatt Regency Baltimore Inner Harbor Sheraton Inner Harbor Hotel	September 9 - 11
San Diego, CA	Town and Country Resort	September 16 - 18

*The Baltimore Tax Forum is scheduled to take place at the Baltimore Convention Center. Both hotels listed above are connected to/within walking distance of the Convention Center.

Please note: Registration for the IRS Nationwide Tax Forum is NOT OPEN. Registration will open March 1, 2025.

FinCen New Reporting Deadline

Candace Cansler — Thu, 20 Feb 2025 15:26:38 GMT

FinCEN Extends Beneficial Ownership Information Reporting Deadline by 30 Days; Announces Intention to Revise Reporting Rule WASHINGTON, D.C. –– With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury (Treasury) recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.

Notably, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

Updated Deadlines

For the vast majority of reporting companies, the new deadline to file an initial, updated, and/ or corrected BOI report is now March 21, 2025. FinCEN will provide an update before then of any further modification of this deadline, recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.

• Reporting companies that were previously given a reporting deadline later than the March 21, 2025 deadline must file their initial BOI report by that later deadline. For example, if a company’s reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow the April deadline, not the March deadline.

• As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, Plaintiffs in National Small Business United v. Yellen, No. 5:22-cv 01448 (N.D. Ala.)—namely, Isaac Winkles, reporting companies for which Isaac Winkles is the beneficial owner or applicant, the National Small Business Association, and members of the National Small Business Association (as of March 1, 2024)—are not currently required to report their beneficial ownership information to FinCEN at this time.

Reporting companies can report their beneficial ownership information directly to FinCEN, free of charge, using FinCEN’s E-Filing system available at https://boiefiling.fincen.gov. More information is available at fincen.gov/boi.

Background

On January 7, 2025, the U.S. District Court for the Eastern District of Texas issued an order staying FinCEN’s regulations implementing the BOI reporting requirements, precluding FinCEN from requiring BOI reporting or otherwise enforcing the CTA’s requirements.On February 5, 2025, the U.S. Department of Justice—on behalf of Treasury—filed a notice of appeal of the district court’s order and, in parallel, requested a stay of the order during the appeal.

On February 18, 2025, the court agreed to stay its January 7, 2025, order until the appeal is completed. Given this decision, FinCEN’s regulations implementing the BOI reporting requirements of the CTA are no longer stayed. Thus, subject to any applicable court orders, BOI reporting is now mandatory, but FinCEN is providing additional time for companies to report.

Increased Review of "Other Withholding Claims"

Candace Cansler — Fri, 17 Jan 2025 16:18:32 GMT

Increased Review of “Other Withholding” Claims – To protect taxpayers, the IRS is increasing its review of “Other Withholding” on Line 25C of Form 1040. To reduce potential delays in verifying the “Other Withholding” claimed, taxpayers are encouraged to attach the supporting documentation to their return. Key forms covered by Line 25c, “Other Withholding”, include Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding; Form 8805, Foreign Partner's Information Statement of Section 1446 Withholding Tax; Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests; Form W2G, Certain Gambling Winnings; Form 8959, Additional Medicare Tax; and Schedule K1, Partner’s Share of Income, Deductions, Credits, etc.

The IRS will begin accepting individual tax returns on January 27, 2025

Candace Cansler — Sat, 11 Jan 2025 00:23:55 GMT

The nation’s 2025 tax season will start on Monday, Jan. 27, and will feature expanded and enhanced tools to help taxpayers due to the agency’s historic modernization efforts. Since last tax season, the improvements include more access to tax account information from text and voice virtual assistants, expanded features on the IRS Individual Online Account, more access to dozens of tax forms through cell phones and tablets, and expanded alerts for scams and schemes that threaten taxpayers. The IRS is once again working to provide taxpayers expanded help in-person through more hours at Taxpayer Assistance Centers nationwide. The IRS also will be focused on continuing high levels of service on its main taxpayer phone lines, with a goal of up to 85% level of service. “These taxpayer-focused improvements we’ve done so far are important, but they are just the beginning of what the IRS needs to do,” said IRS Commissioner Danny Werfel. “More can be done with continued investment in the nation’s tax system.”

The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline. More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax pro to avoid potential scams and schemes.

GA DOR Annual Notice of Interest Rate Adjusment

Candace Cansler — Thu, 09 Jan 2025 00:15:17 GMT

Georgia Department of Revenue

Annual Notice of Interest Rate Adjustment

The Georgia Department of Revenue has issued a policy bulletin to announce the interest rate of 10.50%, accruing monthly, which will apply to interest-bearing refunds and past-due taxes for the 2025 calendar year. A copy of the bulletin can be found using this link: Annual Notice of Interest Rate Adjustment.

Tax Reduction Opportunity for Retired Fire, police, and EMS Personnel

Candace Cansler — Fri, 30 Aug 2024 15:16:42 GMT

Retired fire, EMS, and police personnel can reduce their taxable earnings by up to $3,000 for medical insurance premiums paid during a calendar year under the HELPS Retiree Act.

Prior to 2023, there was a requirement that the premium had to be deducted from the retiree’s pension check to qualify for the HELPS tax reduction. This is no longer the case following the adoption of the Federal Secure 2.0 retirement law.

Premiums paid directly for health, accident, or long-term care insurance qualify for the tax credit.
The reduction is claimed on the retiree's personal 1040 tax form on Line 5B or a similar adjustment.
Married couples where both parties are retired police/fire/EMS may take a reduction of up to $6,000.
The tax break is not available to surviving spouses.

Corporate Transparency Act (CTA)

Candace Cansler — Mon, 03 Jun 2024 21:36:48 GMT

A.J. Reynolds, EA, presented a 1 hour Virtual Webinar to GAEA on the Corporate Transparency Act which was recorded on Jan 29, 2024.

The link for the recording is shown below along with the links to the slide deck and links to his reference CTA / BOI material.

To view the recording, click on the Recording Link and supply the passcode (you may want to copy and paste the passcode for your convenience).

CTA Webinar with A. J. Reynolds

Passcode is QY1B*q4#

CTA and BOI Resource Material

CTA BOI Resource Information

CTA Act BOI Reporting Slides

NEW - Corporate Transparency - Beneficial Ownership Information

Merry Brodie — Thu, 02 Nov 2023 17:51:35 GMT

From the IRS:

2. New requirement for most businesses beginning Jan. 1, 2024

Beginning on Jan. 1, 2024, many corporations, limited liability companies and other entities created or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

FinCEN.gov/BOI provides guidance to help the small business community understand these requirements and includes:

Answers to frequently asked questions,
Infographics about key filing dates and key questions and
An introductory video and more detailed informational video.

Contact FinCEN for more information and answers to any questions.

IRS Reduces PTIN Fees

Merry Brodie — Thu, 26 Oct 2023 19:20:57 GMT

The IRS has released final regulations regarding certain user fees that tax return preparers have to pay. The PTIN fee is now $11, plus $8.75 for the processing fee, for a total of $19.75.

In 2010 the total fee was $63 and in 2015 the IRS reduced it to $50. After a flurry of lawsuits and appeals starting in 2017, the Courts determined that the charges need only to be reasonably related to the cost to the agency and the value to the recipient. In 2023, the court concluded that the PTIN fees for fiscal years 2011 through 2017 were excessive.

TD 9980, October 4, 2023

GA Pass-Through Entity Tax

Merry Brodie — Wed, 08 Feb 2023 17:37:27 GMT

For tax years beginning on or after January 1, 2022, S-Corporations and Partnerships may annually make an irrevocable election to pay income tax at the entity level (HB 149). Georgia Dept. of Revenue has posted FAQs on its website.

https://dor.georgia.gov/hb-149-pass-through-entity-tax-faq

Congress May Ease Rules on Disaster Loss Deductions

Tue, 19 Oct 2021 13:53:29 GMT

Congress is considering bills that may ease limits on disaster loss reductions.

https://www.wsj.com/articles/are-your-2021-disaster-losses-tax-deductible-congress-will-decide-11634290207?st=bj3yk4exfbnlhlm&reflink=article_email_share

IRS Sending Letters To Taxpayers Eligible for the New Advance Child Tax Credit Payments

Tue, 08 Jun 2021 14:44:49 GMT

The IRS plans to start sending out the new advance child tax credit payments to eligible taxpayers on July 15th. Letters are being sent to taxpayers who appear to be eligible for the advance credit payments.

https://www.irs.gov/newsroom/irs-sending-letters-to-more-than-36-million-families-who-may-qualify-for-monthly-child-tax-credits-payments-start-july-15

IRS Taxpayer Advocate Reveals IRS Has Processing Backlog of 29-million Returns

Sun, 25 Apr 2021 18:34:58 GMT

The taxpayer advocate posted a blog last Thursday announcing the IRS has a return processing backlog of more than 29-million tax returns at this point.

Causes include inability to reprogram IRS computers for late tax law changes Congress passed in December and March, as well as resource overload from additional activities loaded onto the IRS by Congress.

https://www.taxpayeradvocate.irs.gov/news/nta-blog-2021-filing-season-bumps-in-the-road-part-1/

IRS Asks Taxpayers Not to File Amended Returns to Claim New Unemployment Tax Exclusion

Fri, 19 Mar 2021 13:46:03 GMT

IRS officials are telling tax professional organizations that taxpayers should not file amended 2020 tax returns at this time to claim the new $10,200 tax exclusion for 2020 payments of unemployment compensation.

IRS Commission Charles Rettig told a Congressional committee on Thursday, March 18th that he expects the IRS will be able to identify the alread-filed 2020 returns that contain unemployment income and send taxpayers refunds based on the new 2020 exclusion.

IRS Extends Filing Deadline Again!

Thu, 18 Mar 2021 17:08:53 GMT

The IRS has finally responded to pleas from members of Congress and tax professional organizations and extended the regular tax filing deadline for 2020 individual income tax returns to May 17, 2021.

The extension will cover both the filing of an individual 2020 tax return and any 2020 tax due.

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

The extension does not apply to other tax returns or payments normally due on April 15th - for example the first quarter 2021 estimated tax payments are still due on April 15th.

The IRS has announced that further guidance will be provided regarding all the tax deadlines and procedures impacted by the filing extension.

Chet Burgess, EA, NTPI Fellow

Nearly 7 Million Taxpayers Waiting for Their Refunds

Wed, 17 Mar 2021 17:21:52 GMT

The IRS has almost 7 million 2020 tax returns with refunds due in a queue for manual processing, which will take several weeks. So the taxpayers are having to wait for their money.

Details in this article from The Washington Post:

https://apple.news/AgeMMDkIjTvi_NiBlpcE1hQ

Filing of 2020 Tax Return May Impact Your Third Stimulus Payment

Tue, 23 Feb 2021 15:44:16 GMT

Taxpayers who has significantly lower income in 2020 than in 2019 may want to file their 2020 tax returns as soon as possible if the 2020 return could result in a larger stimulus payment this year.

USA Today has a good overview of the issues:

https://www.usatoday.com/story/money/taxes/2021/02/23/tax-return-stimulus-check-file-early-dependents/4552270001/

Irs Warns Against Using "Ghost" Tax Preparers

Fri, 05 Feb 2021 18:11:43 GMT

IRS tips on how to avoid unscrupulous "ghost" tax preparers:

https://www.irs.gov/newsroom/beware-of-ghost-preparers-who-dont-sign-tax-returns

Use E-File and Direct Deposit for Faster Refunds

Tue, 02 Feb 2021 16:27:36 GMT

The IRS is strongly recommending that taxpayers file their 2020 returns electronically and request direct deposit of refunds for the quickest turnaround. The IRS is still backlogged with millions of 2019 paper tax returns.

https://apple.news/AV_X5D9qjTl-zHsQk6nSgYA

IRS Will Open Electronic Filing on February 12th

Tue, 19 Jan 2021 17:32:23 GMT

The IRS has announced it will begin accepting e-filed returns on February 12th:

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

State Tax Agencies Going to Court Over Which State Can Tax WFH Telecommuters

Mon, 28 Dec 2020 16:32:39 GMT

There is considerable disagreement among the state taxing agencies at this point regarding how income of work-from-home telecommuters will be taxed by the state of taxpayer residence or the state where the employer is located. Some states are beginning to take other states to court over the issue.

States Square Off Over Taxing Remote Workers’ Income

It Appears New Relief Bill Will Allow Business Deductions for PPP Loan Recipients

Wed, 23 Dec 2020 17:55:29 GMT

The IRS and Treasury have indicated that businesses that receive PPP loan forgiveness would NOT be allowed to deduct business expenses paid with the forgiven loan.

However, it appears the new relief bill includes language to allow deduction of those business expenses:

PPP Borrowers Stand to Gain Tax Deductions

IRS Info Regarding Tax Changes for the 2020 Filing Season

Wed, 16 Dec 2020 17:03:06 GMT

The IRS has advised taxpayers to prepare for new sections on their 2020 tax returns, such as reconciliation of the EIP "stimulus payment."

Details at: https://www.irs.gov/newsroom/get-ready-for-taxes-whats-new-and-what-to-consider-when-filing-in-2021

IRS Explains How It Prioritizes High-Income Non-Filers

Wed, 16 Dec 2020 15:51:56 GMT

The IRS recently posted an article on its program to target high-income non-filers:

https://www.irs.gov/about-irs/how-the-irs-prioritizes-compliance-work-on-high-income-non-filers-through-national-and-international-efforts

IRS to Begin Accepting E-signature on POA Forms in January

Wed, 30 Sep 2020 17:10:35 GMT

Word from several tax organizations from contacts inside the IRS is that Memphis and Ogden will begin accepting electronic signatures on Forms 2848 and 8821 in January. The forms will have to be uploaded through an new IRS portal. Details still to come.

Chet Burgess

IRS Taxpayer Advocate Service to Begin Helping Taxpayers with Missing EIP Checks

Sun, 09 Aug 2020 12:03:48 GMT

On Monday, August 10, the Taxpayer Advocate Service (TAS) will begin helping taxpayers locate missing EIP payments.

TAS wll assist taxpayers with six specific types of situations, outlined in the following posting on the TAS blog:

https://taxpayeradvocate.irs.gov/news/nta-blog-tas-to-assist-correcting-eip-amounts-for-limited-groups-of-taxpayers?category=Tax%20News

The Taxpayer Advocate office for Georgia is located in Atlanta, and can be reached by phone at 404-338-8099 or by fax at 855-822-1232.

IRS "Dirty Dozen" Tax Scams for 2020

Tue, 04 Aug 2020 18:18:54 GMT

The IRS has just released its annual list of the Dirty Dozen tax scams to alert taxpayer and tax pros. The Dirty Dozen for 2020 are:

Phising
Fake Charities
Threatening Impersonator Phone Calls
Social Media Scams
Economic Impact Payments or Refund Thefts
Senior Fraud
Scams Targeting non-English Speakers
Unscrupulous Tax Return Preparers
Offer in Compromise Mills
Fake Payments with Repayment Demands
Payroll and HR Scams
Ransomware

Click here to find the details on the IRS web site.

Electronic Filing of Amended 2019 Tax Returns

Mon, 06 Jul 2020 17:24:31 GMT

The Kiplinger Tax Letter quotes sources at the Internal Revenue Service as saying the Modernized E-File system will add the capability to electronically file amended 2019 tax returns by late this summer.

Currently, all amended returns must be filed on paper, and return processing has been substantially delayed by the coronavirus shutdown at the IRS.

Currently, only 2019 amended returns (Form 1040X) are planned to be accepted electronically.

Georgia Department of Revenue Open for Appointments Only

Tue, 02 Jun 2020 16:36:52 GMT

FOR IMMEDIATE RELEASE

GEORGIA DEPARTMENT OF REVENUE TO REOPEN IN-PERSON CUSTOMER SERVICE

May 29, 2020

ATLANTA - The Georgia Department of Revenue (DOR) announced today that in-person customer service will reopen on Monday, June 1, 2020 by appointment only.

"While the Department never closed due to COVID-19, in-person services were temporarily suspended. I am pleased to be able to reopen to the public on Monday while making sure the necessary measures are in place to protect the safety of employees and visitors," stated Revenue Commissioner David Curry.

To make an appointment with the Taxpayer Services Division, the Alcohol and Tobacco Division, the Motor Vehicle Division, or at one of DOR's 11 regional offices, Georgians should visit the Department's website at dor.ga.gov.

Please note that visitors to the Department are strongly encouraged to wear face masks while in a DOR facility.

Latest Tax News Updates from the IRS

Fri, 08 May 2020 17:01:11 GMT

Coronavirus Tax Relief

IRS has a special webpage dedicated to Coronavirus Tax Relief. Information is updated regularly. Please visit and bookmark https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments to stay current on the latest guidance for Coronavirus Tax Relief. You can also input “coronavirus” in the search bar on the IRS webpage.

Employer Credits

Many businesses affected by COVID-19 may qualify for 3 employer Credits; Employee Retention Credit, Paid Sick and Family leave credit. See: Employee Retention Credit FAQ's and Tax Credits for required paid leave-faqs

Form 7200 – Errors

Employers who are filing Form 7200, Advance Payment of Employer Credits due to COVID-19, must read the instructions carefully to avoid errors. Mistakes can result in a processing delay, which means it may take longer to get the advanced payment. A Form 7200 recorded product line is available in English and Spanish - 833-551-3588.

common-errors-to-avoid-when-filing-for-advance-payment-of-employer-credits

Form and Instructions for 7200

Economic Impact Payment – how long is the payment available

Payments will be made throughout the rest of 2020. If you don’t receive a payment this year, you can claim it by filing a tax return for 2020 next year.

https://www.irs.gov/coronavirus/economic-impact-payment-information-center

Get My Payment- RAL/RAC

Some taxpayers file their tax return and may choose a refund settlement product. to help them pay their fees, get their refund immediately or even load the refund onto a direct debit card. In these situations, taxpayers may utilize a Refund Anticipation Loan (RAL) or a Refund Anticipation Check (RAC). If the refund settlement product or the associated account is closed or no longer active, the bank is required to reject the deposit and return it to the IRS. See FAQ: My EIP was sent to an account I don't recognize for more information

Covid-19 Updates from IRS Liaison

Thu, 07 May 2020 16:30:59 GMT

The IRS continues to update the FAQs on IRS.gov. Below are some of the most common ones we have been asked. Please help us get the word out to SSI and VA benefit recipients about using the IRS Non-Filers tool www.irs.gov/nonfilereip by May 5th to add $500 to their Economic Impact Payments, if they have eligible children. I’m attaching images and including some tweets that can be shared and used on social media. Let me know if you post any so that I can share that my stakeholders are helping us to get these messages out to everyone.

ALERT: If you’re an SSI benefit recipient with dependent children and didn’t file taxes for 2018 or 2019, register by May 5 to receive the full amount of your Economic Impact Payment from #IRS: www.irs.gov/nonfilereip #COVIDreliefIRS
SSI and VA benefit recipients who don’t normally file a tax return and have children must act soon to quickly receive the full amount of their Economic Impact Payments automatically from #IRS. The deadline is May 5: www.irs.gov/nonfilereip #COVIDreliefIRS

Economic Impact Payments continue to be sent, check IRS.gov for answers to common questions

https://www.irs.gov/newsroom/economic-impact-payments-continue-to-be-sent-check-irsgov-for-answers-to-common-questions

IR-2020-85, April 30, 2020

WASHINGTON — As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that IRS.gov includes answers to many common questions, including help to use two recently launched Economic Impact Payment tools.

The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available.

Get My Payment shows the projected date when a deposit has been scheduled. Information is updated once daily, usually overnight, so people only need to enter information once a day. Those who did not use direct deposit on their 2018 or 2019 tax return can use the tool to input information to receive the payment by direct deposit into their bank account, so that they can get their money faster.

The Non-Filers Enter Payment Info tool is helping millions of taxpayers successfully submit basic information to receive Economic Impact Payments quickly to their bank accounts. This tool is designed only for people who are not required to submit a tax return. It is available in English through Free File Fillable Forms and in Spanish through ezTaxReturn.

Frequently asked questions continually updated on IRS.gov

Taxpayers should check the FAQs often for the latest additions; many common questions are answered on IRS.gov already, and more are being developed. Here are answers to some of the top questions people are asking.

Get My Payment says that my Economic Impact Payment was sent to an account I don't recognize. Why is that, and how do I get my payment?

When some taxpayers file their tax return, they may choose an option available from their tax preparer or software provider to help them pay their fees, get their refund more immediately or even load the refund onto a direct debit card. This group of different products is referred to as refund settlement products. In these situations, taxpayers may:

· Use a banking product to help them complete the tax filing transaction, sometimes referred to as a Refund Anticipation Loan (RAL) or a Refund Anticipation Check (RAC).

· Choose to have their tax refund loaded onto a debit card provided by a variety of groups in the tax and financial communities.

When you filed your tax return, if you chose a refund settlement product for direct deposit purposes, you may have received a prepaid debit card. In some cases, your Economic Impact Payment may have been directed to the bank account associated with the refund settlement product or prepaid debit card.

If the refund settlement product or the associated account is closed or no longer active, the bank is required to reject the deposit and return it to the IRS. Once the returned payment to the IRS is processed, the "Get My Payment" app will be updated.

Once the returned payment is processed by the IRS, the payment will automatically be mailed to the address on the 2019 or 2018 tax return, or the address on file with the U.S. Postal Service – whichever is more current. The status in Get My Payment will update accordingly. Timing of this process depends on several variables, including when and how the payments are rejected and returned to the IRS, when "Get My Payment" updates, and when taxpayers check the tool.

The IRS also noted that it has resolved a reporting error that some taxpayers may have experienced, which inaccurately indicated rejected payments were being sent back to the same taxpayer account a second time. They are actually being mailed to the taxpayers. The IRS has quickly taken steps to correct this reporting error. "Get My Payment" was updated starting Tuesday, April 21 to reflect that the taxpayer's payment has actually been mailed, and not rerouted to a closed bank account.

Why am I receiving an error message when entering my personal information or tax information?

To ensure the information is entered correctly, please use the help tips provided when entering the information requested to verify your identity. If the information you enter does not match our records, you will receive an error message. Check the information requested to ensure you entered it accurately.

You may want to check your most recent tax return or consider if there is a different way to enter your street address (for example, 123 N Main St vs 123 North Main St). You may also verify how your address is formatted with the US Postal Service (USPS) by entering your address in the USPS ZIP Lookup tool, and then enter your address into Get My Payment exactly as it appears on file with USPS.

If you receive an error when entering your Adjusted Gross Income (AGI), refund amount, or amount you owed, make sure you are entering the numbers exactly as they appear on your Form 1040 or tax transcript. If the numbers from your 2019 tax return are not accepted, try the numbers from your 2018 tax return instead.

If the information you enter does not match our records three times within 24 hours, you will be locked out of Get My Payment for 24 hours for security reasons. You will be able to access the application again after 24 hours. There is no need to contact the IRS.

I think the amount of my Economic Impact Payment is incorrect. What can I do?

If you did not receive the full amount to which you believe you are entitled, you will be able to claim the additional amount when you file your 2020 tax return. This is particularly important for individuals who may be entitled to the additional $500 per qualifying child dependent payments.

For VA and SSI recipients who don't have a filing requirement and have a child, they need to use the Non-Filers tool on IRS.gov by May 5 in order to have the $500 added automatically to their $1,200 Economic Impact payment. We encourage people to review our "How do I calculate my EIP Payment" question and answer.

Quick links to the Frequently Asked Questions on IRS.gov:

· Economic Impact Payments: IRS.gov/eipfaq

· Get My Payment tool: IRS.gov/getmypaymentfaq

No action needed by most taxpayers

Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Starting this week, automatic payments are going to those receiving Social Security retirement, or disability (SSDI), and Railroad Retirement benefits, and recipients of SSI and Veterans Affairs or survivor benefits should receive their payments by mid-May.

Watch out for scams related to Economic Impact Payments

The IRS urges taxpayers to be on the lookout for scams related to the Economic Impact Payments. To use the new app or get information, taxpayers should visit IRS.gov. People should watch out for scams using email, phone calls or texts related to the payments. Be careful and cautious: The IRS will not send unsolicited electronic communications asking people to open attachments, visit a website or share personal or financial information. Remember, go directly and solely to IRS.gov for official information.

IRS Tax Payment Relief due do Coronavirus

Thu, 19 Mar 2020 17:34:21 GMT

Under instruction from the President and Secretary of the Treasury, the Internal Revenue Service has granted a 90-day extension for the filing of personal tax returns and payment of tax that is due on April15th of 2020. That means personal tax returns or extensions do not have to be filed until July 15th and taxes due on individual or business tax returns do not have to be paid until July 15th. The IRS is also waiving all potential penalties or interest on those payments. The payment extension covers personal tax amounts due of up to $1-million, and corporate tax amounts of up to $10-million.

The payment extension also covers estimated tax payments that are due on April 15, 2020.

The IRS has not yet indicated whether a personal tax extension will extend until October 15th or January 15th, 2021.

Also, the IRS has closed all personal tax assistance centers in the United States until further notice.

Details of taxpayer relief under the Presidential declaration of emergency are available on the IRS web site: https://www.irs.gov/coronavirus.

Georgia Retirement Income Exclusion

Mon, 17 Feb 2020 15:24:02 GMT

Georgia seniors age 62 and over qualify for the Georgia Retirement Income Exclusion, which can shield thousands of dollars of retirement and investment income from Georgia State income tax.

The exclusion covers $35,000 of income for seniors ages 62 through 64, and $65,000 of income for seniors age 65 and older.

Click Here for Details.

Journal of Accountancy Business Tax Guide for 2019

Tue, 03 Dec 2019 18:42:08 GMT

The Journal of Accountancy has released its business tax guide for the 2019 tax filing year.

Download the pdf here.

IRS Announces Higher Contribution Limits for Employer Retirement Plans

Tue, 03 Dec 2019 18:11:53 GMT

The Internal Revenue Service has announced that employee contribution limits to employer retirement plans will increase by $500 in 2020. This includes 401(k) plans, 403(b) plans, most 457 plans and the federal Thrift Savings Plan.

Also, the contribution limit for SIMPLE IRA plans will increase to $13,000.

See the IRS news release for details.

Traders in Virtual Currencies are Targeted by the IRS

Sat, 31 Aug 2019 18:42:27 GMT

The Internal Revenue Service has begun sending letters to taxpayers who sold virtual currencies and failed to report the sales on their income tax returns.

The IRS has announced that more than 10,000 taxpayers will receive these letters. Some of the letter recipients have been identified to the IRS based on information reported by virtual currency exchanges, some of which have been cooperating with the IRS requests to submit data on their clients' virtual currency transactions.

There are three forms of the letter, called Letter 6173, Letter 6174 or Letter 6174-A, which are aimed at helping taxpayers better understand the tax filing obligations relating to virtual currency transactions.

IRS Notice 2014-21 contains more details regarding IRS regulations covering virtual currency transactions, and the obligation of taxpayers to report those transactions on their tax returns.

Cost of Genetic Testing May Be Partially Tax-Deductible

Sat, 31 Aug 2019 18:34:26 GMT

The IRS recently issued a private letter ruling that part of the cost of genetic testing may be tax deductible as a qualified medical expense if part of the service includes a medical analysis of the results of the genetic test and results in a report that is presented to the taxpayer's health care providers.

A private letter ruling is issued in response to a request from an individual taxpayer for IRS guidance regarding a tax issue. It may not be cited as a precedent by others taxpayers, but is viewed by tax professionals as a good indicator of the IRS thinking on a particular issue.

Find more details in this article from accounting web.

IRS Waives Some Penalties for Underpayment of 2018 Tax

Fri, 30 Aug 2019 19:53:15 GMT

The Internal Revenue Service is automatically waiving the estimated tax penalty for some taxpayers who have already filed their 2018 tax returns and did not claim a penalty waiver.

The IRS earlier this year lowered the usual penalty threshold of payment of 90% of the tax owed on the return, to 80%, to help taxpayers who, under the new tax laws, came up short of required estimated tax payments for 2018.

If you filed your tax return before mid-August and paid an underpayment penalty, you may qualify for a penalty waiver. Over the next few weeks, the IRS will be mailing out notices granting this relief to affected taxpayer. Taxpayers who qualify for relief under the lower 80% threshold will receive refunds of the penalty and any interest paid when they filed their return.

For details, see the IRS news release.