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Below please find daily updates pertaining to the latest in financial, business, and tax news:

TAX RELIEF:  INDIVIDUAL RETIREMENT PLANS AND HEALTH SAVINGS ACCOUNTS

Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency

The Internal Revenue Service has also announced the extended deadlines for Individual Retirement Accounts as well as Health Savings Accounts

Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020

Contributions may be made to your HSA or Archer MSA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns is now July 15, 2020, under this relief, you may make contributions to your HSA or Archer MSA for 2019 at any time up to July 15, 2020

 

Taxpayer Advocate Service Feed

TAS Tax Tips: The IRS begins adjusting tax returns for unemployment compensation exclusion

Wed, Jun 09, 2021

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TAS Tax Tips: Why Do I Owe a Penalty and Interest and What Can I Do About It?

Mon, Jun 07, 2021

The post TAS Tax Tips: Why Do I Owe a Penalty and Interest and What Can I Do About It? appeared first on Taxpayer Advocate Service. ...

TAS Tax Tips: How do I find my refund information?

Tue, Jun 01, 2021

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TAS Tax Tips: Economic Impact Payments for 2021 are being issued

Mon, May 24, 2021

The post TAS Tax Tips: Economic Impact Payments for 2021 are being issued appeared first on Taxpayer Advocate Service. ...

TAS Tax Tips: IRS updates Allowable Living Expense standards for 2021

Wed, May 19, 2021

The post TAS Tax Tips: IRS updates Allowable Living Expense standards for 2021 appeared first on Taxpayer Advocate Service. ...

TAS Tax Tips: Need options for when you owe federal taxes, but can’t pay in full?

Tue, May 18, 2021

The post TAS Tax Tips: Need options for when you owe federal taxes, but can’t pay in full? appeared first on Taxpayer Advocate Service. ...

NTA Blog: Lifecycle of a Tax Return

Tue, May 18, 2021

The post NTA Blog: Lifecycle of a Tax Return appeared first on Taxpayer Advocate Service. ...

TAS Tax Tips: Taxpayers with an excess advance Premium Tax Credit are not required to report or repay in 2020

Thu, May 13, 2021

The post TAS Tax Tips: Taxpayers with an excess advance Premium Tax Credit are not required to report or repay in 2020 appeared first on Taxpayer Advocate Service. ...

NTA Blog: Claims for Refunds: 2019 and 2020 Tax Year Trap for the Unwary

Tue, May 11, 2021

The post NTA Blog: Claims for Refunds: 2019 and 2020 Tax Year Trap for the Unwary appeared first on Taxpayer Advocate Service. ...

TAS Tax Tips: File by May 17; here are some options

Mon, May 10, 2021

The post TAS Tax Tips: File by May 17; here are some options appeared first on Taxpayer Advocate Service. ...