by Patricia Parrilla Tax Services | Dec 19, 2020 | Tax Tips and News
A government audit says that allowing taxpayers to electronically correct their returns is more than just good customer service—it’s good business. The audit, performed by the office of the Treasury Inspector General for Tax Administration (TIGTA), found that allowing...
by Patricia Parrilla Tax Services | Dec 18, 2020 | Tax Tips and News
The Internal Revenue Service has issued Revenue Ruling 2021-01, which lays out the prescribed rates for various income tax purposes. The ruling includes rates including those for applicable federal interest rates, adjusted applicable federal interest rates, the...
by Patricia Parrilla Tax Services | Dec 15, 2020 | Tax Tips and News
The Internal Revenue Service has issued Notice 2020-86, addressing certain parts of the SECURE Act that affect safe harbor plans—including safe harbor 401(k) plans and some 403(b) plans. The SECURE Act—also known as the Setting Every Community Up for Retirement...
by Patricia Parrilla Tax Services | Dec 12, 2020 | Tax Tips and News
Final regulations have been issued on the deduction for qualified transportation fringe and commuting expense. The new regulations were issued by the Internal Revenue Service and the Treasury Department to bring the tax code into line with changes made by the Tax Cuts...
by Patricia Parrilla Tax Services | Dec 11, 2020 | Tax Tips and News
The tax-filing season will be upon us before we know it, so the Internal Revenue Service is urging taxpayers to take actions now to help ensure they can file timely and accurate returns in 2021. Things to consider The IRS says there are some areas that taxpayers...
Patricia Parrilla Tax Services