For Illinois and Kentucky Tornado Victims, IRS extends the 2021 tax-filing deadline, other deadlines to May 16

IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience

The body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.

Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards. Identity thieves are more sophisticated than they used to be. They know the tax code and filing practices and how to get valuable data. The IRS has seen a sharp increase in fraudulent business tax forms. These include Forms 1120, 1120S and 1041, as well as Schedule K-1. These affect business, partnership, estate and trust filers. Signs of Identity Theft Business filers should be alert for signs of identity theft. They should contact the IRS if they experience any of these issues: The IRS rejects an e-filed return saying it already has one with that identification number. The IRS rejects an extension to file request saying it already has a return with that identification number. The filer receives an unexpected tax transcript. The filer receives an IRS notice that doesn’t relate to anything they submitted. The filer doesn’t receive expected or routine mailings from the IRS. New Procedures to Protect Businesses in 2018 The IRS, state tax agencies and software providers have ways to detect suspicious returns. However, some new measures can help validate returns in advance. The IRS and states are asking businesses and tax professionals to help verify if a tax return is legitimate. These procedures are new for 2018. Software for business tax returns will ask questions related to: The person authorized to sign the return Payment history Parent company information Past deductions Filing history

The IRS and the Treasury Department will begin sending out the second stimulus payments on December 30, 2020.

How much can I expect to receive on my second stimulus check?

2021 Tax Filing Season Begins February 12

Here is the information from the IRS website regarding the Tax Relief Credit.

The look-back provision includes a special temporary rule allowing lower-income individuals to use their earned income from the tax year 2019 to determine the earned income tax credit and the refundable portion of their child tax credit in the 2020 tax year.