Author Archives: c06876406

New York State Tax Notice N-20-8 INCORRECT (June 30, 2020)

NYSSEA learned late yesterday (June 29, 2020) that the NYS Department of Taxation & Finance’s Notice N-20-8 is incorrect. https://www.tax.ny.gov/pdf/notices/n20-8.pdf

The notice says that the 1st quarter estimated tax payment is due 6/15 and the 2nd quarter 7/15, but in fact, it’s the opposite.  The 1st quarter payment is due 7/15, and the 2nd quarter is (was) due 6/15.

NYSSEA strongly urged NYSDTF to notify taxpayers and the tax professional community promptly.

1040-X Options Announced by the IRS

IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns

NOTE:  Initially, this will be offered only for tax year 2019

IR-2020-107, May 28, 2020

WASHINGTON — The Internal Revenue Service announced today that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products.

Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It’s also been an ongoing request from the nation’s tax professional community and has been a continuing recommendation from the Internal Revenue Service Advisory Council (IRSAC) and Electronic Tax Administration Advisory Committee (ETAAC).

Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing. The new electronic option allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form.

Read more…click here.

Tax Day now July 15, 2020 – News from the IRS

IR-2020-58, March 21, 2020

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.

The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds are still being issued within 21 days.

Read More by Clicking Here.

Coronavirus Response Toolkit

The U.S. Chamber has compiled CDC’s coronavirus recommendations for businesses and workers across the country. They continue to encourage American businesses to follow data-based guidance from the CDC and state and local officials. Click the link below to find sharable graphics based on the CDC’s latest guidance for businesses and employees. They encourage everyone to share these assets on social media, websites, and other channels, and send them to colleagues and employees.

Click here to visit the U.S. Chamber of Commerce Coronavirus Response Toolkit

IRS Opens 2019 Tax Filing Season – January 27, 2020

IR-2020-02, January 6, 2020

WASHINGTON ― The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.

The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the traditional April tax deadline.

Read more by clicking here.

Here’s what tax preparers need to know about a data security plan

Tax Tip 2019-174, December 11, 2019

With the tax filing season just weeks away, tax professionals who have a data security plan should review it for updates. Those who don’t have a plan should create one and use the information below to get started. Having a written data security plan isn’t just a good idea, it’s federal law.

Identity thieves target tax professionals because of the client data they have on hand. Thieves use stolen data from tax preparers to create fake returns that can be harder for the IRS to detect.

Read more by clicking here

Systemic Advocacy Management System (SAMS)

Know of a tax problem that affects more than one taxpayer?

You can help the Taxpayer Advocate Service tackle the “big-picture” problems in the IRS or the tax law by reporting them to us. These systemic issues:

  • Always affect multiple taxpayers;
  • Don’t apply to just one taxpayer (but if you personally have an unresolved IRS problem, TAS may be able to help);
  • Involve IRS systems, policies, and procedures;
  • Involve protecting taxpayer rights, reducing burden, ensuring fair treatment, or providing essential taxpayer services.

Read our FAQs for additional information on submitting systemic issues.

Read more by clicking here.