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Second Quarter Estimated Tax Payments

The Internal Revenue Service reminds taxpayers who pay 

Monthly Child Tax Credits Payments to Start July 15

The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Cred

Refunds are Being Sent to Those Who Already Paid Taxes on 2020 Unemployment Compensation

The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income.

ICYMI: Practitioner Priority Service (PPS) and Automated Collection System (ACS) Changes to Help Provide Better Service

SB/SE’s Automated Collection System (ACS) will now exclusively resolve collection issues. This is a shift in procedure.

Form 7200 and Instructions Updated for 2nd through 4th Quarters of 2021

The IRS has issued a new version of Form 7200 (Advance Payment of Employer Credits Due to COVID-19) and the instructions to that form.

Owner Wages and Employee Retention Credit

Note from the Editor: the following article is a good overview of the issue of related parties and the ERTC.

The Tax Gap

The gross Tax Gap is the difference between the amount of tax owed by taxpayers for a given year and the amount that is actually paid timely for that same year.

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