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Social Security Wage Base Increases to $142,800 for 2021

The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2021 will increase to $142,800. This is up from $137,700 for 2020.

Charity Fraud Awareness Week

The Internal Revenue Service is combating fraud by once again joining organizations around the world to highlight the third annual International Charity Fraud Awareness Week, October 19-23.

DISASTER WRAP-UP 2020

In addition to the Coronavirus being declared an emergency in all states, in order to qualify for federal aid, there were various other natural disasters for which additional tax relief is due to t

Economic Impact Payment Deadline Extended to November 21 to Help Non-Filers

The Internal Revenue Service has announced that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020.

PPP Loans and Change to Business Ownership

The Small Business Administration has issued guidance related to PPP loans when there is a change in ownership of the borrowing business.

FYI: IRS Free File Marks Record Increase; Available Through October 15

The Internal Revenue Service has announced that Free File, the IRS-private sector partnership that offers free tax preparation products, scored a record percentage increase in new users as taxpayer

Transcript Requests Using Secure Object Repository Mailbox Could Take Two Days

An IRM procedural update has been posted notifying tax professionals that it can take up to 48 hours for transcript delivery to the SOR Mailbox.

Redesigned IRS.gov Page Helps People Closing a Business

The Internal Revenue Service has launched a redesigned page on IRS.gov to help business owners navigat

PTIN Renewal to Begin October 15, 2020

Carol Campbell, Director of the Office of Professional Responsibility (OPR), reminds all tax preparers that they must renew their Preparer Tax Identification Number (PTIN) annually in order to prep

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