FMLE TAX

"The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns."
"Like last year, there will be individuals filing tax returns who, even though they are not required to file, need to file a 2021 return to claim a Recovery Rebate Credit to receive the tax credit from the 2021 stimulus payments or reconcile advance payments of the Child Tax Credit. People who don’t normally file also could receive other credits."
Read the full release here - https://www.irs.gov/.../2022-tax-filing-season-begins-jan...

404 | Internal Revenue Service 404

Tax tip- Create an online IRS.gov account. It gives you easy access to information that you will need to file your taxes.

Use online account to securely access the latest information available about your federal tax account and see information from your most recently filed tax return on IRS.gov.

You can:

View the amounts of the Economic Impact Payments you received
Access Child Tax Credit Update portal for information about advance Child Tax Credit payments
View key data from your most recent tax return and access additional records and transcripts
View details of your payment plan if you have one
View 5 years of payment history and any pending or scheduled payments

IRS Sends Notices to Taxpayers Who Deferred Tax

The IRS is now sending informational-only CP256V Notices to self-employed individuals and household employers who chose to defer paying the employer’s share of Social Security taxes under the CARES Act. The new notice reminds them that the first installment of deferred Social Security taxes will be due by the end of the year.

Paycheck Protection Program Reopens January 11

On January 8, 2021, the U.S. Small Business Administration, in consultation with the Department of Treasury, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and some existing PPP borrowers. The initial wave of loans issued on Monday, January 11, and Wednesday, January 13, will only be available to community financial institutions, but the PPP will open up to all eligible lenders shortly after.

Key PPP updates include:

PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs

PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures

The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations

The PPP provides greater flexibility for seasonal employees

Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount and

Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses

Has no more than 300 employees and

Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

For more visit

SBA and Treasury Announce PPP Re-Opening; Issue New Guidance {}

https://www.irs.gov/newsroom/irs-statement-about-economic-impact-payments

IRS Statement about Economic Impact Payments | Internal Revenue Service January 5, 20201 - IRS Statement about Second Economic Impact Payments and Get My Payment

and the Treasury Department began a second round of Economic Impact Payments to millions of Americans. There is no action required by eligible individuals to receive this new payment. Initial direct deposit payments have started arriving for some and continue into next week for many. Paper checks have started being mailed starting today and continue into January.

Some people may see the direct deposit payments as pending before the official payment date of Jan. 4, 2021. Please keep in mind that the payments are automatic, and you don’t need to contact your financial institution or the IRS with payment timing questions.

Most recipients will receive payments by direct deposit. People who got the first payments via Direct Express will receive this second payment the same way. For anyone who receives payments by check or debit card, these will be mailed through January. Carefully check your mail. Eligible individuals who didn’t receive an Economic Impact Payment this year – either the first or the second payment -- will be able to claim it when they file their 2020 taxes in 2021. You can check the status of your payments in a few days by using the Get My Payment tool, available in English and Spanish on IRS.gov.

For details, see: https://go.usa.gov/xAK4f

Internal Revenue Service | An official website of the United States government Get My Economic Impact Payment Get Coronavirus Tax Relief Get Your Refund Status Tax Professionals: Renew Your PTIN Get Your Tax Record View Your Account Make a Payment Apply for an Employer ID Number (EIN) Forms and Instructions 1040 and Schedules 1-3 Individual Tax Return Other 1040 Schedules Info...

2020 it's almost in our rear-view, as we are looking out the front window to the 2021 tax season. Hold on to your hats it is going to be one heck of a ride

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