IRS

Several significant changes are probably in store for next tax season.

The agency is encouraging taxpayers who have received but not yet responded to a CP-14 notice to promptly do so.

By law, these payments are taxable so clients will need to report them on their 2020 federal income tax returns.

If the court ends up making this choice, intended family members may lose out — all for want of filling out a one-page form.

The Internal Revenue Service is giving taxpayers a break if the checks they mailed in to pay their taxes still haven’t been opened up yet and are sitting in the trailers the IRS set up during the pandemic.

This may be the final chance for eligible clients to submit for the additional economic impact payments under the CARES Act this year.

The change bars money managers from using some types of business entities to take advantage of an exemption to rules laid out in the 2017 tax law.

The COVID-19 pandemic has infected the service’s annual list of top tax scams.

Coronavirus-related distribution provisions can now be returned and there’s a larger pool of recipients eligible for relief. Here’s what advisors need to know

“Time is quickly running out for these taxpayers," IRS Commissioner Chuck Rettig said in a statement.