Newsletters
IRS Letter Indicating No Valid Extension Filed
Posted August 2021
Many taxpayers are receiving letters from the Internal Revenue Service (IRS) stating the IRS was unable to grant an extension of time to file because the extension was not requested by the return due date.
IRS TO UPDATE VIRTUAL CURRENCY QUESTION FOR 2021
Posted August 2021
On July 22, 2021, the IRS released the draft of Form 1040. The IRS has made an important change to the wording of the virtual currency question that was on the front of Taxpayer’s 2020 Form 1040: “At any time during 2020, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”
IRS releases advance version of Rev. Proc. 2021-30 for retirement plan sponsors
Posted on August 2021
On July 13, 2021, the IRS released an advance version of Rev. Proc. 2021-30 as an update on a comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of sections 401(a), 403(a), 403(b), 408(k) and 408(p), but that have not met these requirements for a period of time.
Tax Filing Reminders – August 2021
September 15
September 30
October 15