Avoid delays: Use e-file with direct deposit for faster refunds
Although every year the IRS encourages taxpayers to e-file their returns and use direct deposit to receive refunds, to those taxpayers who have previously not used e-file, the IRS emphasizes using it this year to avoid paper-related processing delays. Taxpayers can file electronically by using a tax professional, IRS Free File or other commercial tax preparation software. The IRS cautioned paper-filed tax returns and paper checks will take even longer this year due to a variety of reasons.
Important reminders before filing 2020 tax returns
Following an unpredictable year with many changes and challenges, the Internal Revenue Service shared important reminders for taxpayers who are about to file their 2020 federal tax returns.
IRS updates FAQs on paid sick leave credit and family leave credit
The Internal Revenue Service posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA).
IRS offers guidance to taxpayers on identity theft involving unemployment benefits
Scammers also took advantage of the pandemic by filing fraudulent claims for unemployment compensation using stolen personal information of individuals who had not filed claims.
Taxpayers who receive an incorrect Form 1099-G for unemployment benefits they did not receive should contact the issuing state agency to request a revised Form 1099-G showing they did not receive these benefits.
IRS reminder on resources available in multiple languages for Small Businesses
In support of National Small Business Week – September 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business.