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Tax Snacks

The perfect portion of tax news and information.

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IRS grants penalty relief for corporations that did not pay estimated tax related to the new corporate alternative minimum tax

June 7, 2023

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The IRS announced today that it will waive the penalty for a corporation's failure to pay estimated income tax under the newly created corporate alternative minimum tax (CAMT). The CAMT was created by the Inflation Reduction Act, and imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after Dec. 31, 2022. CAMT generally applies to large corporations with average annual adjusted financial statement income exceeding $1 billion.
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Tax season will start on Monday, January 24th

January 17, 2022

The IRS recently announced that it will begin accepting and processing tax returns on Monday, January 24, 2022. Start gathering the necessary documents and information now so you can be well prepared for the start of tax season!
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Choose your return preparer carefully

September 14, 2021

Consider using the IRS Preparer Credentials Check directory (available on MTR's Tax Tools & Quick Links page) to verify a return preparer's credentials. Remember, you are ultimately responsible for the information reported on your return, regardless of who prepares it.
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Taxpayers can now fill out digital authorizations for their representatives

July 24, 2021

The Internal Revenue Service launched a new feature that will give taxpayers digital control over who can represent them or view their tax records, a groundbreaking step in the agency's expansion of electronic options for taxpayers and tax professionals.
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Check your eligibility for the special Child Tax Credit advance payments

July 14, 2021

The IRS urges families to use the Child Tax Credit Eligibility Assistant tool to help determine whether they qualify for the special monthly advance payments of the credit that begin tomorrow, July 15th. Eligible families will receive $300 a month per qualifying child under the age of 6, and $250 a moth per qualifying child between the ages of 6 and 17.
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The 2021 tax filing deadline is now May 17th

March 19, 2021

The IRS recently announced that the 2021 tax filing deadline will be automatically extended from April 15th to May 17th.
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IRS begins delivering third round of stimulus payments

March 14, 2021

The IRS announced yesterday that the third round of Economic Impact Payments will begin reaching Americans over the next week. Individuals can check the Get My Payment tool on IRS.gov to see the payment status of the third stimulus payment.
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Claiming the Recovery Rebate Credit on 2020 return

February 19, 2021

If you were eligible to receive the first or second round stimulus payment and did not receive one or both (or you did not receive the full amount), you may claim the Recovery Rebate Credit on this year's tax return to receive the payment(s).
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IRS provides tax inflation adjustments for tax year 2021

February 16, 2021

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments.
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IRS begins accepting returns Friday, Feb. 12th

February 16, 2021

The IRS began accepting and processing 2020 tax year returns Friday, February 12, 2021. People who are ready to begin filing their returns should strongly consider using one of the free tax assistance services to do so, which includes the Free File program and MilTax. Choosing direct deposit is the quickest and safest way for individuals to receive their refunds.
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BIG NEWS FOR BUSINESSES!

January 6, 2021

The IRS and Treasury Department issued guidance today that allows a business to deduct eligible expenses paid for with Paycheck Protection Program (PPP) loan funds, regardless of whether the business's PPP loan is ultimately forgiven.
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IRS approves temporary use of e-signatures for certain forms

December 23, 2020

The IRS announced it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically, including Form 8453 series, Form 8878 series, and Form 8879 series regarding IRS e-file Signature Authorization Forms.
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