IRS Archives - Nichols & Company CPAs

Beware Scams Related to the Economic Impact Payments

As the distribution of federal government’s economic impact checks nears, so do the scams. Here are some quick tips to remember:

1) If you are eligible for a check, it will be direct deposited to the account on file on your last tax return. If you don’t have an account on file, it will be mailed to the last address on file.
NOTE: If you’d like to add or update your direct deposit information, you can add it to a newly designed secure portal on IRS.gov in mid-April. NO ONE WILL CONTACT YOU TO UPDATE THIS INFORMATION.

2) Seniors who haven’t been required to file in recent […] Read more

An Update of Recent Tax Changes Due to Coronavirus

2019 Personal tax returns do not need to be filed until 7/15/20.
2019 taxes due, as well as 1st quarter estimated tax payments, are not due until 7/15/20.
NOTE: 2nd quarter estimated tax payments are still currently due on 6/15/20!
2019 IRA & HSA payments can be made as late as 7/15/20.
The IRS has added a special coronavirus page to its site if you need more information: https://www.irs.gov/coronavirus
For those in Ohio, the Ohio legislature will be meeting today to consider changing the Ohio tax filing date. It currently remains at 4/15/20.

For more CPA “insider information,” you are welcome to check out this article from WesternCPE.com.

[…] Read more

IRS Releases Mileage Rates for 2020

The IRS recently released the mileage rates for 2020. Beginning Jan. 1, the business mileage rate decreased one-half of a cent for business travel driven and three cents for medical and certain moving expenses as compared to the rates for 2019. The charitable rate is set by statute and remains unchanged.

2020 mileage rates:

57.5 cents per mile driven for business travel

17 cents per mile driven for medical travel

14 cents per mile driven in service of charitable organizations

More details can be found here.

[…] Read more

Debt and taxes (and scams)

Chances are you or someone you know has received a phone call from someone claiming to be with the IRS. If you haven’t first received an actual letter in the mail from the IRS, these calls are fraudulent and should be reported. (Taxpayers can register a complaint at the Treasury Inspector General for Tax Administration. Go to tigta.gov and click “Contact,” or call 1-800-366-4484).

According to Amanda Horowitz, in April 2017, the IRS did begin a new private collections program of certain overdue federal taxes. These outstanding debts were turned over to four collections agencies: the CBE Group, ConServe, Performant Recovery and […] Read more

First-Time Abatement: An IRS Hidden Treasure

Have you received a notice from the IRS, stating you owe money and/or have had penalties and interest applied? The IRS sends thousands of these letters to taxpayers every year. At Nichols & Company, we always recommend you send a copy of your notice to us and let us handle the matter on your behalf.

Occasionally, notices address issues such as failure to file, failure to pay, or failure to deposit. Any of these issues are eligible for resolution using a first-time abatement (FTA). There are certain circumstances where an FTA will be honored, and we are well aware of what […] Read more