Tax

Tax (1081)

Returns within 4.3 Percent of 2020

The number of returns received by the Internal Revenue Service for the 50 filing days ended April 2 reached 93,203,000, down 4.3 percent from the 97,366,000 received during the 60 days ended April 3, 2020. But instead of closing the gap on last year after pulling within .4 percent a week ago, the number of self-prepared returns fell back.

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SafeSend Gets Funding

SafeSend has received an investment of an undisclosed amount for developing its SafeSend suite. The funding came from Lead Edge Capital, a growth-stage investment firm.

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IRS Can Use Wide Summons for Crypto Investors

A District Court in Massachusetts has authorized the Internal Revenue Service to use a John Doe Summons to find cryptocurrency investors. The action enables the IRS to use the summons for investors in Circle Internet Financial and its affiliates, including Poloniex.

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Pro Tax Filings Accelerate

Self-prepared returns almost caught up with last year’s tax season as the rate of filing by professionals accelerated. The DIY efiles were down .4 percent for the 43 filing days ended March 26, from the 61 days ended March 27, 2020.

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CCH Tax Apps Get Crypto Links

Wolters Kluwer has added cryptocurrency integration to its CCH Axcess Tax and ProSystem fx Tax preparation applications. The integrations have been made available via partnerships with CoinTracker and Verady, which markets Ledgible Tax Pro.

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IRS to Redo Taxes on Unemployment

The Internal Revenue Service will automatically recalculate taxes on unemployment benefits in light of the American Rescue Plan. The agency will automatically refund money for those  who filed returns before the law was signed on March 11 and are eligible for such aid.

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Spanish Form 8821 Available

A Spanish version for Form of Form 8821, Tax Information Authorization and instructions for that form has been made available by the Internal Revenue Service. The documents are available on IRS.gov.

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Tax Prep Insurance Launched

360 Coverage Pros has introduced a professional liability insurance program for tax preparers. Tax Preparer Professional Liability Insurance has liability limits of up to $1 million and is designed for professionals who provide predominantly tax-related services.

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IRS Extends More Individual Deadlines

The Internal Revenue Services has extended more deadlines for individual tax files to May 17, including individual retirement and medical saving accounts. This follows the prior announcement  that the return filing deadline for individual tax returns has been moved from April 15 to May 17.

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DIY Returns Nearly Even with 2020

Self-prepared returns continued to pull closer to the totals filed in last year’s tax season. The 38,164,000 DIY efiles received in the 36 days through March 19 were only 1.3 percent behind 38,685,000 efiled in the 54 filing days through March 20, 2020.

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