Friday, May 28, 2021

IRS video tax tip: Preparing for Disaster

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Issue Number:    Preparing for Disaster

Inside This Issue


Here is a video tax tip from the IRS: 

Preparing for Disaster English | Spanish | ASL

Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL.

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Consejo en video del IRS: Preparando para Desastres

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Consejos Tributarios del IRS 28 de mayo de 2021

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Edición Número: Preparando para Desastres

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Aquí un consejo en video del IRS: 

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Thursday, May 27, 2021

IR-2021-120: Interest Rates Remain the Same for the Third Quarter of 2021

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Issue Number:    IR-2021-120

Inside This Issue


Interest Rates Remain the Same for the Third Quarter of 2021

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2021. 

The rates will be: 

  • 3% for overpayments (two (2) % in the case of a corporation),
  • 0.5% for the portion of a corporate overpayment exceeding $10,000,
  • 3% for underpayments and
  • 5% for large corporate underpayments. 

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis.  For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. 

Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus 3 percentage points and the overpayment rate is the federal short-term rate plus 2 percentage points. The rate for large corporate underpayments is the federal short-term rate plus 5 percentage points. The rate on the portion of a corporate overpayment of tax exceeding $10,000 for a taxable period is the federal short-term rate plus one-half (0.5) of a percentage point.

The interest rates announced today are computed from the federal short-term rate determined during April 2021 to take effect May 1, 2021, based on daily compounding.

Revenue Ruling 2021-10, announcing the rates of interest, is attached and will appear in Internal Revenue Bulletin 2021-25, dated June 21, 2021.

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Entender el derecho del contribuyente a ser informado

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Consejos Tributarios del IRS 27 de mayo de 2021

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Consejo Tributario del IRS 2021-76SP

En Esta Edición


 Entender el derecho del contribuyente a ser informado

Los contribuyentes tienen el derecho de conocer qué ellos tienen que hacer para cumplir con las leyes relacionadas con los impuestos. No solo durante la temporada de impuestos, sino durante todo el año.

Cuando algo le sucede a la cuenta de un contribuyente, ese contribuyente tiene derecho a ser informado sobre la actividad. De hecho, este derecho es uno de los diez descritos en la Carta de Derechos del Contribuyente.

El derecho a ser informado es el primero de la lista. Esto significa que los contribuyentes tienen derecho a:

  • Saber lo que deben hacer para cumplir con las leyes tributarias.
     
  • Tener explicaciones claras de las leyes y los procedimientos del IRS en todos los formularios, instrucciones, publicaciones, avisos y correspondencia.
     
  • Estar informado de las decisiones del IRS sobre sus cuentas tributarias.
     
  • Recibir explicaciones claras de los resultados de las decisiones del IRS.

Para asegurarse de que los contribuyentes estén informados, el IRS:

  • Incluirá dentro de ciertos avisos cualquier monto del impuesto, intereses y ciertas multas que adeuda el contribuyente.
     
  • Explicará por qué el contribuyente debe impuestos.
     
  • Explicará las razones específicas por las que rechazó un reclamo de reembolso.
     
  • Publicará información en IRS.gov para ayudar a los contribuyentes a entender su notificación o carta del IRS.
     
  • Enviará una carta cuando la agencia evalúe un impuesto. Esa carta debe incluir:
    • Información acerca de cómo el contribuyente puede apelar la decisión.
    • Una explicación de todo el proceso desde la auditoría hasta la recaudación.
    • Detalles acerca de cómo el Servicio del defensor del contribuyente puede ayudar.
       
  • Enviará un estado de cuenta anual a los contribuyentes que se suscriban a un plan de pago. La declaración incluirá cuánto el contribuyente:
    • Debe a principios de año.
    • Pagó durante el año.
    • Aún adeuda al final del año.
       
  • Pondrá a disposición los formularios y publicaciones (en inglés) en IRS.gov.
     
  • Usará los medios sociales para brindar información tributaria útil a una amplia audiencia de contribuyentes.

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Tax Tip 2021-76: Understanding the taxpayer’s right to be informed

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Issue Number: Tax Tip 2021-76


Understanding the taxpayer's right to be informed


Taxpayers have the right to know what they need to do to comply with the tax laws. Not just during filing season but, all year.

When something happens to a taxpayer's account, that taxpayer has the right to be informed about the activity. In fact, this right is one of ten outlined in the Taxpayer Bill of Rights.

The right to be informed is at the top of the list. This means taxpayers have the right to:

  • Know what they need to do to comply with the tax laws.  
  • Have clear explanations of the laws and IRS procedures in all forms, instructions, publications, notices and correspondence.
  • Be informed of IRS decisions about their tax accounts.  
  • Receive clear explanations of the outcomes of IRS decisions.

To make sure taxpayers are informed, the IRS will:

  • Include within certain notices any amount of the tax, interest and certain penalties the taxpayer owes.  
  • Explain why the taxpayer owes any taxes.  
  • Explain the specific reasons why it denied a refund claim.  
  • Post information on IRS.gov to help taxpayers understand their IRS notice or letter.  
  • Send a letter when the agency assesses a tax. That letter must include:
    • Information on how the taxpayer can appeal the decision.
    • An explanation of the entire process from audit through collection.
    • Details on how the Taxpayer Advocate Service can help. 
  • Send an annual statement to taxpayers who enter into a payment plan. The statement will include how much the taxpayer:
    • Owes at the beginning of the year.
    • Paid during the year.
    • Still owes at the end of the year.  
  • Make forms and publications available on IRS.gov.  
  • Use social media to provide helpful tax information to a wide audience of taxpayers.


Share this tip on social media -- #IRSTaxTip: Understanding the taxpayer's right to be informed. https://go.usa.gov/x6cxh

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