26QC Correction Procedure on Traces Portal 1. Important Information for “26C Correction” • Only Tenant(s) registered on TRACES can submit request for “26QC correction” under “Statements/Forms” Tab.• 26QC Correction applicable from Financial Year 2017-18 onwards.• Fields of 26QC in which Correction is allowed as follows :1. PAN Details (Tenant/Landlord)2. Date of Payment/Credit3. Date of Deduction4.… Read More »
Income Tax refund Sequence No Income Tax refund Sequence No is written on the intimation sent u/s 143(1) by income Tax department on your registered email ID with incometaxindiaefiling portal. How to Request for the Intimation Order u/s 143(1) After the Income Tax Return is processed by CPC, taxpayer receives an Intimation at their registered… Read More »
Best Tax Relief Services for IRS In this article we will discuss how to choose Best Tax Relief Service company to handle your case. What is tax relief? Tax relief is a reduction in taxes owed by an individual or entity, including write-offs, tax breaks and credits. Tax relief companies that specialize in tax debt… Read More »
Tax Relief in Disaster Situations by IRS Help for Victims of Hurricane Michael IRS is providing a variety of tax relief for those affected by Hurricane Michael. For the latest updates, check the Hurricane Michael page. Help for Victims of Hurricane Florence IRS is providing a variety of tax relief for those affected by Hurricane Florence. For the… Read More »
Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only employers pay FUTA tax. Do not collect or… Read More »
Business owners who file payroll and employment taxes using paper forms should consider filing these electronically. Here are some of the forms employers can e-file: Form 940, Employer’s Annual Federal Unemployment Tax ReturnEmployers use this form to report annual Federal Unemployment Tax Act tax. Form 941, Employer’s Quarterly Federal Tax ReturnEmployers use this form to… Read More »
WASHINGTON — During Small Business Week, the Internal Revenue Service is highlighting tax reform changes that impact depreciation and expensing for nearly every business. In some cases, these changes allow small business owners and the self-employed to write off the cost of machinery, equipment and other property more quickly. This year, National Small Business Week is May 5-11.… Read More »
Accessing and Responding to Communications Received as part of Enforcement Case Proceedings 1. What are Enforcement Case Proceedings? The entire gamut of actions undertaken by tax officials to curb tax evasion is generally referred as ‘Enforcement’. The process mainly involves steps such as gathering intelligence about evasion of tax, calling for documents, issue of summons,… Read More »
RR-2019-13: Guidance on the application of subchapters C and S of chapter 1 of subtitle A of the Internal Revenue Code Revenue Ruling 2019-13 provides guidance on the application of subchapters C and S of chapter 1 of subtitle A of the Internal Revenue Code (Code) to cash distributions made in redemption of the stock of C corporations formerly classified… Read More »
Taking Actions during Assessment Proceedings u/s 63 against Unregistered Persons FAQS 1. Who all fall under “Unregistered Persons” category? Following persons will fall under “Unregistered Persons” category: 1. Taxpayers who are not registered under the GST and have not applied for registration under GST Act, but are liable to get registered as per the provisions… Read More »