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IRS Tax News: Income Tax, Carbon Capture & more

Tuesday, April 6, 2021 Presented below is our summary of significant Internal Revenue Serve (IRS) guidance and relevant tax matters for the week of March 29, 2021 – April 2, 2021.  March 29, 2021: The IRS issued Notice 2021-21 and an accompanying news release, extending certain individual income tax deadlines to May 17, 2021, including the deadline for making contributions to individual retirement accounts (IRAs) and health savings accounts (HSAs) and the deadline for claiming refunds. March 30, 2021: The IRS issued corrections to final regulations published on January 15, 2021, regarding credits for carbon capture equipment under section 45Q of the Code. March 30, 2021: The IRS released Announcement 2021-6, providing a report on advance pricing agreements for calendar year 2020 under the Advance Pricing and Mutual Agreement Program.

Stimulus update: Several million more Social Security recipients to receive $1,400 stimulus payments this week

Stimulus update: Several million more Social Security recipients to receive $1,400 stimulus payments this week Updated 8:22 AM; The U.S. Department of the Treasury has already distributed more than 130 million payments worth approximately $335 billion to millions of Americans and more funds are on the way. The Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced that several million more payments in the third batch of Economic Impact Payments from the American Rescue Plan are being disbursed. A large set of payments began this month going to social security and other federal beneficiaries who didn’t file a 2020 or 2019 tax return and didn’t use the non-filers tool last year.

Stimulus check update: Social Security recipients to start receiving $1,400 payments

Stimulus check update: Social Security recipients to start receiving $1,400 payments Updated 1:19 PM; Today 1:18 PM FILE - This May 8, 2008, file photo shows blank checks on an idle press at the Philadelphia Regional Financial Center, which disburses payments on behalf of federal agencies in Philadelphia. Facebook Share Social Security and Supplementary Security Disability Income beneficiaries who haven’t received their $1,400 stimulus checks will likely get their payments this week, according to the Internal Revenue Service. Starting last Friday, the IRS began sending out payments to federal beneficiaries who didn’t file a 2020 or 2019 tax return and didn’t use the agency’s Non-Filers tool last year. The payments will go to Social Security retirement, survivor or disability, Supplementary Security Income and Railroad Retirement Board beneficiaries.

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