News For Your Week Ahead: September 2, 2021

On this week’s MSATP TV, James George, CPA gave us a full rundown on the 2021 Business Builders Connection Conference event in Bethany Beach Delaware! Click the button below to learn more about the event.

Watch on YouTube.

Coming Up: On Thursday, September 9, at 10 a.m., Donald Hoffman, CPA joins us to tell us about his Construction Accounting seminar/webinar taking place on November 3rd! Tune in to learn more about this exciting class.

Be sure to Like/Follow us on Facebook so you can catch MSATP TV live every week.

Tax Relief Now Available to Victims of Hurricane Ida; Oct. 15 Deadline, Other Dates Extended to Jan. 3 | IR-2021-175

Victims of Hurricane Ida that began on Aug. 26 now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently this includes the entire state of Louisiana, but taxpayers in Ida-impacted localities designated by FEMA in neighboring states will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

For more information, click here.

Guidelines for The Virginia Disposable Plastic Bag Tax

Legislation enacted during the Regular Session of the 2020 General Assembly (House Bill 534 (2020 Acts of Assembly, Chapter 1022) and Senate Bill 11 (2020 Acts of Assembly, Chapter 1023) authorizes any county or city to adopt by ordinance the Virginia Disposable Plastic Bag Tax on disposable plastic bags provided to customers in grocery stores, convenience stores, and drugstores in the locality. The tax will be administered by Virginia Tax. A locality must provide a certified copy of the ordinance to the Tax Commissioner at least 3 months prior to the date the tax is to become effective.

For more information, click here.

All Taxpayers Have the Right to Challenge the IRS’s Position and Be Heard | Tax Tip 2021-129

Taxpayers have the right to challenge the IRS’s position and be heard. This is part of the Taxpayer Bill of Rights, which clearly outlines the fundamental rights every taxpayer has when working with the IRS.

Taxpayers have the right to:

• Raise objections.
• Provide additional documentation in response to formal or proposed IRS actions.
• Expect the IRS to consider their timely objections.
• Have the IRS consider any supporting documentation promptly and fairly.
• Receive a response if the IRS does not agree with their position.

For more information, click here.