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When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills. Most of these businesses provide quality...
The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran’s benefits, but didn’t receive $500 per child earlier this year when they received their own Economic Impact Payment. Federal...
In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18....
Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between a hobby and a...
WASHINGTON – The Internal Revenue Service will soon send catch-up Economic Impact Payment checks to about 50,000 individuals whose portion of the EIP was diverted to pay their spouse’s past-due child support. These catch-up payments are due to be...
All taxpayers should review their withholding annually. They can use the IRS Tax Withholding Estimator to check and make sure they’re not having too little or too much federal tax withheld. This tool offers workers, retirees and self-employed individuals...
WASHINGTON —The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or...
October 15 is almost here. That’s the last day to file for most people who requested an extension for their 2019 tax return. These taxpayers can file any time before Thursday, Oct. 15 if they have all their required...
Information a taxpayer gives the IRS won’t be shared with outside parties, unless allowed by the taxpayer or by law. This is the right to confidentiality; one of ten rights known collectively as the Taxpayer Bill of Rights. The...
Whether it’s online, in-person, part-time or full-time, higher education can be expensive. The good news is there are tax credits that can help offset these costs. These credits reduce the amount of tax someone owes. If the credit reduces...
WASHINGTON – The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. As part of that effort, the Internal Revenue...
A taxpayer may owe money when they complete and file their tax return. They have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments...
WASHINGTON — The Internal Revenue Service today reminded owners of most heavy highway vehicles of their responsibility to timely file Form 2290, Heavy Highway Vehicle Use Tax Return. The highway use tax applies to highway motor vehicles with a...
The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities. Here are facts on who must...
While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues. Here are some tips for taxpayers handling some of the most common after-tax-day issues. Check the...
School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Who is considered an eligible educator: The taxpayer must be a kindergarten through...
Now is a good time for people to begin thinking about next year’s tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again....
Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place. To help protect their financial safety in a disaster...
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when...
This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal...
