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WASHINGTON — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of...
IR-2021-251, Dec. 17, 2021 WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1,...
The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Taxpayers can visit IRS.gov/getready...
With the tax filing season almost here, taxpayers should check out two IRS publications available on IRS.gov. These publications can help people get prepared and stay organized with tips for year-round tax planning. Publication 5348, Get ready to file...
As taxpayers get ready to file their 2022 tax return, they may be considering hiring a tax return preparer. The IRS reminds taxpayers to choose a tax return preparer wisely. This is important because taxpayers are responsible for all...
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people with disabilities...
Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim...
There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure their tax filing experience goes smoothly in 2022. They can start by visiting the Get Ready page...
The IRS reminds taxpayers there are things they should do before the current tax year ends on Dec.31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding...
This holiday season the IRS reminds taxpayers, the agency won’t ask for or accept gift cards as payment for a tax bill. However, that doesn’t stop scammers from targeting taxpayers by asking them to pay a fake tax bill...
Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence...
One of the IRS’s top priorities is protecting the privacy of America’s taxpayers. The agency takes this so seriously that the right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers. Taxpayers have...
Individual taxpayers and business owners can use the IRS’s Offer in Compromise Booklet or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer’s...
Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can...
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan...
When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation...
The IRS recently launched a new feature in its Child Tax Credit Update Portal, allowing families receiving monthly advance child tax credit payments to update their income. Families should enter changes by November 29, so the changes are reflected...
The Taxpayer Advocate Service is an independent organization within the IRS that helps taxpayers and protects taxpayers’ rights. They can offer help when tax problems cause a financial difficulty. When the taxpayer has tried and been unable to resolve...
The IRS reminds employers they generally won’t jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement...
The American Rescue Plan Act of 2021 is intended to combat the economic and health impacts of the COVID-19 pandemic but within this $1.9 trillion stimulus package is a provision that will spell significant change for third-party settlement organizations...
