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IRS resources help taxpayers determine if an offer in compromise is the right way to resolve tax debt

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...

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  • November 24, 2021

Teachers can deduct out-of-pocket classroom expenses including COVID-19 protective items

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...

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  • November 22, 2021

IRS announces changes to retirement plans for 2022

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...

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  • November 18, 2021

Here’s how businesses can deduct startup costs from their federal taxes

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...

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  • November 12, 2021

Families can now report income changes using the Child Tax Credit Update Portal

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...

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  • November 11, 2021

Taxpayer Advocate Service: Helping taxpayers navigate their IRS issues or concerns

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...

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  • November 10, 2021

IRS help for employers wanting to rehire retirees or keep them after retirement age

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...

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  • November 4, 2021

Changes in 1099-K Threshold: What it Means for the Gig Economy

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...

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  • November 3, 2021

PA Senate passes bill allowing businesses a higher tax deduction on new equipment

By: Ioannis Pashakis October 28, 2021 10:49 am A bill that would allow Pennsylvania businesses to claim tax deductions of up to $1.05 million for the purchase of new equipment passed the state Senate in a 31 to 19 vote and is now headed to the...

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  • October 28, 2021

COVID relief: IRS helps employers wanting to rehire retirees or retain employees after retirement age

WASHINGTON — To help address COVID-related labor shortages, the Internal Revenue Service today reminded employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to...

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  • October 27, 2021

Tips to help taxpayers decide how and when to file an amended tax return

After filing their tax return, taxpayers may find they made an error or forgot to enter something on it. The IRS strongly recommends taxpayers use the Interactive Tax Assistant, Should I File an Amended Return? to help determine if...

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  • October 26, 2021

Service levels hit new lows at swamped IRS

The Internal Revenue Service is inundated with the volume of returns yet to be processed and phone calls for assistance, and is working hard to remedy the situation. While there are many factors contributing to this, it is overwhelming...

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  • October 11, 2021

Taxpayers who aren’t eligible for the child tax credit should look into the credit for other dependents

The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain...

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  • September 29, 2021

IRS sent thousands of premature tax collection notices during pandemic By Michael Cohn September 20, 2021

The Internal Revenue Service mailed out nearly 90,000 premature notices and demands for overdue taxes to taxpayers last year, even though the filing date had been extended. A report released Monday by the Treasury Inspector General for Tax Administration found the...

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  • September 22, 2021

Highlights from National Small Business Week 2021

The IRS continues to provide materials and information to help small business owners and self-employed individuals comply with filing and paying requirements. Here’s a recap of key topics covered in IRS messages during National Small Business Week. Small businesses...

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  • September 22, 2021

IRS reminds business owners to correctly identify workers as employees or independent contractors

WASHINGTON — During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered to be anyone who...

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  • September 21, 2021

IRS resources to help small business employers understand and meet their tax responsibilities

This is National Small Business Week. The IRS acknowledges that small business employers have unique tax responsibilities, and they make valuable contributions to the economy. The agency has a variety of information and resources to help employers understand and...

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  • September 20, 2021

Understanding the tax responsibilities that come with starting a business

Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people...

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  • September 16, 2021

Small business owners should see if they qualify for the home office deduction

Many Americans have been working from home due to the pandemic, but only certain people will qualify to claim the home office deduction. This deduction allows qualifying taxpayers to deduct certain home expenses on their tax return when they...

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  • September 15, 2021

IRS: Tax relief now available to Ida victims in Pennsylvania; Oct. 15 deadline, other dates extended to Jan. 3

WASHINGTON — Victims of Hurricane Ida in parts of Pennsylvania 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 has also provided...

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  • September 14, 2021