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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

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

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

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: 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

Here’s how taxpayers can rebuild records after a natural disaster

After a natural disaster, taxpayers need records to help them prove and recover disaster-related losses. This may be for tax purposes, getting support from federal assistance program or for insurance claims. While personal or business property may have been...

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  • September 10, 2021

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

WASHINGTON — 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...

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  • September 8, 2021

Retirement and taxes: Understanding IRAs

Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement. These accounts can be set up with a bank or other financial institution, a life insurance company, mutual...

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  • August 20, 2021

Common questions about the advance child tax credit payments

The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly...

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  • August 18, 2021

What taxpayers need to know about making 2021 estimated tax payments

Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next...

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  • August 12, 2021

Tax security tip: Get an IP PIN to help stop identity thieves

The IRS and its Security Summit partners recently kicked off their annual summer campaign. This year’s theme, Boost Security Immunity: Fight Against Identity Theft, urges tax pros to step up their efforts to protect client data. An IP PIN is...

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  • August 11, 2021

IRS cautions taxpayers about fake charities and scammers targeting immigrants

The IRS continues to observe criminals using a variety of scams that target honest taxpayers. In some cases, these scams will trick taxpayers into doing something illegal or that ultimately causes them financial harm. These scammers may cause otherwise...

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  • July 28, 2021

Things people do during the summer that might affect their tax return next year

It’s summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during...

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  • July 26, 2021

What taxpayers need know about using the IRS Tax Withholding Estimator

All taxpayers should use the IRS Tax Withholding Estimator to check their withholding. This tool helps people make sure their employers are taking out the right amount of tax from the employee’s paychecks. It can be used by workers,...

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  • July 19, 2021

What organizations should understand about applying for tax-exempt status

Organizations that want to apply for recognition of tax-exempt status under Section 501(c)(3) of the tax code use a Form 1023-series application. Here are some tips to help them understand the process. The application process on IRS.gov includes a...

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  • July 8, 2021

IRS online tool helps families see if they qualify for the Child Tax Credit; one of three tools now available for the upcoming advance payments

WASHINGTON — The Treasury Department and the Internal Revenue Service today urged families to take advantage of a special online tool that can help them determine whether they qualify for the Child Tax Credit and the special monthly advance...

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  • July 1, 2021

People who don’t have to file taxes may need to register for monthly advance child tax credit payments

The IRS Non-filer Sign-up Tool offers a free and easy way for eligible people who don’t normally have to file taxes to provide the IRS the basic information needed – name, address, and Social Security numbers – to figure...

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  • June 28, 2021

Checking withholding can help taxpayers decide if they need to give their employer a new W-4

All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if they should...

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  • May 27, 2021