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Red flags for Employee Retention Credit claims; IRS reminds businesses to watch out for warning signs of aggressive promotion that can mislead people into making improper ERC claims

WASHINGTON – The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble. The...

  • September 19, 2023

IRS reminds gig workers, self-employed and others of Sept. 15 third quarter estimated tax payment deadline

WASHINGTON – The Internal Revenue Service is reminding taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is Sept. 15, 2023. Taxpayers not subject to withholding may need to make quarterly estimated tax payments....

  • September 14, 2023

Here’s What To Do if You Owe Taxes, but Can’t Pay

Here is a video tax tip from the IRS: Here’s What To Do if You Owe Taxes, but Can’t Pay English | Spanish | ASL | Chinese | Korean | Vietnamese | Haitian Creole Subscribe today: The IRS YouTube...

  • September 8, 2023

Get an Identity Protection PIN

Here is a video tax tip from the IRS: Get an Identity Protection PIN English | Spanish | ASL Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics. www.youtube.com/@irsvideos www.youtube.com/@irsmultilingual www.youtube.com/@irsvideosASL  

  • August 1, 2023

Why Investors Should Consider Using a 721 Exchange to Defer Capital Gains Taxes

This less-used tool in real estate investing might serve you better than the more popular 1031 exchange. By Edward E. Fernandez, Kiplinger Consumer News Service (TNS) For investors looking for a way to defer capital gains taxes when selling...

  • July 26, 2023

Like-Kind Exchanges Under IRC Section 1031

FS-2008-18, February 2008 WASHINGTON— Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. IRC Section 1031 provides an exception and allows you...

  • July 26, 2023

Tax planning doesn’t stop after a taxpayer files a tax return

Just because a taxpayer filed a tax return doesn’t mean they should forget taxes until next year. What a taxpayer does now may affect the tax they owe or the refund they may receive next year. Here are some...

  • June 28, 2023

What to Know About the Tax Deductibility of Funeral Expenses

Most people cannot deduct burial costs, but there are things you can do to manage them. By Anthony Martin, Kiplinger Consumer News Service (TNS) The passing of a loved one is always a difficult burden to bear—physically, emotionally, mentally...

  • June 22, 2023

Business travelers should check out these deductions before hitting the road

Many people travel for their job – some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and when to deduct business travel expenses. What to know about tax...

  • June 16, 2023

Special options available to help taxpayers who missed the April deadline; people encouraged to file, pay by June 14 to avoid larger penalties and interest

WASHINGTON — The Internal Revenue Service today encouraged taxpayers who owe unpaid taxes and missed the April 18 tax deadline to file their 2022 federal income tax return and pay any tax due by Wednesday, June 14, to avoid...

  • June 13, 2023

The IRS alerts taxpayers of suspected identity theft by letter

Scammers sometimes use stolen Social Security numbers to file fraudulent tax returns and collect refunds. To prevent this, the IRS scans every tax return for signs of fraud. If the system finds a suspicious tax return, the IRS reviews...

  • May 31, 2023

Installing solar panels or making other home improvements may qualify taxpayers for home energy credits

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits. They should know what these credits can do for them – and be...

  • May 17, 2023

Unscrupulous tax preparers may tempt taxpayers into fraud

Unscrupulous tax preparers and tax fraud promoters make big promises – and charge high fees – but taxpayers are legally responsible for what’s on their return. Taxpayers should use only reputable tax professionals and know what is on their...

  • May 10, 2023

Taxpayers should know that an extension to file is not an extension to pay taxes

Taxpayers who aren’t able to file by the April 18, 2023, deadline can request an extension before that deadline, but they should know that an extension to file is not an extension to pay taxes. If they owe taxes,...

  • March 9, 2023

Filing season information and resources for military members and veterans

The IRS offers a variety of tax resources and information designed to help members of the military community navigate their unique and sometimes complex tax situations. Reviewing these resources before filing can make completing an accurate tax return easier....

  • March 7, 2023

This IRS online tool simplifies estimating 2023 tax withholding

A few minutes spent reviewing income tax withholding early in the year helps set a taxpayer up for success all year long. The Tax Withholding Estimator on IRS.gov makes it easy to figure out how much to withhold. This...

  • February 23, 2023

Understanding the Credit for Other Dependents

Taxpayers with dependents who don’t qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents. They can claim this credit in addition to the Child and Dependent Care Credit and the Earned Income...

  • February 22, 2023

Understanding business travel deductions

Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions. Here are some tax...

  • February 9, 2023

The benefits of having a tax refund direct deposited

Receiving a tax refund is happy news to any taxpayer; getting it quickly is even better. Direct deposit is the safest and most convenient way to receive a tax refund. The IRS encourages taxpayers to file when they are...

  • February 6, 2023

Key points to keep in mind when filing 2022 tax returns

WASHINGTON — To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service today offered a checklist of reminders for people as they prepare to file their 2022 tax returns. From gathering paperwork to filing...

  • February 1, 2023