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While many people are required to file a tax return, it’s a good idea for everyone to determine if they should file. Some people with low income are not required to file, but will need to do so if...
Focuses on needs of taxpayers, tax professionals and businesses IR-2020-27 WASHINGTON – The Internal Revenue Service today launched Identity Theft Central, designed to improve online access to information on identity theft and data security protection for taxpayers, tax professionals...
When taxpayers complete their tax returns, some of them will owe money when they file. Here’s the thing…they have the right to pay only the amount of tax that is legally due. This is one of ten Taxpayer Bill...
The earned income tax credit benefits working individuals and families with low to moderate incomes. EITC can lower a taxpayer’s taxes, and even result in a refund. To take advantage of this credit, taxpayers must file a tax return and...
WASHINGTON ― The Internal Revenue Service wants seniors to know about the availability of a new tax form, Form 1040-SR, featuring larger print and a standard deduction chart with a goal of making it easier for older Americans to...
The IRS wants taxpayers to know their rights in case they need to work with the agency on a tax matter. The Taxpayer Bill of Rights, lists and defines 10 fundamental rights of every taxpayer. Included on that list...
WASHINGTON – As part of an ongoing effort to improve service for the tax-exempt community, the Internal Revenue Service has revised Form 1023 to allow electronic filing for the first time starting later this month. To help charities apply...
The earned income tax credit benefits millions of taxpayers who qualify by putting more money in their pockets. This money can help with things like food, gas, clothing and even saving for a rainy day. Here’s some information for...
IRS Accepts Return By: Direct Deposit Sent (Or Paper Check Mailed one week later): Jan. 27, 2020Feb. 7, 2020 (Feb. 14, 2020) Feb. 3 Feb. 14 (Feb 21) Feb. 10 Feb. 21 (Feb 28) Feb. 18 (President’s Day is a holiday)Feb....
WASHINGTON – The Internal Revenue Service has provided relief to financial institutions that were expected to provide required minimum distribution (RMD) statements to IRA owners by Jan 31, 2020. Notice 2020-6 clarifies that if an RMD statement is provided...
WASHINGTON – The Internal Revenue Service wants tax-exempt organizations to know about recent tax law changes that might affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on Dec. 20, 2019, includes several provisions that may apply...
Under pre-amended law, by January 31st, the financial institutions would have had to notify IRA owners who turned 70½ in 2020 about the required minimum distribution (RMD) which would have needed to be made for 2020. The SECURE Act...
When something happens to a taxpayer’s account, that person has the right to be informed about the activity. In fact, this right is one of ten in the Taxpayer Bill of Rights. The Taxpayer Bill of Rights takes the...
WASHINGTON — The IRS announced today that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended...
By Michael Cohn January 08, 2020, 11:49 a.m. EST The Internal Revenue Service’s new anti-fraud filters are unnecessarily flagging millions of tax returns and delaying legitimate tax refunds for weeks or months, according to a new report from the acting...
WASHINGTON – With the start of the 2020 tax filing season near, the Internal Revenue Service is reminding taxpayers to avoid unethical “ghost” tax return preparers. According to the IRS, a ghost preparer does not sign a tax return...
Taxpayers within the scope of this revenue procedure will not recognize gross income as a result of the discharge, and the taxpayer should not report the amount of the discharged loan in gross income on his or her federal...
WASHINGTON — The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit...
In our very long and complex tax code, tax deductions come in all shapes and sizes, and have a lot of sticky rules attached to them. For example, business expenses must be ordinary (common and accepted in an industry)...
Outsourcing is a growing trend with seemingly countless benefits. Typically, responsibilities such as accounting and financial decision-making, marketing, and programming will be among the first that businesses make the decision to outsource. By delegating these tasks to experts, your...
