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Some taxpayers think simply creating a nonprofit automatically means an organization is tax exempt. There’s more to it than that. To become a tax-exempt nonprofit, there are few things the group must do up front. An organization must determine...
WASHINGTON – The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return. This is the first in a series of reminders to help taxpayers...
WASHINGTON — The Treasury Department and the Internal Revenue Service today released final regulations and additional proposed regulations under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to...
Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS. What is excise tax? Excise taxes are charged on a wide variety of goods, services...
Inside This Issue Here is a video tax tip from the IRS: Child Tax Credit and Credit for Other Dependents English | Spanish Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in...
One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and employment tax rules apply. Here are some facts to know when working with...
Taxpayers may discover an error after filing their tax return. They shouldn’t panic, they just need to correct it by filing an amended tax return. Here are some common reasons to file an amended return: Using the wrong filing...
Taxpayers should be on the lookout for new variations of tax-related scams. In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s SSN. It’s yet another...
WASHINGTON — With the Oct. 31 quarterly payroll tax return due date just around the corner, the Internal Revenue Service today urged business owners to take advantage of the speed and IRS Forms 940, 941, 943, 944 or 945...
WASHINGTON – The Internal Revenue Service today urged families and teens to stay vigilant in protecting personal information while connected to the internet. Although the IRS is making huge strides in fighting identity theft and thwarting fraudulent tax returns,...
When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer...
WASHINGTON — The IRS is joining an international coalition in launching the second annual International Charity Fraud Awareness Week (ICFAW). Today through Oct. 25, the coalition will raise awareness and share practices to help charities and other not-for-profit organizations...
Here is a video tax tip from the IRS: Paid Family and Medical Leave Employer Credit English | Spanish | ASL Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish...
There are two education credits that can help taxpayers with higher education costs: the American opportunity tax credit and the lifetime learning credit. There are several differences and some similarities between them. Taxpayers can claim both benefits on the...
WASHINGTON — Internal Revenue Service officials today announced that a new payment option has been added to the private debt collection program to make it easier for those who owe to pay their tax debts. Taxpayers now can choose...
Taxpayers who donate to a charity may be able to claim a deduction on their tax return. These deductions basically reduce the amount of their taxable income. Taxpayers can only deduct charitable contributions if they itemize deductions. Here are...
IRS YouTube Videos: Individual Taxpayer Identification Number (ITIN) – English | Spanish WASHINGTON —Taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal application...
Taxpayers who filed an extension can find resources on IRS.gov that can help them file their tax return. One of these resources is Publication 5307, Tax Reform Basics for Individuals and Families. This publication is now available in several...
Taxpayers with dependents may qualify to claim a few different tax credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the dependent doesn’t meet those...
WASHINGTON – Victims of Tropical Storm Imelda in parts of Texas, including the Houston area, have until Jan. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The...
