Tax Laws

  • Don’t Fall for Fake Charities

    With the passage of Thanksgiving, Americans are shifting into gifting mode. For many, that means giving a holiday monetary gift to a well-deserving charity of one sort or another. Unfortunately, scammers can use this noble intention to enrich themselves through fake charities. While the scammers’ main prize is money, they also can use the fake…

  • IRS Notices CP08 and CP09

    Now that the IRS is putting the wraps on the last installment of the Advance Child Tax Credit payments for 2021, some taxpayers who didn’t apply for other credits might get a reminder to do a little extra checking. For some taxpayers, these notices may be the gateway to an additional refund from the IRS.…

  • IRS Announces Increased Transcript Limit for Tax Pros

    The Internal Revenue Service says tax professionals spoke—and the agency listened. After getting comments from tax pros, the IRS has now increased the number of transcripts a professional preparer can get on any one client. The previous limit was 10 transcripts for a single client, but now, the IRS says, practitioners can get up to…

  • Some Non-Itemizers Can Deduct Charitable Donations

    A new provision in the tax code lets more taxpayers deduct up to $600 in donations to qualified charities—even if they don’t itemize.  Itemizing is ordinarily the key that unlocks the charitable donation deduction; taxpayers choosing the standard deduction usually just don’t have that option. A new, albeit temporary, change in the tax law now…

  • IRS Issues PTIN Renewal Reminder

    It’s that time again: time for federal tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) for the coming year. It’s no time to procrastinate, since 2021 PTINs will expire on Dec. 31. A valid PTIN is required for anyone who prepares—or assists in preparing—a federal tax return for a fee. This requirement…

  • What Info is Needed for the Research Credit?

    Businesses and individuals looking to recoup part of their capital spent on research and experimentation of products and processes now have a clearer roadmap on how to do that. The Internal Revenue Service has unveiled the Chief Counsel memorandum, laying out just what information the IRS requires to validate a research credit claim. The memorandum…

  • Tax Forum Seminars Available Online

    Tax professionals looking for a source of continuing education that satisfies the IRS requirements don’t have far to look. The Internal Revenue Service has posted 18 new seminars online, recorded during the 2021 Nationwide Tax Forum, on their site, IRS Nationwide Tax Forums Online. The new self-study offerings use interactive video, PowerPoint slides and audio…

  • IRS Spotlights Credit for Other Dependents

    Much has been made recently of the Child Tax Credit. And what’s not to like? This refundable credit could be worth thousands of dollars in refund and recent legislation allows advance payments to qualified taxpayers. But what if a taxpayer’s dependents just don’t qualify for the Child Tax Credit? The Internal Revenue Service there’s a…

  • IRS Announces Contracts with Debt Collectors

    Taxpayers now know the private firms that could come calling to collect tax debt after September 23, 2021. This latest announcement from the Internal Revenue Service marks the fifth year the agency has used private debt collectors for overdue taxes. Which private collection agencies received a contract from the IRS? The IRS says that three…

  • Work Opportunity Credit Helps to Counter Hiring Crunch

    The American job market is a changing landscape these days. A year ago, the big push was to retain workers in the midst of the COVID-19 pandemic. Now the need is to find new workers to staff a growing economy. To help do just that, the Internal Revenue Service points to the work opportunity tax…