Tax Laws

  • IRS Highlights Info About the Credit for Other Dependents

    Today marks the official start of filing season, meaning millions of taxpayers across the country are starting to gather tax-related documents ahead of a visit with their tax preparer. For their part, the Internal Revenue Service is hard at work providing helpful tips about necessary forms and tax credits. One of the latest IRS reminders…

  • IRS Unveils New Self-Employed Sick Leave and Family Leave Form

    Taxpayers may be aware that the Families First Coronavirus Response Act (FFCRA) includes a refundable tax credit for eligible employers who provide COVID-related sick and family leave. What some might not know is that this credit is also available for self-employed individuals, and a new form from the Internal Revenue Service makes claiming it straightforward.…

  • IRS Warns About Preparers Who Don’t Sign Their Works

    The Internal Revenue Service is reminding taxpayers that the best tax professionals are those who always sign the returns they’ve prepared. These so-called “ghost preparers” refuse to sign the returns they prepare—whether physically or digitally—getting the taxpayer to sign the return while the preparer remains anonymous. The IRS notes that, regardless of who prepares the…

  • More IRS Forms Go Digital for Contact-Free Signature Options

    The Internal Revenue Service is bringing more tax forms into the 21st century while keeping tax professionals and taxpayers alike safer from possible coronavirus transmission. A new online option from the IRS helps tax pros remotely get signatures from individual and business clients on authorization forms and to submit those forms electronically. It’s available through…

  • Identity Thieves Targeting Unemployment Benefits, Warns IRS

    The nation has been weathering nearly one million weekly initial unemployment claims since the beginning of the pandemic. For many qualifying Americans, unemployment insurance benefits are the only thing preventing food insecurity and homelessness while trying to find a new job. Unfortunately, some still have not received their benefits. The Internal Revenue Service warns that…

  • COVID and Retirement Funds: Options and Strategies

    The COVID-19 pandemic has caused significant financial strain for millions of taxpayers. From job losses and business closures to medical bills and lost revenue, unexpected costs and hardships have threatened to sink American families’ finances. While unemployment benefits, paid sick leave, Payroll Protection Program loans, and stimulus money have helped some stay afloat, many have…

  • IRS Creates New Position: Chief Taxpayer Experience Officer

    For some time now, Internal Revenue Service Commissioner Chuck Retting has been declaring 2021 as the year his agency transforms the user experience of the American taxpayer. Now, the agency has taken concrete steps in that direction. The IRS has created a new position—the Chief Taxpayer Experience Officer—to “help unify and expand efforts across the…

  • Employers Can Get Tax Credits for Providing Required COVID-19 Paid Leave

    Small and midsize companies have been particularly hard hit over the past year by COVID-19. And while those employers been stretched to their limits by paying out large sums for sick leave and family leave due to the pandemic, some help is available. The Families First Coronavirus Response Act, or FFCRA, became law in March…

  • IRS Recommends Direct Deposit for Fast and Flexible Tax Refunds

    The Internal Revenue Service closed out the week by reminding taxpayers that receiving a tax refund by direct deposit is faster and more flexible than traditional paper checks, even for those who do not currently have a bank account. To help convince the remaining 20 percent of taxpayers to make the jump to direct deposit,…

  • Today is the Deadline for Making a TY 2020 Fourth Quarter Estimated Tax Payment

    The Internal Revenue Service is reminding taxpayers that today—January 15, 2021—is the deadline for making a tax year 2020 fourth quarter estimated tax payment. The goal of the press release is to prevent taxpayers who did not pay enough tax throughout 2020 from owing tax or a penalty during filing season. The IRS says there…