Tax Tips

  • IRS Reminds Taxpayers to Prepare for Natural Disasters

    It was a wise man indeed who first warned us to “hope for the best, but prepare for the worst.” The Internal Revenue Service is following in those footsteps by reminding taxpayers that spring begins a very active period for weather in the U.S. In light of that, May includes both National Hurricane Preparedness Week…

  • IRS Reminds Taxpayers About Offer in Compromise Program

    Sometimes, taxpayers find themselves with a tax bill they just can’t satisfy. The taxpayer is willing to pay, but the bottom line is more than they can afford. Circumstances like this are made for compromise; or more precisely, an offer in compromise. Meeting in the middle … “An offer in compromise is an agreement between…

  • The IRS Has Tips for Getting and Correcting Tax Documents

    It’s not uncommon for taxpayers to forget some of the tax documents required to accurately file their return, even in a normal year. When dealing with a chaotic mix of mail delays, new tax credits, underemployment, and unemployment, it’s almost guaranteed that there will be at least a few issues. That’s why the Internal Revenue…

  • Want Faster Filing and Rapid Refunds? Go Digital

    Filing season is finally here and for many tax professionals, the watchwords are speed and accuracy. The Internal Revenue Service says it can help with both. The IRS is urging tax pros—and taxpayers—to take the simple steps needed to help ensure their returns are accurate, to speed up refunds and so avoid a number of…

  • IRS Reminds Tax Pros about PTIN renewal and AFSP Opportunities

    The Internal Revenue Service Return Preparer’s Office is reminding tax professionals about the PTIN renewal deadline and Annual Filing Season Program perks. According to the Friday IRS newsletter, the RPO is set to send two separate messages: one to all current PTIN holders, and another to all non-credentialed PTIN holders. What does the RPO say about…

  • IRS Reminds Taxpayers About Extension Deadline

    The IRS suggests electronic filing and payment options. More than 150 million tax returns have been sent to the Internal Revenue Service, but many taxpayers still need to file for tax year 2019. That’s why the IRS recently reminded taxpayers that the extension deadline is less than a month away. (Those serving in combat zones…

  • IRS Has Tips for Tax Pros Preparing for Filing Season

    With a matter of weeks before tax season, the Internal Revenue Service is reminding tax professionals to get their offices in order during these slower days before filing starts. A little work done now can mean fewer headaches once the IRS starts taking in returns. Update Your E-Services Information E-Services encompasses a whole suite of…

  • Tax Tips for New Business Owners

    Owning your own business can be a very rewarding experience. The process of starting a business, however, can seem overwhelming to the uninitiated. There are so many choices to consider – from business plans to market strategies and tax responsibilities. The IRS has put together a quick list of items any new owner of a…

  • IRS Issues Tax Tip Explaining Educator Deduction

    Now that the tax year 2018 filing season is over, some teachers may know that the educator expenses deduction was moved to line 23 of the new Schedule 1. To help those unsure about which unreimbursed, job-related expenses qualify, the IRS this week released Tax Tip 2019-83. The press release outlines the basics of determining…

  • Reminder: New Tax Law Revised Family Tax Credits

    Tax reform legislation passed in late 2017 doubles the maximum Child Tax Credit, boosts income limits for claiming the credit, and revises the identification number requirement for 2018 and later years. The new law also creates a second, smaller credit of up to $500 per dependent for those taxpayers supporting older children and other relatives…