Tax News

  • IRS Announces Suspension of Some Letters

    The Internal Revenue Service has come to the conclusion that the agency has more on its to-do list than it can get done at one time. Something, they found, had to be “put on the back burner.” In order to service taxpayers filing now for the 2021 tax year, the IRS decided to suspend over…

  • IRS Reminds Taxpayers that Tips are Taxable Income

    Workers have returned to the service industry lately—in droves. With the threat of coronavirus subsiding in many locations, restaurants and other establishments have sprung back to life. With the surge in employment, we thought it appropriate to remind workers throughout the service industry there’s one phrase they should never forget: Tips are taxable income. Anyone…

  • IRS Encourages Non-Filers to File for ARP Benefits

    The Internal Revenue Service wants to see a 2021 income tax return from all Americans—including those who haven’t filed in years. The reason is recent legislation—including the American Rescue Plan and other new laws—has put some significant tax benefits in play for those who qualify. Taxpayers and families can get these expanded tax benefits even…

  • Recovery Rebate Credit FAQs Updated

    The Internal Revenue Service is pushing out a new version of its frequently asked questions (FAQs) for the 2020 Recovery Rebate Credit. The updated information is featured in Fact Sheet 2022-08, which carries the latest information pertaining to tracing payments. While most of the information on the Fact Sheet was updated in December 2021, Question…

  • Tax Filing Tips from the IRS

    The wait is over; the filing season for 2021 income tax returns has been opened by the IRS. But before taxpayers start sharpening pencils, cranking up the calculator and putting on a pot of coffee, they need to know they’ve got everything together to get the job done right. The IRS has put together its…

  • IRS Explains Credit for Other Dependents

    Much attention has been given lately to the Child Tax Credit and its advance payments. But taxpayers might be able to claim another credit if their dependents don’t qualify for the CTC. Unlike the Child Tax Credit, the credit for other dependents is non-refundable, meaning it can reduce or even eliminate a taxpayer’s tax bill,…

  • IRS Opens Tax Season with Tips for Faster Refunds

    It’s official: the gates are open; the race is on. Tax season for 2022 is officially underway. The IRS kicked off this year’s filing season urging taxpayers to help them get refunds out faster this year by not filing paper tax returns and instead filing electronically. Last year, tax season didn’t get started until February…

  • IRS Highlights Common Filing Mistakes

    Millions of Americans are preparing to get their income tax returns in order for the 2021 tax year. While many are mostly concerned about getting their returns in on time, they should also be thinking about filing a correct return. Most often, it’s the simple tax return errors that trip up taxpayers and delay refund…

  • IRS Reminds Employers About Wage Statement Deadline

    The Internal Revenue Service wants employers to know the clock is ticking, and to get their Forms W-2 and other wage statements to the government very soon. The deadline is January 31. As of 2015, employers are required by law to get their Forms W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage…

  • Reasons Some Non-Filers Should File This Year

    With tax time’s arrival, those Americans who don’t normally have to file an income tax return usually think their circumstances mean they have no benefit to filing a return. This year, however, could be very different. Credits can make it happen. The individual’s first priority should be finding out whether they have to file. The…