Tax News

  • Update Bank Info for Advance Child Tax Credit Payments on IRS.gov

    Monthly Advance Child Tax Credit payments are set to begin in two weeks. While it’s too late to change the bank account that will receive the July 15 payment, qualifying taxpayers can now use a tool on IRS.gov to update their information before the August payment is issued. The Internal Revenue Service announced a new feature for…

  • New Online Tools Help Families Manage Monthly CTC Payments

    The Internal Revenue Service has unveiled a pair of new tools to help families manage and monitor advance monthly payments of the Child Tax Credit, made possible by the American Rescue Plan. The new tools join the Non-Filer Sign-up Tool that helps families who aren’t normally required to file an income tax return to file…

  • Refunds Could Be Issued for Overpayment of Tax on Unemployment

    It’s said that the early bird gets the worm. Some early-bird taxpayers could see a real benefit from their promptness to file their taxes, and it’s worth more than mere worms. The legislative package known as the American Rescue Plan of 2021 was passed into law in March of this year. Normally, unemployment benefits are…

  • Q2 Estimated Taxes Due June 15

    It may seem that we just got through with the 2021 income tax season, but there’s already another tax deadline waiting in the wings. The Internal Revenue Service is reminding taxpayers who pay estimated taxes about their second-quarter installment deadline: June 15. People generally pay estimated taxes when they have income that isn’t normally subject…

  • IRS Refunding Tax Paid on Unemployment Compensation

    Millions of Americans paid taxes on their unemployment compensation before learning that an exclusion was introduced by legislation a month into filing season. So, the Internal Revenue Service is now sending some of those taxpayers a refund to satisfy the new law. Some 13 million taxpayers could be eligible for the adjustment. The IRS says…

  • Expats, Others Abroad Face June 15 Filing Deadline

    Uncle Sam is reminding its citizens who live and work outside its borders that their tax deadline is rapidly approaching. While the bulk of taxpayers had to get their tax returns filed by May 17 this year, U.S. citizens and resident aliens who live abroad—as well as those with dual citizenship—have to file by June…

  • IRS Says It’s a Good Time to Fine-Tune Withholding

    Now that the income tax filing deadline has passed, it’s a good time to take a hard look at whether we have the right amount of taxes withheld from our paychecks. After all, getting hit with a big tax bill after filing can often mean that the employee isn’t withholding enough of their paycheck to…

  • IRS Encourages Taxpayers Who Missed the Deadline to File

    The deadline for filing income taxes came and went on May 17, but that’s no reason to think the filing door is completely shut. Taxpayers who owe tax due but didn’t request an extension should file now to keep their penalties and interest to a minimum. Even if taxpayers don’t owe tax due, it’s still…

  • IRS to Taxpayers: Don’t Forget to Report Tip Income

    With restaurants beginning to open more fully due to a break in the coronavirus pandemic, employees in the food and beverage industry are soon likely to have a lot more to report on their taxes: Tips. That’s why the Internal Revenue Service is reminding taxpayers that that tips should be included in gross income when…

  • Cryptocurrency and the Form 1040

    Public fascination with cryptocurrency tends to follow dramatic gains and losses in the market. While the latter results in pundits sounding the death knell for Bitcoin and its ilk, the most reliable predictor for the lifespan and legitimacy of crypto lies in the Internal Revenue Service—and some newly minted crypto-holding clients may have questions about…