Tax News

  • Premium Tax Credit FAQs Updated

    The Internal Revenue Service has published a new set of frequently asked questions on the Premium Tax Credit, giving taxpayers the latest and best information on how—and why—to claim the credit. Start with the basics The Premium Tax Credit is aimed at low- or moderate-income taxpayers and families who may not be able to afford…

  • IRS Announces Increase in Interest Rates

    Judging from the likes of food, gasoline and other staples, it should come as no surprise that the Internal Revenue Service is revising its interest rates, starting in the second quarter of this year. The Internal Revenue Code dictates that interest rates are to be determined quarterly, and beginning next quarter, those rates are going…

  • IRS Offers Guidance for Parents Who Share Custody

    A lot has been said and written recently about the various credits put forth to counter the economic effects of the pandemic and how they affect parents’ tax liabilities. But what about those taxpayers whose tax picture is, one could say, a bit more fluid? The Internal Revenue Service acknowledges some parents have legal agreements…

  • Farmers, Fishers Face March 1 Tax Deadline

    The Internal Revenue Service doesn’t want the March 1 tax deadline for farmers and fishermen to be “the one that got away.” Those taxpayers have to pay their entire tax bill from their respective businesses by that time if they didn’t make estimated tax payments. The March 1 deadline payment date is a special rule,…

  • IRS Warns Tax Pros About Spear-Phishing Scams

    Phishing emails are a common threat found in your inbox. While these scams range from too-good-to-be-true business opportunities to aggressive threats from “government agencies,” one specific type—spear-phishing scams—can be more challenging to identify at a glance because they are custom-built for each target.   The Internal Revenue Service shared a Security Summit warning about a…

  • IRS Updates Form 14457 With Eyes to Crypto

    The Internal Revenue Service has upped its game in the virtual currency world with a revision of an important reporting form. Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, lets taxpayers—who could face criminal charges for willful violation of the tax laws—pass information to the IRS voluntarily that they didn’t disclose before. The upgraded…

  • 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…