Tax News

  • 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…

  • Taxpayer Advocate Highlights 2021 Delays for Processing and Refunds

    “The most challenging year taxpayers and tax professionals have ever experienced.” With that short sentence, National Taxpayer Advocate Erin Collins sums up her assessment of the calendar year 2021 and its effect on the Internal Revenue Service. The assessment comes in the Taxpayers Advocate’s Annual Report to Congress, which details the struggles of last year…

  • IRS Issues Reminder for Estimated Tax Payment Deadline

    Their lifeline comes in the form of a quarterly estimated tax payment, as long as it’s made for the fourth quarter of 2021 and gets to the IRS by Tuesday, January 18. The IRS sees income taxes as a pay-as-you-go proposition, meaning Americans need to pay most of their tax as their income comes in.…

  • Form 1024 Revised for Electronic Filing

    No doubt about it: The future for the IRS is electronic. The agency is putting more and more formerly paper-only functions on its electronic platform, speeding up transmission and improving service as a result. Form 1024, Application for Recognition of Exemption under Section 501(a) or Section 521 of the Internal Revenue Code, is the latest…

  • IRS Relief Now Covers Kentucky, Parts of Illinois and Tennessee

    As recovery efforts spread across parts of the south in the wake of the December 10 tornadoes, the Internal Revenue Service is expanding its effort to give affected taxpayers in the region a helping hand. The IRS has expanded its previously issued relief package to now encompass affected taxpayers not only in Kentucky, but also…