Tax News

  • What Info is Needed for the Research Credit?

    Businesses and individuals looking to recoup part of their capital spent on research and experimentation of products and processes now have a clearer roadmap on how to do that. The Internal Revenue Service has unveiled the Chief Counsel memorandum, laying out just what information the IRS requires to validate a research credit claim. The memorandum…

  • Tax Forum Seminars Available Online

    Tax professionals looking for a source of continuing education that satisfies the IRS requirements don’t have far to look. The Internal Revenue Service has posted 18 new seminars online, recorded during the 2021 Nationwide Tax Forum, on their site, IRS Nationwide Tax Forums Online. The new self-study offerings use interactive video, PowerPoint slides and audio…

  • IRS Spotlights Credit for Other Dependents

    Much has been made recently of the Child Tax Credit. And what’s not to like? This refundable credit could be worth thousands of dollars in refund and recent legislation allows advance payments to qualified taxpayers. But what if a taxpayer’s dependents just don’t qualify for the Child Tax Credit? The Internal Revenue Service there’s a…

  • IRS Announces Contracts with Debt Collectors

    Taxpayers now know the private firms that could come calling to collect tax debt after September 23, 2021. This latest announcement from the Internal Revenue Service marks the fifth year the agency has used private debt collectors for overdue taxes. Which private collection agencies received a contract from the IRS? The IRS says that three…

  • Work Opportunity Credit Helps to Counter Hiring Crunch

    The American job market is a changing landscape these days. A year ago, the big push was to retain workers in the midst of the COVID-19 pandemic. Now the need is to find new workers to staff a growing economy. To help do just that, the Internal Revenue Service points to the work opportunity tax…

  • IRS Issues Extension Deadline Reminder

    This time of year, filing our income taxes may not top the other concerns of the day. Fall weather, school days and football all tend to take center stage. That said, we could all probably use a reminder that if a taxpayer filed an extension back in May, their income tax return is due in…

  • Employee or Independent Contractor?

    Choose wisely; that’s the message from the Internal Revenue Service to business owners when it comes to deciding whether people who provide services to the company are employees or independent contractors. Generally, anyone is considered an employee if they provide services to a company, with the company controlling what is to be done and how.…

  • IRS Announces Tax Relief for Pennsylvania

    Parts of Pennsylvania have been added to the list of locations eligible for tax relief measures in the wake of Hurricane Ida. The Internal Revenue Service has now extended various tax deadlines until Jan. 3, 2022, for six counties in Pennsylvania, joining specified counties in Louisiana, New York and New Jersey previously announced as eligible…

  • Employee Retention Credit Gets More Guidance

    As more employers utilize the employee retention credit to keep their workers employed—and as the pandemic continues to be a factor in American business—the Internal Revenue Service continues to issue guidance on who qualifies for the credit and how best to apply it. The latest round of guidance from the IRS includes clarification for employers…

  • Is This Text Really From the IRS?

    Impersonating the Internal Revenue Service is big business for identity thieves. These phishing scams often combine fear of the agency with urgency (and threats), and those who fall for them can soon find their information or money stolen. That’s why the IRS this week highlighted how they communicate with taxpayers.   Generally, the IRS provides…