Taxpayers who missed the recent April filing and payment deadline should know their obligations and the possible consequences if they don’t file or have an overdue tax bill. Taxpayers who owe tax Tax owed and…
Form 1099-K, Payment Card and Third-Party Network Transactions, is an IRS form that is used to report certain payment transactions. If taxpayers receive a Form 1099-K, they should use that information with their other tax records…
It’s important for taxpayers to have all their documents and information so they can file an accurate and complete tax return. This may mean waiting to file until they receive all their documentation – and…
After an emergency or disaster, people rally to help victims by donating money. Unfortunately, this can give criminals an opportunity to prey on them by soliciting donations for fake charities. Scammers may also pose as…
Once taxpayers file their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers. Myth: Calling the IRS, tax software provider,…
Taxpayers using a professional tax preparer should make sure they have all their information readily available before their appointment. Collecting their information and getting copies of any missing documents before taxpayers sit down to prepare…
In 2021, the IRS issued more than 175 million third-round Economic Impact Payments, totaling over $400 billion. Most eligible people already received the full amount of their credit in advance and don’t need to include…
The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process. The…
Taxpayers should make sure they have all their documents before filing a tax return. Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing…
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If the IRS does call it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help you protect yourself from scammers who…
While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet. If you are entitled to a refund, there’s no penalty for filing late. Penalties and…
Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to…
Rent is any amount paid for the use of property that a small business doesn’t own. Typically, rent can be deducted as a business expense when the rent is for property the taxpayer uses for…
For most individual taxpayers the tax filing and payment deadline is Monday, April 18, 2022. Those who need more time to file can request an extension to file. Taxpayers must request an extension to file…
Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don’t file on time, may be charged a failure-to-file penalty. This penalty…
WASHINGTON — As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection…
By Liz Farr, CPA September 5, 2017 Over the next few decades, the Gen X and Millennial generations will be the recipients of one of the greatest wealth transfers in history. A portion of…
IR-2018-193, Sept. 27, 2018 WASHINGTON — The Internal Revenue Service is reminding taxpayers to beware of criminals who continue using devious tactics to steal money and personal information from unsuspecting victims, especially as the fall…
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