Relevant, timely, professional services and products
IRS Tax Tip 2020-151, November 9, 2020 Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to …
Reminder to all taxpayers: Gift cards are not used to make tax payments Read More »
IRS Tax Tip 2020-150, November 5, 2020 This week is National Veterans Small Business Week. The IRS has a variety of resources to help small business owners, including veterans, understand their tax responsibilities. Best of all, most of these resources are available online at IRS.gov. Here’s a few webpages with helpful information for small business owners: …
IRS Tax Tip 2020-149, November 4, 2020 There are cost‑of‑living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren’t caught off guard. Here are some highlights of the 2021 changes: The income ranges for these actions all increased for 2021: …
IRS Tax Tip 2020-148, November 3, 2020 As part of an ongoing effort to provide more useful information and better assistance to many communities, the IRS is making two key publications for tax professionals available in Spanish. A Spanish-language version of Publication 947, Practice Before the IRS and Power of Attorney (in Spanish) is now available. A …
Tax Pros: The Circular 230 and Publication 947 are now available in Spanish Read More »
COVID Tax Tip 2020-147, November 2, 2020 Federal beneficiaries who got their Economic Impact Payment but didn’t register to receive a $500 supplemental payment per qualifying child can still register for this additional payment using the Non-Filers: Enter Info Here tool before 3 p.m. Eastern November 21, 2020. Those eligible to provide this information include people with qualifying …
Federal beneficiaries have more time to register for an Economic Impact Payment Read More »
COVID Tax Tip 2020-146, October 30, 2020 The IRS has designated Tuesday, November 10, National EIP Registration Day. This is part of the agency’s final push to encourage everyone who doesn’t normally file a tax return to register to receive an Economic Impact Payment. This special event will feature support from IRS partner groups including those …
IRS designates November 10 National EIP Registration Day Read More »
IRS Tax Tip 2020-145, October 29, 2020 If taxpayers discover a mistake on their tax return, this is not necessarily cause for concern. Most errors can be fixed by filing a Form 1040-X, Amended U.S. Individual Income Tax Return. Here are some common reasons people may need to file an amended return: Entering income incorrectly Not claiming credits …
Here’s what taxpayers need to know about filing an amended tax return Read More »
IRS Tax Tip 2020-143, October 27, 2020 The IRS reminds all active tax preparers to start the upcoming 2021 filing season smoothly by renewing their Preparer Tax Identification Numbers now. All current PTINs will expire December 31, 2020. Anyone who prepares or helps prepare a federal tax return for compensation must have a valid PTIN …
It’s time for tax professionals to renew their PTIN Read More »
IRS Tax Tip 2020-142, October 26, 2020 The IRS reminds taxpayers that criminals and scammers often try to take advantage of generous taxpayers who want to help disaster victims. Everyone should be vigilant. These scams often pop up after a hurricane, wildfire or other disaster. How the scams start These disaster scams normally start with …
Tips to help taxpayers avoid post-disaster scams Read More »
IRS Tax Tip 2020-139, October 20, 2020 Help is available for taxpayers who need tax information for prior years, but who didn’t keep copies of their returns. There are options for helping taxpayers get the information they need. Taxpayers should generally keep copies of their tax returns and any documentation for at least three years …
Taxpayers who need last year’s tax return have several options Read More »