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IRS Tax Tip 2022-171, November 8, 2022 In most cases, distributions from a traditional Individual Retirement Account are taxable in the year the account owner receives them but there are some exceptions. A qualified charitable distribution is one of the few exceptions. A QCD is a nontaxable distribution made directly by the trustee of an IRA …

Seniors can reduce their tax burden by donating to charity through their IRA Read More »

COVID Tax Tip 2022-170, November 7, 2022 Employers should be wary of third parties advising them to claim the employee retention credit when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. These third parties often charge large upfront fees or a fee …

Employers: beware of third parties promoting improper employee retention credit claim Read More »

IRS Tax Tip 2022-169, November 3, 2022 By law, taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit. This is one of ten basic rights — known …

Under the Taxpayer Bill of Rights, all taxpayers have the right to finality of IRS matters Read More »

COVID Tax Tip 2022-168, November 2, 2022 There are good surprises and there are bad surprises. Generally, a tax-related surprise is probably unwanted. To avoid tax surprises, people should review their tax withholding. There’s still time left in 2022 to make changes and see the benefit on their tax return next year. An adjustment made …

Not too much, not too little – taxpayers should check if their tax withholding is just right Read More »

COVID Tax Tip 2022-167, November 1, 2022 Taxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns. Notice 2022-36 states, penalties for late-filing certain tax returns, and for not reporting certain required information …

Taxpayers in declared disaster areas have more time to file tax returns to get COVID penalty relief Read More »

COVID Tax Tip 2022-166, October 31, 2022 More than nine million people may qualify for tax benefits but didn’t claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit, the Child Tax Credit, the Earned Income Tax Credit and other tax credits. These …

Nine million people who missed expanded tax benefits still have time to file Read More »

COVID Tax Tip 2022-165, October 27, 2022 Grandparents, foster parents or people caring for siblings or other relatives should check their eligibility to receive the 2021 child tax credit. People who claim at least one child as their dependent may not realize they could be eligible to benefit from the child tax credit. Eligible taxpayers who received advance …

Grandparents and others with eligible dependents shouldn’t miss out on the 2021 child tax credit Read More »

IRS Tax Tip 2022-164, October 26, 2022 Anyone who missed the IRS Nationwide Tax Forum can stream the sessions online. Convenient on-demand viewing provides tax pros a great opportunity to earn continuing education credits. The online version of the forum consists of 18 new self-study seminars that use interactive videos, PowerPoint slides and transcripts to …

It’s not too late to catch the 2022 IRS Nationwide Tax Forum seminars Read More »

IRS Tax Tip 2022-163, October 25, 2022 The IRS website has a wealth of information for farmers, ranchers and other farm workers. Whether they’ve got a question about whether crop insurance is taxable, they need to find financial resources for a small business, or they want to learn about industry trends, the IRS.gov can help …

Farmers, ranchers and farm workers can find ag-related tax info anytime on IRS.gov Read More »

COVID Tax Tip 2022-162, October 24, 2022 No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early. While this may seem like an easy way to get cash quick, early withdrawals can come with heavy penalties …

Important info for people considering making early withdraws from retirement funds Read More »