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COVID Tax Tip 2020-170, December 14, 2020 Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. The Coronavirus Aid, Relief and Economic Security Act includes several temporary tax law changes to help charities. …
IRS Tax Tip 2020-169, December 10, 2020 The IRS and its Security Summit partners recently announced that multi-factor authentication will be available on all 2021 online tax preparation products. This security feature is designed to protect both taxpayers and tax professionals. What is multi-factor authentication? Multi-factor authentication requires users to enter two pieces of information to securely access …
All tax prep software will offer multi-factor authentication beginning in 2021 Read More »
IRS Tax Tip 2020-168,December 9, 2020 In January, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. An Identity Protection PIN is a six-digit number assigned to eligible taxpayers to help prevent their Social Security number from being used to file fraudulent federal income tax …
Identity Protection PIN Program will soon be available to taxpayers nationwide Read More »
COVID Tax Tip 2020-167, December 8, 2020 The IRS and it’s Security Summit partners are warning people to be aware of a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment. Here’s how this scam works People get a text …
IRS warns people about a COVID-related text message scam Read More »
IRS Tax Tip 2020-166, December 7, 2020 Recently, the IRS and its Security Summit partners hosted the 2020 National Tax Security Awareness Week. The goal of this week is to encourage taxpayers, businesses and tax pros to take steps to protect their tax data and identities. Heres are some of the highlights from topics covered during the …
Highlights from the 2020 National Tax Security Awareness Week Read More »
IRS Tax Tip 2020-165, December 3, 2020 As taxpayers get ready to file their 2021 taxes, they may be thinking about hiring a tax preparer. People should choose a tax preparer wisely. This is important because taxpayers are responsible for all the information on their return, no matter who prepares it for them. There are different kinds …
Taxpayers should check out these tips before choosing a tax preparer Read More »
IRS Tax Tip 2020-164, December 2, 2020 Business tax transcripts will soon look a little different. Beginning December 13, the IRS will conceal some information on business tax transcripts to better protect people from possible identity theft. A transcript is basically a summary of a tax return. Tax pros use transcripts to prepare prior year …
IRS will soon conceal sensitive data on business tax transcripts Read More »
IRS Tax Tip 2020-163, December 1, 2020 These days most people are spending more time at home and a lot more time online. Whether people are online for work, school, a virtual gathering or shopping, online security is more important than ever. Everyone should be mindful of risks they may encounter when they share devices, shop online …
COVID Tax Tip 2020-162, November 30, 2020 There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them. Donate to charity There is still time to make a 2020 donation. Taxpayers who don’t itemize deductions may take a …
Get ready to file taxes: What to do before the tax year ends Read More »
IRS Tax Tip 2020-161, November 25, 2020 The arrival of the holiday season is when many people think about how they can give back. Often taxpayers want to donate to a charity. The IRS has a tool that can help people figure out if giving to their favorite cause will also give them the gift …
Here’s how taxpayers can check if their charitable donation is tax deductible Read More »