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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 »
IRS Tax Tip 2020-160, November 24, 2020 Living with a disability can come with additional expenses. Achieving a Better Life Experience accounts are authorized tax-advantaged 529A accounts that help disabled people pay qualified disability-related expenses. Here are some key things people should know about these accounts. Annual contribution limit The limit remains $15,000 in 2020. Certain employed …
ABLE accounts are a valuable benefit for taxpayers with disabilities Read More »
COVID Tax Tip 2020-159, November 23, 2020 There are steps people can take now to make sure their tax filing experience goes smoothly in 2021. First, they can visit the Get Ready page on IRS.gov. Here are a few other things people can do now: Check their withholding and make any adjustments soon Since most taxpayers typically only have …
Here’s what taxpayers can do now to Get Ready to file taxes in 2021 Read More »
COVID Tax Tip 2020-158, November 19, 2020 The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax debt. Taxpayers who owe taxes always had …
Taxpayer Relief Initiative aims to help those financially affected by COVID-19 Read More »
COVID Tax Tip 2020-157, November 18, 2020 Employers who are filing Form 941, Employer’s Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes. Using a reputable tax preparer including certified public accountants, enrolled agents or other knowledgeable tax professionals can also help avoid errors. …
Common errors businesses should avoid when claiming employer tax credits Read More »
IRS Tax Tip 2020-156, November 17, 2020 The IRS is here to serve and support all of America’s taxpayers including, those who use assistive technology. The agency’s Alternative Media Center (AMC) provides resources and accessibility services to taxpayers with disabilities. Tax-related content is available in a variety of formats for use with assistive technology such as screen …
Here’s how visually impaired taxpayers can access IRS resources and information Read More »
IRS Tax Tip 2020-155, November 16, 2020 Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or an eligible educator. They must complete Form 2106, Employee Business Expenses, to …
Here’s who qualifies for the employee business expense deduction Read More »