2020

COVID Tax Tip 2020-154, November 13, 2020 Any eligible self-supporting college student who doesn’t need to file a tax return should register using the Non-Filers tool by 3:00 p.m. ET November 21 to receive an Economic Impact Payment before the end of this year. Generally, a self-supporting student who registers will receive a $1,200 payment if they are single …

Self-supporting college students may qualify for an Economic Impact Payment Read More »

COVID Tax Tip 2020-153, November 12, 2020 Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income. Here’s how the CARES Act changes deducting charitable contributions made in 2020: Previously, …

How the CARES Act changes deducting charitable contributions Read More »

IRS Tax Tip 2020-152, November 10, 2020 The IRS grouped all of the rights taxpayers have under the law into the Taxpayper Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the right to retain an authorized representative of their …

Taxpayers have the right to representation when working with the IRS Read More »

IRS Tax Tip 2020-152, November 10, 2020 The IRS grouped all of the rights taxpayers have under the law into the Taxpayper Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the right to retain an authorized representative of their …

Taxpayers have the right to representation when working with the IRS Read More »

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 resources to help small business owners Read More »

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: …

New income ranges for IRA eligibility in 2021 Read More »

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 »