2020

Here’s what taxpayers need to know about filing an amended tax return

2020, Tax Tips / By

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 …

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Taxpayers who need last year’s tax return have several options

2020, Tax Tips / By

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 …

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Reviewing these disaster resources now can help taxpayers be more prepared later

2020, Tax Tips / By

IRS Tax Tip 2020-138, October 19, 2020 No one can fully prepare for a disaster, but knowing what resources are available beforehand can make the recovery a little easier. Here’s a list of resources that taxpayers might find helpful before and after a disaster: Tax relief in disaster situations — This page features links to disaster …

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2020 IRS Nationwide Tax Forum seminars now available online

2020, Tax Tips / By

IRS Tax Tip 2020-144, October 28, 2020 Eighteen new seminars from the 2020 Nationwide Tax Forum are now available on IRS Nationwide Tax Forums Online. These self-study seminars provide information using interactive videos, PowerPoint slides and audio transcripts. These and all other previously recorded sessions from prior IRS Nationwide Tax Forums will be available for $29 …

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All taxpayers have the right to privacy – it’s the law

2020, Tax Tips / By

IRS Tax Tip 2020-141, October 22, 2020 One of the IRS’s top priorities is protecting the privacy rights of America’s taxpayers. The agency takes this so seriously that the right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers. Taxpayers have the right to expect that any IRS inquiry, audit or enforcement …

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What happens after a disaster that leads to taxpayer relief

2020, Tax Tips / By

IRS Tax Tip 2020-140, October 21, 2020 No matter how devastating a disaster is, before the IRS can authorize any tax relief, FEMA must issue a major disaster declaration and identify areas qualifying for their Individual Assistance program. Here’s a list of tax-related things that usually happen after a major disaster strikes: The IRS gives …

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Helpful information for taxpayers on backup withholding

2020, Tax Tips / By

IRS Tax Tip 2020-136, October 14, 2020 Taxpayers who receive certain types of income may have backup withholding deducted from these payments. Backup withholding can apply to most payments reported on certain Forms 1099 and W-2G. Here are some facts to help taxpayers understand backup withholding.              Backup withholding is required on certain non-payroll amounts when certain …

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