Relevant, timely, professional services and products
COVID Tax Tip 2020-113, September 2, 2020 The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran’s benefits, but didn’t receive $500 per child earlier this year when they received their own Economic Impact Payment. Federal benefit recipients can use the Non-Filers: Enter Payment Info Here tool …
IRS Tax Tip 2020-112, September 1, 2020 When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills. Most of these businesses provide quality service but there are some who don’t have their …
Choosing a trustworthy payroll service provider can protect employers from fraud Read More »
COVID Tax Tip 2020-111, August 31, 2020 In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18. The IRS issued most of the payments separately from …
Millions of taxpayers receive a tax refund interest payment Read More »
IRS Tax Tip 2020-110, August 27, 2020 Individual taxpayer identification numbers are used by taxpayers who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. People with expiring individual taxpayer identification numbers should renew their number ASAP. This will help avoid unnecessary delays related to their …
Taxpayers should renew expiring ITINs early to avoid a refund delay next year Read More »
IRS Tax Tip 2020-109, August 26, 2020 All taxpayers should review their withholding annually. They can use the IRS Tax Withholding Estimatorto check and make sure they’re not having too little or too much federal tax withheld. This tool offers workers, retirees and self-employed individuals a step-by-step method to help figure out if they should adjust …
IRS Tax Tip 2020-108, August 25, 2020 Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between a hobby and a business? A business operates to make a profit. People …
Earning side income: Is it a hobby or a business? Read More »
COVID Tax Tip 2020-107, August 24, 2020 The deadline to file and pay heavy highway vehicle use tax is Monday, August 31. All taxpayers who file Form 2290 are encouraged to do so electronically. Those with 25 or more taxed vehicles must e-file. All the information needed to file is on the Trucking Tax Center. Taxpayers who e-file …
Deadline to file and pay heavy highway vehicle use tax is Aug. 31 Read More »
IRS Tax Tip 2020-106, August 20, 2020 October 15 is almost here. That’s the last day to file for most people who requested an extension for their 2019 tax return. These taxpayers can file any time before Thursday, October 15 if they have all their required tax documents. They can also pay part or all …
Important things all extension filers should remember Read More »
IRS Tax Tip 2020-105, August 19, 2020 The latest tax information and tips are just a click away. IRS.gov provides taxpayer assistance 24/7 and is regularly updated to reflect the most current tax information for most tax-related questions. The agency encourages the public to visit IRS.gov to: Get answers to tax questions. The Interactive Tax Assistant asks a …
IRS Tax Tip 2020-104, August 18, 2020 Information a taxpayer gives the IRS won’t be shared with outside parties, unless allowed by the taxpayer or by law. This is the right to confidentiality; one of ten rights known collectively as the Taxpayer Bill of Rights. The right to confidentiality means: The IRS won’t give any information …