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IRS Tax Tip 2021-85, June 15, 2021 Backup withholding is a federal tax on income that otherwise typically doesn’t require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments. Here are some basic facts about backup withholding. Backup withholding is required on certain …
Facts to help taxpayers understand backup withholding Read More »
COVID Tax Tip 2021-84, June 14, 2021 As part of an ongoing effort to increase multilingual outreach, the IRS offers tax information in multiple languages. IRS.gov pages have links to any available translations on the right side, just below the title. Languages currently available include Spanish, Chinese simplified and traditional, Korean, Russian, Vietnamese and Haitian-Creole. …
IRS Tax Tip 2021-83, June 10, 2021 It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership and …
Homeownership and taxes: Things taxpayers should consider when selling a house Read More »
IRS Tax Tip 2021-82, June 9, 2021 The arrival of summer is also the start of wedding season. Marriage changes many things and taxes is one of them. Newlyweds should know how tying the knot can affect their tax situation. Here’s a tax checklist for newly married couples: Name and address changes Name. When a name …
Here’s how saying “I do” can affect a couple’s tax situation Read More »
IRS Tax Tip 2021-81, June 8, 2021 Federal taxes are pay-as-you-go. This means that people need to pay most of their tax during the year, as they earn income. This can be done either through withholding or estimated tax payments. If the amount of income tax withheld from a taxpayer’s salary or pension is not …
Here’s how taxpayers can pay the right amount of tax throughout the year Read More »
IRS Tax Tip 2021-80, June 7, 2021 The 2021 Virtual IRS Nationwide Tax Forum will be held over five weeks, July 20 through August 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday. These events will be virtual. Tax professionals are encouraged to register now. Registration enables attendees to participate in all the …
Tax pros can earn continuing education credits during virtual IRS Tax Forum Read More »
COVID Tax Tip 2021-79, June 3, 2021 This is the second of two tax tips providing an overview of ways the American Rescue Plan may affect some people’s 2021 taxes. Part 1 is available on IRS.gov. Changes expanding EITC for 2021 and beyond New law changes expand the EITC for 2021 and future years. These …
Looking ahead: How the American Rescue Plan affects 2021 taxes, part 2 Read More »
COVID Tax Tip 2021-78, June 2, 2021 This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes. Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for …
Looking ahead: How the American Rescue Plan affects 2021 taxes, part 1 Read More »
IRS Tax Tip 2021-77, June 1, 2021 Thieves are actively working to steal the taxpayer information and identities. Everyone should do everything they can to prevent identity theft. Tax-related identity theft occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. …
Identity theft protection for taxpayers in six steps Read More »
IRS Tax Tip 2021-76, May 27, 2021 Taxpayers have the right to know what they need to do to comply with the tax laws. Not just during filing season but, all year. When something happens to a taxpayer’s account, that taxpayer has the right to be informed about the activity. In fact, this right is …
Understanding the taxpayer’s right to be informed Read More »