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COVID Tax Tip 2021-157, October 25, 2021 After filing their tax return, taxpayers may find they made an error or forgot to enter something on it. The IRS strongly recommends taxpayers use the Interactive Tax Assistant, Should I File an Amended Return? to help determine if they should correct an error or make other changes to the …
Tips to help taxpayers decide how and when to file an amended tax return Read More »
IRS Tax Tip 2021-156, October 21, 2021 Backup withholding ensures that the government is paid the correct amount of taxes on specific types of payments reported on certain Forms 1099 and W-2G. Here are some facts about backup withholding. Backup withholding is required on certain non-payroll amounts when certain conditions apply. The payer making such payments …
Here’s what taxpayers should know about backup withholding Read More »
IRS Tax Tip 2021-155, October 20, 2021 The IRS and its community partners encourage people to make a difference in communities across the country by becoming an IRS-certified volunteer. These volunteers will help taxpayers file their tax returns during the upcoming tax season. Volunteer Income Tax Assistance offers free tax return preparation to eligible taxpayers who generally earn $58,000 …
Here’s how people can become an IRS-certified volunteer Read More »
IRS Tax Tip 2021-154, October 19, 2021 All taxpayers should receive tax information in a format that is accessible to them. The IRS Alternative Media Center 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 reading software, refreshable Braille displays …
IRS tax resources for the blind and visually impaired Read More »
IRS Tax Tip 2021-153, October 18, 2021 There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS of their plans. The closing …
The tax responsibilities that come with shutting down a business Read More »
COVID Tax Tip 2021 -152, October 14, 2021 October 15 is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2020 tax return must file tomorrow to avoid the penalty for filing late. Extension filers who owe taxes should pay as much as possible to reduce interest and penalties. …
IRS Tax Tip 2021-151, October 13, 2021 Eighteen new seminars from the 2021 IRS 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 …
2021 IRS Nationwide Tax Forum seminars now available online Read More »
COVID Tax Tip 2021-150, October 12, 2021 Families come in all shapes and sizes – and some families may not realize they could receive advance payments of the 2021 child tax credit in the last months of this year. The IRS urges grandparents, foster parents or people caring for siblings or other relatives to check their …
Non-traditional families may qualify for advance child tax credit payments Read More »
IRS Tax Tip 2021-149, October 7, 2021 Taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit. This is one of ten basic rights — known collectively as …
Understanding taxpayer rights: The right to finality Read More »
Tax Tip 2021-148, October 6, 2021 Achieving a Better Life Experience or ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. These accounts help disabled people pay qualified disability-related expenses without affecting their eligibility for government assistance programs. Here are some key things people should know about these accounts. Annual contribution limit …
ABLE accounts: A valuable financial solution for people with disabilities Read More »