2021

COVID Tax Tip 2021-126, August 26, 2021 All tax pros need to beware of evolving phishing scams that use various pandemic-related themes to steal client data. It is the tax preparer’s responsibility to secure their network to protect taxpayer data. Tax pros, especially those who engage in remote transactions, remain vulnerable to identity thieves posing …

Tax pros: Beware of pandemic-related email schemes Read More »

IRS Tax Tip 2021-125, August 25, 2021 After a natural disaster, taxpayers need records to help them prove and recover disaster-related losses. This may be for tax purposes, getting support from federal assistance program or for insurance claims. While personal or business property may have been destroyed, all hope is not lost. Here are some …

Here’s how taxpayers can rebuild records after a natural disaster Read More »

IRS Tax Tip 2021-124, August 24, 2021 If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal …

Taxpayers can protect themselves from scammers by knowing how the IRS communicates Read More »

COVID Tax Tip 2021-123, August 23, 2021 The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Additionally, the …

Important additional guidance for employers claiming the employee retention credit Read More »

IRS Tax Tip 2021-122, August 19, 2021 The heavy vehicle use tax is assessed annually on heavy highway motor vehicles operating on public highways with a taxable gross weight of 55,000 pounds or greater. The deadline to file and pay heavy highway vehicle use tax is Tuesday, August 31. All taxpayers who file Form 2290 are encouraged …

Truckers must pay heavy highway vehicle use tax by August 31 Read More »

IRS Tax Tip 2021-121, August 18, 2021 Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement. These accounts can be set up with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Here’s a basic overview to help …

Retirement and taxes: Understanding IRAs Read More »

COVID Tax Tip 2021-120, August 17, 2021 As part of this year’s summer campaign Boost Security Immunity: Fight Against Identity Theft, the IRS and its Security Summit partners outlined ways tax pros can help clients victimized by unemployment compensation fraud schemes. Unemployment compensation fraud was one of the more common identity theft schemes that emerged in 2020 as criminals …

Here’s how tax pros can help clients battle unemployment related identity theft Read More »

COVID Tax Tip 2021-119, August 16, 2021 Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it’s about a specific issue with a taxpayer’s federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell …

What people should and should not do if they get mail from the IRS Read More »

IRS Tax Tip 2021-118, August 12, 2021 Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year. Taxpayers who earn a paycheck usually have their …

What taxpayers need to know about making 2021 estimated tax payments Read More »

COVID Tax Tip 2021-117, August 11, 2021 The advance Child Tax Credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021. Here some details to help people better understand …

Common questions about the advance Child Tax Credit payments Read More »