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IRS Tax Tip 2022-141, September 14, 2022 When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, the agency often mails a letter or notice to the taxpayer. Getting mail from the IRS is not a cause for panic but, …
Got a letter or notice from the IRS? Here are the next steps Read More »
COVID Tax Tip 2022-140, September 13, 2022 Summer is winding down and the filing deadline for people who requested an extension is quickly approaching. Everyone who still needs to file a 2021 tax return should do so as soon as possible. Don’t wait until the deadline to electronically file a complete — and accurate — return Extension …
COVID Tax Tip 2022-139, September 12, 2022 To help struggling taxpayers affected by the COVID-19 pandemic, the IRS recently issued Notice 2022-36, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 returns late. To qualify for this relief, any eligible income tax return, not already filed, must be filed on …
$1.2 billion in IRS penalty relief refunds coming for certain 2019 and 2020 tax returns Read More »
IRS Tax Tip 2022-138, September 8, 2022 Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home …
Know what’s deductible after buying that first home, sweet home Read More »
IRS Tax Tip 2022-137, September 7, 2022 Businesses hanging up their Help Wanted signs should be sure to check out the work opportunity tax credit. This credit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. The credit has been extended through the end of 2025. …
IRS Tax Tip 2022-136, September 6, 2022 Even a savvy person can get duped by a phishing email if they don’t know the warning signs of a scam. It’s unfortunate when anyone is fooled by an identity thief, but tax pros especially need to be aware of evolving scams that steal client data. Criminals often …
A few simple steps can keep tax pros ahead of email and cloud-based scams Read More »
IRS Tax Tip 2022-135, September 1, 2022 It can be a challenge to stay ahead of identity thieves. These criminals are tech and tax savvy, and they like to target tax pros. They can either trick or hack their way into tax professionals’ computer systems to access client data. Even when tax pros think they have client …
Don’t be an easy mark: What every tax pro should know about identity theft Read More »
COVID Tax Tip 2022-134, August 31, 2022 Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make sure they aren’t missing out on their 2021 refunds …
Parents can boost their back-to-school budget by claiming tax credits and refunds Read More »
IRS Tax Tip 2022-133, August 30, 2022 Bankruptcy is a last resort for taxpayers to get out of debts. For individuals, the most common type of bankruptcy is a Chapter 13. This section of the bankruptcy law allows individuals and small business owners in financial difficulty to repay their creditors. Chapter 13 bankruptcy is only available …
Understanding federal tax obligations during Chapter 13 bankruptcy Read More »
IRS Tax Tip 2022-132, August 29, 2022 The IRS, state tax agencies and the tax industry – working together as the Security Summit recently concluded its summer series, Protect Your Clients; Protect Yourself. This campaign was a reminder for tax pros to focus on fundamentals of security and watch out for emerging issues when using cloud-based services …
Highlights from the Summer 2022 Tax Security Summit Read More »