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IRS Tax Tip 2022-71, May 9, 2022 Small businesses play a pivotal role in the nation’s economy. The IRS offers a variety of tools and resources to help small business owners and self-employed individuals understand and meet their tax obligations. Here’s are some highlights from this year’s National Small Business Week. Information and resources for …
A look back at National Small Business Week 2022 Read More »
IRS Tax Tip 2022-70, May 5, 2022 The work opportunity tax credit is a federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. This credit is available for wages paid to certain individuals who begin work on or before December 31, 2025. Here’s more information about the …
Small businesses can benefit from the work opportunity tax credit Read More »
IRS Tax Tip 2022-69, May 4, 2022 Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May 16, 2022. Here are the forms they may need to …
Many tax-exempt organizations must file information returns by May 16, 2022 Read More »
IRS Tax Tip 2022-68, May 3, 2022 Small business owners who want to learn about their tax obligations should watch the Small Business Virtual Tax Workshop. This online workshop is an easy way for new small business owners to dive in and for experienced small business owners to brush up on topics relevant to their business. …
Small business owners shouldn’t miss this free recorded workshop Read More »
IRS Tax Tip 2022-67, May 2, 2022 In April, the IRS sent CP2100 and CP2100A notices to banks, credit unions, businesses or payers who filed returns that don’t match IRS records. These information returns include: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Form 1099-DIV, Dividends and Distributions Form 1099-G, Certain Government Payments Form …
IRS sends CP2100 and 2100A notices when payers need to correct backup withholding errors Read More »
IRS Tax Tip 2022-66, April 28, 2022 All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Doing this now can help protect against facing an unexpected tax bill or penalty in 2023.The sooner taxpayers check their withholding, the easier it is to …
IRS Tax Withholding Estimator helps taxpayers get their federal withholding right Read More »
IRS Tax Tip 2022-65, April 27, 2022 Every taxpayer has a set of fundamental rights when working with the IRS which are known collectively as the Taxpayer Bill of Rights. One of these is the right to challenge the IRS’s position and be heard. Here are some details about what this right means for taxpayers. Taxpayers …
Understanding taxpayer rights: The right to challenge the IRS’s position and be heard Read More »
COVID Tax Tip 2022-64, April 26, 2022 Taxpayers with an extension can file when they are ready but most should file by October 17, 2022. Special deadline exceptions may apply for some disaster victims, certain military service members and eligible support personnel in combat zones. When individuals with an extension are ready to file, IRS.gov has a variety of …
Extension filers: Tax help is just a click away on IRS.gov Read More »
COVID Tax Tip 2022-63, April 25, 2022 This year’s deadline to file and pay federal income taxes has passed for most people. If a taxpayer is due a refund, there is no penalty for filing late. However, those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and …
Here’s how taxpayers can resolve common after-tax day issues Read More »
IRS Tax Tip 2022-62, April 21, 2022 The IRS mails letters or notices to taxpayers for a variety of reasons including: They have a balance due. They are due a larger or smaller refund. The agency has a question about their tax return. They need to verify identity. The agency needs additional information. The agency …
Taxpayers should open and carefully read any mail from the IRS Read More »