Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping Understanding Crowdfunding Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts. In some cases,… Read More »
Taxpayer Experience Office formally established to improve service across the IRS WASHINGTON – As part of a longer-term effort to improve taxpayer service, the IRS has officially established the first-ever Taxpayer Experience Office and will soon begin taking additional steps to expand the effort. “As the IRS continues taking immediate steps this filing season including… Read More »
IRS update regarding recent electronic filing challenges in connection with Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations WASHINGTON — The IRS is aware of a third-party software issue affecting qualifying farmers and fishermen attempting to electronically file Forms 7203. Qualifying farmers and fishermen are those who are not subject to an addition… Read More »
Changes to the earned income tax credit for the 2022 filing season The EITC is one of the federal government’s largest refundable tax credits for low-to moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket. The IRS urges people to check… Read More »
Parents who adopt can benefit from this valuable tax credit Taxpayers who adopted or started the adoption process during 2019 should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same. Here are some facts to help people understand the credit and if… Read More »
Tax pros should remember to safeguard EFINs Tax professionals should remember that they can be prime targets for criminals. These criminals not only want to steal client data, but also the professionals’ data, such as their electronic filing identification numbers. A thief who breaches the data of one tax return preparer can get their hands… Read More »
IRS extends April 15 and other upcoming deadlines, provides other tax relief for victims of Tennessee tornadoes WASHINGTON – Victims of this week’s tornadoes and severe storms in parts of Tennessee, including Nashville, will have until July 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The… Read More »
Taxpayers should know the signs of a phone scam, especially during filing season Taxpayers should be aware that aggressive criminals pose as IRS agents in hopes of stealing money or personal information. The tax filing season is a prime time for phone scams because people are thinking about taxes. Here are some tell-tale signs of… Read More »
Tax Time Guide: Millions make IRS.gov their first stop for tax help WASHINGTON — Whether on home computers or mobile devices, the number of taxpayer visits to IRS.gov continues to grow year after year. Millions of taxpayers take advantage of the easy-to-use tools available 24 hours a day on the official website − IRS.gov. IRS.gov is home to… Read More »
Here are some reasons taxpayers should e-file their taxes Some taxpayers still use the old-school method of filing their tax returns: on paper. For these people, now is the time to switch and file electronically. All taxpayers should consider joining the more than 138 million taxpayers who used IRS e-file last year. Here are the… Read More »