What’s an IRS Account Transcript? The IRS keeps a database of information regarding each Tax Identification Number (TIN). The information is recorded on Account Transcripts, that show activity on the TIN for each tax year.… What’s An IRS Account Transcript?
With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits… Unemployment Compensation Is Taxable; Have Tax Withheld Now And Avoid A Tax-Time Surprise
Who is Self-Employed? Generally, you are self-employed if any of the following apply to you. You carry on a trade or business as a sole proprietor or an independent contractor. You are a member of a partnership that carries on… Self-Employed Individuals Tax Obligations
Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between… Earning Side Income: Is it A Hobby Or A Business?
I sent a payment to the IRS. Why did I get a bill? If you mailed a payment to the IRS on or before July 15, it may still be unopened in the backlog of… Why Do I Owe A Penalty And What Can I Do About It?
Few things can generate as much taxpayer concern, confusion and controversy as an IRS audit. Tax audits are a critical compliance tool to help ensure fairness in the tax system, and the IRS works hard… IRS Audit Rates Significantly Increase As Income Rises
The Taxpayer Advocate Service (TAS) reintroduces its website with a new design and layout featuring a new digitally interactive Taxpayer Roadmap. The digital Taxpayer Roadmap features an interactive experience which allows taxpayers and tax professionals to… National Taxpayer Advocate Interactive Map: What Happens When You Are Audited
In today’s world of electronic streamlining and technological advances, there is an app for everything. And thanks to a forward thinking team at the IRS, the IRS now has one too. In fact, many users… IRS2GO Mobile App Frequently Asked Questions
The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. This is the third in a… What’s new and what to consider when filing taxes in 2021
When filing a tax return, most married couples choose to use the status of Married Filing Jointly. There are typically few downsides to choosing this filing status and it can reduce the amount of income tax… What is Innocent Spouse Relief?