The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov. The IRS and the Treasury Department…
As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities. The Summit partners, including state tax agencies, the nation’s tax industry and the IRS, marked the third day of the…
The Internal Revenue Service (IRS) announced this week that in January 2021 taxpayers can apply for an Identity Protection Personal Identification Number (IP PIN). This single-use code is designed to block identity thieves from fraudulently submitting a tax return in your name and collecting your tax refund! This is a long overdue security improvement to…
Bitcoin mania is upon us. It has been widely publicized that the cryptocurrency, Bitcoin, has reached record highs in value over the past month. Investors are making nice profits with Bitcoin, and the IRS is trying to find a way to get their share of tax on those profits. So, what is Bitcoin? Bitcoin is a cryptocurrency and…
What Should I Do?The Internal Revenue Service (IRS) will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, or may tell you about changes to your account, ask you for more information, or request a payment. You can handle…
This Guide covers the many notices that the Internal Revenue Service sends to individual taxpayers regarding tax audits. IRS NOTICE NUMBER DESCRIPTION CP11–Audits This notice states that your return has been changed because the IRS believes there was a miscalculation. This means you owe money on your taxes because of this. Double-check the numbers on…
Now that many taxpayers have filed their federal tax returns electronically and the IRS is back to processing paper tax returns sent by mail, they’re eager for details about their refund. When it comes to refunds, there are several common myths. Getting A Refund This Year Means There’s No Need To Adjust Withholding For 2020…
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 is Transcript Analysis? To the untrained eye, these Account Transcripts can seem to be in a different language. With…
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 now to help avoid owing taxes on this income when they file their federal income tax return next year. By…
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 a trade or business. You are otherwise in business for yourself (including a part-time business) What are My Self-Employed Tax Obligations? As…
