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 series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on…
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 owed every tax season. However, something to keep in mind is that whenever you choose to file jointly with your…
No one likes filing their taxes, but not filing them at all is never a good idea. The IRS is a powerful collection agency, and an unforgiving one. Getting on the bad side of the tax agency is not fun, and having years of unfiled returns is one of the worst moves you can make.…
Taxpayers are reminded that if they have yet to file their federal income tax return, they still have a variety of options that are available to them. Not only is the IRS website accessible to taxpayers, but also provides a customer helpline where IRS agents are able to assist individuals who are seeking options to pay…
Tax professionals are being asked to increase efforts to inform clients about the Identity Protection PIN Opt-In Program that can protect against tax-related identity theft. The IRS, state tax agencies, and the nation’s tax industry need assistance from tax professionals to spread the word to clients that the IP PIN is now available to anyone…
On August 28, the IRS announced that it will temporarily allow the use of digital signatures, or e-signatures, on certain forms that cannot be filed electronically, that must be maintained on paper or that otherwise previously required a handwritten signature. The IRS is making this temporary allowance to help reduce in-person contact and the associated…
After a big win on a lotto ticket or after a great night at the casino, the last thing you’re probably thinking about is those pesky tax obligations that come along with it. While that brand new sports car or fancy yacht may look enticing, it’s important to remember that the IRS wants its fair…
What is Tax Topic 151? You may receive a tax topic 151 letters in lieu of a full tax refund, or any refund at all. It can be alarming, as the notice often says to take action immediately. If you’ve received this notice, it means that your tax refund is either being reduced or withheld…
Health insurance can be pricey. Luckily, you can get a refundable tax credit just for purchasing health insurance through the Marketplace. Keep reading to find out how you qualify. What is the Premium Tax Credit (PTC)? First, individuals and families with low to moderate-income homes can receive a refundable credit (meaning you can receive a…
The IRS announced significant enhancements to the “Get My Payment” tool to deliver an improved and smoother experience for taxpayers eligible to receive Economic Impact Payments. The enhancements adjusted several items related to the online tool, which debuted on April 15. The additional changes will help millions of additional taxpayers with new or expanded information and access to…
