Combating identity theft is a top priority, and across the IRS many important steps are being taken to fight it. A key part of this involves the Security Summit Initiative, a unique partnership between the IRS, state revenue departments and the private-sector tax industry leaders. This unprecedented Security Summit Initiative is the first public-private partnership…
The IRS is delaying tax refunds for more than 40 million low-income families this year as the agency steps up efforts to fight identity theft and fraud. The delays will affect families claiming the earned income tax credit and the additional child tax credit. These tax breaks are geared to benefit the working poor, and…
One of the big sticks that the Internal Revenue Service wields is penalties for our mistakes or willful disregard of tax laws. Some of the penalties were increased in 2016 thanks to law changes. Others are hiked each year if inflation so warrants. Here’s a roundup of some major tax penalties changes ahead in 2017.…
Now that tax season is here, consumers are looking for a reliable, easy way to file their taxes. Why not use an online tax service? These services allow you to easily and safely file your taxes online from the convenience of your own home. And the best part is they can cost much less than…
The Internal Revenue Service announced Monday that the nation’s tax season will begin Monday, Jan. 23, 2017 and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017.…
Had a great year last year and suddenly enjoyed a surge in income? You could have a target on your back for an IRS audit. While getting audited is no fun, you can survive! The key to remember is you need to have solid documentation to back up any claims you make about your overall…
2023 Tax Filing Important Tax Deadlines and Dates Calendar When are 2022 taxes due? The due date for filing your tax return is typically April 15 if you’re a calendar year filer. Generally, most individuals are calendar year filers. For individuals, the last day to file your 2022 taxes without an extension is April 18,…
Here is some information on Tax Topic 151 & 152 that many people asked for. We have also listed the full definitions below you can also visit the IRS Website www.irs.gov to find out more information. Topic 151 – Your Appeal Rights The IRS aims to resolve tax disputes through an administrative appeals process…
The Internal Revenue Service recognizes that the loss of a job may create new tax issues. The IRS provides the following information to assist displaced workers. Severance pay and unemployment compensation are taxable. Payments for any accumulated vacation or sick time are also taxable. You should ensure that enough taxes are withheld from these payments…
As tax season approaches, you might come across ads or social media posts promising that paying a premium can get you a tax refund before anyone else. Don’t be fooled—there’s no shortcut to jump the queue. Tax season typically opens the last week of January, and no amount of extra fees will speed up the…
