The Internal Revenue Service is cautioning taxpayers with virtual currency not to skip over a small, but vitally important, part of their Form 1040 this year.…
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The Internal Revenue Service continues to ensure its forms, letters, and other publications are available to the widest number of taxpayers. The agency is now providing many forms and publications not only in Spanish, but in Braille, text, audio, and large print for Spanish speakers.…
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The wait is over; the filing season for 2021 income tax returns has been opened by the IRS. But before taxpayers start sharpening pencils, cranking up the calculator and putting on a pot of coffee, they need to know they’ve got everything together to get the job done right.…
The gates have been opened just a little bit wider so more taxpayers who don’t have children can take advantage of the Earned Income Tax Credit (EITC).…
Millions of Americans are preparing to get their income tax returns in order for the 2021 tax year. While many are mostly concerned about getting their returns in on time, they should also be thinking about filing a correct return.…
The Internal Revenue Service has updated its guidance on expanded paid sick and family leave tax credits available to employers who provide the leave to their workers.…
Read more about COVID Paid Leave Credit Clarified for Employers
The Internal Revenue Service has long allowed educators to deduct part of the cost of supplies and other expenses from their taxes. The total deduction allowed may not sound like much, but educators all over the U.S. have come to depend on this tax break for a little relief.…
Public fascination with cryptocurrency tends to follow dramatic gains and losses in the market. While the latter results in pundits sounding the death knell for Bitcoin and its ilk, the most reliable predictor for the lifespan and legitimacy of crypto lies in the Internal Revenue Service—and some newly minted crypto-holding clients may have questions about the virtual currency checkbox on their tax year 2020 Form 1040.…
First-time income tax filers and those who usually don’t have a federal filing requirement are being urged to reconsider sitting out this filing season. They may be eligible to claim the Recovery Rebate Credit—but they have to file an income tax return to get it.…
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The Internal Revenue Service says, as required by law, it has issued all the first and second round Economic Impact Payments (EIPs) that were legally permitted. So, the IRS is now turning its full…
Read more about All First and Second Economic Impact Payments Have Been Issued
