Digital Assets

The Internal Revenue Service recently reminded taxpayers that they must again answer a digital asset question and report all digital asset-related income when they file their 2022 federal income tax return, as they did for fiscal year 2021. The term “digital assets” has replaced “virtual […]

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IRS announces two new online tools to help families manage Child Tax Credit payments

Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the […]

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EIP Text Scam Alert

The Internal Revenue Service, state tax agencies and the tax industry last month warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS, states and industry, […]

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IRS makes it easier to set up payment agreements; Offers other relief to taxpayers struggling with tax debts

The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but […]

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Keep Economic Impact Payment notice with other tax records

People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. […]

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IRS issues warning about Coronavirus-related scams

IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments WASHINGTON — The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts […]

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Improved Tax Withholding Estimator now available

The Internal Revenue Service has launched a new and improved Tax Withholding Estimator, designed to help workers target the refund they want by having the right amount of federal income tax taken out of their pay. The Tax Withholding Estimator, now available on IRS.gov, incorporates the […]

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IRS updates guidance for deductible business, charitable, medical and moving expenses

The Internal Revenue Service issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA). Revenue Procedure 2019-46, posted November 14, 2019, on IRS.gov, updates the rules for using the optional standard mileage rates in computing […]

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Dos and Don’ts for Taxpayers Who Get a Letter from the IRS

Every year the IRS mails millions of letters to taxpayers for many reasons. Here are some tips and suggestions for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a […]

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IRS now billing those who filed but didn’t pay; Many payment options available

WASHINGTON — The Internal Revenue Service today advised those now receiving tax bills because they filed on time but didn’t pay in full that there are many easy options for paying what they owe to the IRS. If a tax return was filed but the […]

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