Beware of Abusive Tax Avoidance Schemes
These schemes can take many shapes, ranging from abusive deals involving syndicated conservation easements and micro-captive insurance arrangements. They can also involve an international component, such as hiding cash and digital assets offshore or using Maltese foreign individual retirement accounts or foreign captive insurance.
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IRS Warns Impersonation Telephone Scams
A sophisticated phone scam targeting taxpayers, including recent immigrants, has been making the rounds throughout the country. Callers claim to be IRS employees, using fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling.
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2022 Changes that May affect your Tax Refund
Changes in the number of dependents, employment or self-employment income and divorce, among other factors, may affect your tax-filing status and refund for 2023.
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Get Ready for Taxes: What’s New and What to Consider When Filing in 2023
The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns.
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IRS: Deadline to File 2019 and 2020 Tax Returns to Get COVID Penalty Relief Postponed in Declared Disaster Areas
The Internal Revenue Service reminds taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations they may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns.
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IRS: Hurricane Ian Victims in Florida Qualify for Tax Relief; Oct. 17 Deadline, Other Dates Extended to Feb. 15
Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced.
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Reminder: File 2019 and 2020 Returns by Sept. 30 to Get COVID Penalty Relief
The Internal Revenue Service today reminded struggling individuals and businesses, affected by the COVID-19 pandemic, that they may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by September 30, 2022.
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IRS: Sept. 15 is The Deadline for Third Quarter Estimated Tax Payments
The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is September 15, 2022. Mark on your calendar this tax deadline for: -Sept. 15, 2022: Final deadline to file partnership and S-corporation tax returns for tax year 2021, if an extension was requested (Forms 1065 and 1120-S). -Sept. 15, 2022: Deadline for third-quarter estimated tax payments for the 2021 tax year.
Read articleBiden’s Student Loan Forgiveness Plan: Your Questions, Answered
What you need to know about Biden’s Student Loan Forgiveness Plan. President Biden’s move means the student loan balances of millions of people could fall by as much as $20,000. This F.A.Q. explains how it will work.
Read articleFLORIDA VOTERS – POLLS ARE OPEN! Today is Florida’s Primary Election.
The polls are open from 7:00 a.m. to 7:00 p.m. at your voting precinct. If you haven’t yet voted, be sure to be at the polls by 7:00 p.m. local time to ensure you have the opportunity to cast your ballot.
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2021 Tax Extension Filers, Don’t Overlook These Important Tax Benefits
The Internal Revenue Service reminds taxpayers who've yet to file their 2021 federal income tax return to make sure they take advantage of the deductions and credits for which they're entitled and to file electronically as soon as possible.
Read articleIRS Announces Interest Rate Increases for the Fourth Quarter of 2022; 6% Rate Applies to Most Taxpayers Starting Oct. 1
The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022.
Read articleNew School Year Reminder to Educators; Maximum Educator Expense Deduction Rises to $300 in 2022
As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year.
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IRS: Truckers Need to File by August 31 Deadline, E-file Encouraged
The Internal Revenue Service today is reminding those who have registered, or are required to register, large trucks and buses that it's time to file Form 2290, Heavy Highway Vehicle Use Tax Return. Must do it before the payment deadline of August 31, 2022, for vehicles first used in July 2022.
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Today’s Mortgage Rates: 30-Year Rates Tumble Back Below 5%
20-year rates also nosedived, so buyers may want to lock in a rate today while they’re relatively low for longer repayment terms.
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Mortgage Rates Hit Their Lowest Levels in Weeks — and Here Are Even More Ways to Save on Your Mortgage
Mortgage rates are dipping. Back in June, 30-year fixed rates hit 6%, but this month we have watched them fall. Indeed, 30-year fixed mortgages decreased to 5.60%, which is the lowest in weeks, according to the latest Bankrate data from July 28. Meanwhile, the national average for 15-year fixed-rate mortgage loans declined to 4.89%.
Read article2022 Back to School Sales Tax Holiday
Consumers can purchase qualifying back-to-school supplies exempt from tax during the 2022 Back-to-School Sales Tax Holiday. It begins Monday, July 25 and extends through Sunday, August 7.
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New IRS Strategic Plan: Agency Issues Five-Year Plan with Goal to Help Taxpayers
The IRS Strategic Plan FY2022-2026 will serve as a roadmap to help guide the agency's programs and operations. The plan will also help meet the changing needs of taxpayers and members of the tax community.
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2021 Tax Extension Filers Don’t Need to Wait Until October 17
The Internal Revenue Service is reminding the estimated 19 million taxpayers who requested an extension to file their 2021 tax return that they don't have to wait until mid-October to file. If a taxpayer has all the necessary information to file an accurate return, they can file electronically at any time before the October deadline and avoid a last-minute rush to file.
Read articleGlobal Central Banks Ramp Up Inflation Fight
Central banks in the U.S., Europe, Canada and parts of Asia are lifting interest rates rapidly as they try to wrestle breakneck inflation under control.
Read articleExtension filers: IRS.gov is the source for summertime tax help; agency encourages people to file soon
Summer may be a busy time for many, but it's a great time to start tax planning - whether you still need to file a 2021 tax return or start planning for next year's tax season. The IRS website is the fastest and most convenient way to get tax-related information and help. The online tools are available any time, so taxpayers can use them at their convenience. Here are some important reasons for taxpayers to visit IRS.gov this summer.
Read articleHow high is inflation in the US? New CPI reports outlines 9.1% annualised price increase for June
The latest consumer price index (CPI) report showed that inflation was at an annualised pace of 9.1% in June, representing the fastest rate in 41 years.
Read articleBiden Proposes Upgrades And Expansions To Student Loan Programs—Here’s Who Might Benefit
The Biden administration on Wednesday unveiled new proposals to improve and expand student loan relief programs by attempting to make it easier for borrowers who were defrauded by for-profit schools, those who are permanently disabled and public servants to benefit from loan forgiveness, building on previous efforts to tackle what it calls a “broken” system.
Read articleFloridians Can Live it Up Tax-Free During Upcoming 2022 Freedom Week
So, what's eligible during the tax-free holiday? Pretty much everything you need to have a good time. Just in time for Independence Day festivities, Florida shoppers can get ready to party in the USA tax-free with the 2022 Freedom Week Sales Tax Holiday starting today.
Read articleHow to Calculate Your Home Office Deduction?
If I work from home, do I qualify for a home office tax deduction? Unprecedented numbers of employees and companies adopted the "home office" model in 2021 and 2022. You should be aware of these significant tax ramifications if you work from home.
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IRS: Contribuyentes Ahora Tienen más Opciones para Corregir y Enmendar Declaraciones Electrónicamente
El Servicio de Impuestos Internos anunció que ahora se pueden enmendar más formularios electrónicamente. Estos incluyen el formulario 1040-NR, declaración de impuestos sobre los ingresos de extranjeros no residentes en los Estados Unidos y los formularios 1040-SS, declaración de impuestos de trabajo por cuenta propia en los Estados Unidos y los formularios 1040-PR, planilla para la declaración de la contribución federal sobre el trabajo por cuenta propia.
Read articleIRS Continúa Trabajando en Inventario de Declaraciones de Impuestos; Declaraciones Originales Presentadas en 2021 se Completarán esta Semana
El IRS también insta a la gente a presentar la declaración tan pronto como esté preparada. No es necesario esperar hasta el último minuto antes de la fecha límite de prórroga del 17 de octubre. Presentar antes evita posibles retrasos para los contribuyentes, y también ayuda a los mayores esfuerzos del IRS en curso para completar el procesamiento de las declaraciones de impuestos de este año.
Read articleIRS Expands Voice Bot Options for Faster Service, Less Wait Time
Assistance for eligible taxpayers in setting up or modifying payment plans now available; more functions planned in 2022 to help taxpayers obtain account information.
Read articleHow Fathers Can Make Sure Their Families Are Financially Protected
If you’re a father, there’s a good chance you help manage your household's finances and you may even play the dominant role. As you celebrate Fathers’ Day this weekend, you might want to consider taking these steps to ensure your family is protected.
Read articleIRS Wraps up 2022 “Dirty Dozen” Scams List; Agency Urges Taxpayers to Watch out for Tax Avoidance Strategies
Cryptocurrency, non-filing, abusive syndicated conservation easement, abusive micro-captive deals make list. "These tax avoidance strategies are promoted to unsuspecting folks with too-good-to-be-true promises of reducing taxes or avoiding taxes altogether," said IRS Commissioner Chuck Rettig. Taxpayers should not kid themselves into believing they can hide income from the IRS.
Read articleIRS Continues with Dirty Dozen this Week, Urging Taxpayers to Continue Watching Out for Pandemic-Related Scams Including Theft of Benefits and Bogus Social Media Posts
Remember, the IRS won't initiate contact by phone, email, text or social media asking for Social Security numbers or other personal or financial information related to Economic Impact Payments.
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How Companies Are Bridging The Gap Between Profitability y Purpose
Consumers, investors, and even employees are expecting more out of the companies they support. It doesn’t take much browsing on social media to read about brands that have earned widespread ire for falling short.
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IRS Encourages Taxpayers with October Filing Extensions and Others Who Still Need to File
Don’t wait to file. File electronically when ready; speeds refunds, avoids added interest, penalties.
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Taxpayers Should check Their Federal Withholding to Decide If They Need to Give Their Employer a New W-4
The IRS encourages all taxpayers to review their federal withholding at least once a year to make sure they're not having too little or too much tax withheld.
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How to Find Your Ideal Business Consultant
This post will tell you how best to fill your consulting needs.
Read articleTop 15 Small Business and Startup Accounting Tips
Proper management of a business’s finances, and having someone dedicated to that process, is a crucial component of success for small businesses and startups alike.
Read articleAhead of Hurricane Season, IRS Offers Tips on Ways to Prepare for Natural Disasters
This is a good time to create or review an emergency preparedness plan, including steps to protect important tax-related information.
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