The burden of credit card debt
The burden of credit card debt
Read More The burden of credit card debtGig workers should understand their tax obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years. In an August 2021 survey, the Pew Research Center found that 16% of Americans have earned money at some time through online gig platforms. This includes providing car rides, shopping for groceries, walking dogs, performing household tasks, running errands […]
Read More Gig workers should understand their tax obligationsIRS update
In a March 21 speech before a tax executives convention, IRS chief Charles Rettig stated that the agency is “trending in a really good direction” in catching up on unprocessed returns. However, he warned, the agency needs more in long-term government funding if it’s going to achieve its six-year modernization plan. Despite a recent 6% […]
Read More IRS updateThe voice bots are coming
The next time you contact the IRS, your call or online text might be received by a voice or chat bot. The IRS is now employing the technology on two of its specialized phone-assistance lines and on IRS.gov. The voice bots will provide taxpayers with assistance in English and Spanish. These bots can help taxpayers […]
Read More The voice bots are comingHow to keep your tax return safe from “ghosts”
How to keep your tax return safe from “ghosts”
Read More How to keep your tax return safe from “ghosts”Which IRS notices are temporarily suspended?
A bipartisan group of lawmakers recently sent a letter to IRS Commissioner Charles Rettig requesting information on the suspension of certain tax notices that the IRS normally issues when a taxpayer owes tax and the IRS has no record of the taxpayer filing a tax return. The lawmakers expressed confusion about the extent to which […]
Read More Which IRS notices are temporarily suspended?Charitable Donations
Advocates of charities are urging Congress to revive a charitable giving deduction for taxpayers who don’t itemize on their tax returns. The above-the-line tax deduction was created by the CARES Act in response to the pandemic. It was available in 2020 and extended through 2021 but has expired for 2022. For 2021, the deduction was […]
Read More Charitable DonationsThe IRS again eases Schedules K-2 and K-3 filing requirements for 2021
The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items […]
Read More The IRS again eases Schedules K-2 and K-3 filing requirements for 2021Employ a household worker?
Did you employ a household worker in 2021? This could include a housekeeper, nanny, gardener, cook, health care worker, tutor or someone else. If so, you may owe what’s commonly called the “nanny tax.” If you paid him or her $2,300 or more in 2021 you must file Schedule H (Household Employment Taxes) with your […]
Read More Employ a household worker?IRS reports on backlog of unprocessed returns
A large number of errors made by taxpayers is hurting the IRS with its inventory of unprocessed tax returns. The backlog is mostly paper-filed returns and is dominated by errors relating to Economic Impact Payments (EIPs). On more than 10 million returns filed in 2021, taxpayers “failed to properly reconcile” the two 2020 EIPs with […]
Read More IRS reports on backlog of unprocessed returns
