How’s your tax withholding?

This tax season, some taxpayers will be shocked to learn that they owe money to the IRS, perhaps because their employer didn’t withhold enough from their wages. This can also happen when an employee has more than one job or income that fluctuates throughout the year. But it’s your responsibility to ensure withholding is adequate. […]

Gig Income

If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported. The gig economy is when people earn income providing on-demand work, services or goods. Often, the gig is acquired through a digital platform, such as a smart phone app. Taxpayers must report income […]

KleptoCapture

The U.S. Department of Justice announced that it’s creating a task force, KleptoCapture, aimed at crippling the finances of rich Russians to pressure their country to end its invasion of Ukraine. Meanwhile, Senate Finance Committee Chairman Ron Wyden (D-OR) is urging Congress to further fund the IRS Criminal Investigation unit. This arm of the IRS […]

Scam Alert

With tax season well underway, the IRS warns taxpayers to remain on guard when it comes to security. Be especially mindful, says the IRS, of scams involving unemployment benefits. Many states have reported a surge in fraudulent unemployment claims filed using stolen identities. Unemployment benefits are taxable income and are reported to recipients on Form […]

Waiting for a Refund?

Are you wondering how long you’ll have to wait for a federal tax return? Assuming you e-filed, your tax situation is relatively uncomplicated and your return’s accurate, the IRS reports that your refund will likely arrive in less than 21 calendar days. As of Feb. 18, the IRS had issued more than 22 million refunds […]

IRS Challenges

Challenges faced by the IRS last year continue, said the Government Accountability Office (GAO). Recently, a GAO Director, Jessica Lucas-Judy, listed some of the issues in a testimony before the U.S. Senate Finance Committee. Issues include soaring telephone demand, rising correspondence inventory, limited online information, and a decline in in-person services. “The outcome,” said Lucas-Judy, […]

TAP seeking new members

Here’s your chance to tell the IRS what you really think. The Taxpayer Advocacy Panel (TAP) is seeking new members now through April 8. Members serve a three-year term and represent all 50 states, as well as Washington D.C. and Puerto Rico. They provide an ordinary taxpayer perspective to the IRS and recommend ways to […]

Where’s my refund

If you’re a “box checker” and have already checked off “filing my taxes” from your to-do list, congratulations. Now you may be wondering, “where’s my refund?” To find out, pull out your smart phone and download the IRS’s mobile app, IRS2GO. The IRS says your refund status should be available within 24 hours after it […]

Premium Tax Credits

The IRS has posted a fact sheet to its website containing new and updated FAQs on the Premium tax credit (PTC). A PTC is available to certain low and moderate income individuals enrolling in a qualified health plan through the Health Insurance Marketplace. Taxpayers enrolling in Marketplace insurance may choose to have an estimated credit […]

Tax News on the OIC

Taxpayers who owe more taxes than they can pay may seek an Offer in Compromise (OIC) with the IRS to settle the debt for less than the amount owed. In one case, the IRS rejected a taxpayer’s request for an OIC and proceeded to collect his outstanding liabilities. After performing a financial analysis, the IRS […]