Improper credits continue to be an important area of focus for the IRS. The fuel tax credit is meant for off-highway business and farming use and, as such, is not available to most taxpayers.
Beware of Third-party Promoters for the Fuel Tax Credit Read More »
The Internal Revenue Service reminds retirees who turned 72 during 2022 that, in most cases, Sunday, April 1, 2023, is the last day to begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans.
Over 72 in 2022? IRA Withdrawal is for You! Read More »
Bogus charities are a perennial problem that gets bigger whenever a crisis or natural disaster strikes. Scammers set up these fake organizations to take advantage of the public’s generosity. They seek money and personal information, which can be used to further exploit victims through identity theft.
Fake Charities: Real Scams Read More »
In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams.
Employee Retention Credit Claims Read More »
The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from transactions from digital assets and foreign sources or holding certain foreign assets.
Digital Asset Reporting, Foreign Revenue, and Foreign Assets Read More »
The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from the gig economy and service industry.
IRS Reminder to Report All Gig Income Read More »
Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions.
Understanding Business Travel Deductions Read More »
The EITC helps workers who earned $59,187 or less when they file their tax returns. Unfortunately, many people risk missing out on the credit because they don’t know they’re eligible — especially people who had a major life change and may qualify for the first time this year. Other workers at risk for overlooking the
EITC is a Major Tax Benefit Read More »
Taxpayers with dependents who don’t qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents. They can claim this credit in addition to the Child and Dependent Care Credit and the Earned Income Credit. Here’s more information to help taxpayers determine whether they’re eligible to claim the Credit for
The Credit for Other Dependents Read More »
The Department of the Treasury and the Internal Revenue Service issued final regulations amending the rules for filing returns and other documents electronically (e-file). These regulations will require certain filers to e-file beginning in 2024.
E-File for Businesses Read More »