Source: IRS.gov Issue Number: FS-2022-20 Inside This Issue Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping Understanding Crowdfunding Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited [...]
Confused about your gains and losses from Virtual Currency transactions? We can help! The IRS recently published an article reminding taxpayers about reporting your crypto transactions on your tax return. Source: IRS.gov Issue Number: IR-2022-61 IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on [...]
IRS.gov Issue Number: IR-2022-31 IRS continues work to help taxpayers; suspends mailing of additional letters WASHINGTON – As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices [...]
Issue Number: IR-2022-08 Inside This Issue 2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline WASHINGTON − The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency [...]
Issue Number: IR-2022-03 Inside This Issue IRS reminder to many: Make final 2021 quarterly tax payment by Jan. 18; avoid surprise tax bill, possible penalty WASHINGTON − The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their [...]
The following information reviews the Consolidated Appropriations Act, 2021 (CAA) and the American Rescue Plan Act of 2021 (ARP Act), passed to assist in dealing with the economic impacts of COVID-19. Source of Articles: NATPtax.com INDIVIDUAL TAXPAYERS: Economic Impact Payments The ARP Act provided a third economic impact payment [...]
Source: IRS.gov 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 WASHINGTON — The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance [...]
Source: IRS.gov Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify [...]
The IRS announced they will begin accepting electronically filed tax returns on February 12th 2021. Here are some important reminders before you file. Source: IRS.gov Issue Number: IR-2021-23 Important reminders before filing 2020 tax returns WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today [...]
COVID-Related Tax Relief Acts On December 23, 2020, Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. COVIDTRA extends and modifies several provisions first enacted in the Coronavirus Aid, Relief, and Economic Security [...]
