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 [...]
As a locum tenens provider, you’re considered an independent contractor and you need to be prepared to pay your own taxes. Your hiring firm may not be required to withhold any federal or state taxes from your compensation. Additionally, you’ll most likely need to remit estimated taxes each quarter to [...]
Source: IRS.gov - Issue Number: Tax Tip 2020-129 Terms to help taxpayers better understand Individual Retirement Arrangements Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a bank or other [...]
IRS.gov - Issue Number: Tax Tip 2020-118 Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items for newly married couples to review: Name and address changes - Name. When a [...]
IRS.gov IR-2020-185, August 18, 2020 WASHINGTON — With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income [...]
Issue Number: IR-2020-180 IRS.gov IRS takes new steps to ensure people with children receive $500 [...]
Tax returns are due today; taxpayers who can’t pay should still file today Source: IRS.gov Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. [...]
