If the IRS wants to talk to you about a specific tax matter, you can authorize a third party to do the talking for you. But you must grant third-party formal permission. There are...
As the tax season rolls on, the IRS is reminding taxpayers that it continues to increase the amount of tax information available in multiple languages. Indeed, the IRS’s work in the multilingual area continues...
If you didn’t file a 2020 federal income tax return and you expect a refund, time is running out: The deadline for filing and claiming a refund for the 2020 tax year is May...
A recent American Bar Association (ABA) conference discussed a potential tenant-based renters’ tax credit (RTC), which could be claimed on federal income tax returns if it was enacted into law. It was suggested that...
With the tax filing season winding down in roughly three weeks, the IRS has a reminder for some taxpayers. Those who are unable to file by the due date, April 15, can avoid...
The IRS is reminding businesses that if they intend to file 10 or more information returns reporting cash payments over $10,000 in a single transaction, they must file Form 8300 electronically, instead of filing...
Taxpayers who can’t pay their full federal tax bill may seek an Offer in Compromise (OIC) with the IRS. An OIC allows a taxpayer to settle a debt for less than owed or to...
If you’re owed a tax refund this year, you might want to consider receiving it in U.S. Series I savings bonds. Under an IRS program, you’re allowed to use any amount of your refund...
Is disability income taxable? Generally, income you receive for disability through an employer-paid accident or health insurance plan must be included on your tax return. An exclusion exists if the payments are for personal...
Do your assets include foreign bank and financial accounts? You may need to file an annual Report of Foreign Bank and Financial Accounts (FBAR) by April 15, depending on the details. Those who must...