Make filing your 2020 federal income tax return easier with some preparation. The IRS is reminding taxpayers to get ready for the 2021 filing season. Steps you can take now include gathering your W-2,...

Read more

Business tax transcripts (summaries of tax returns) are a handy tool for taxpayers, their tax professionals and lenders. But they’re also a treasure chest of information for identity thieves. To help protect taxpayer security,...

Read more

Did you not receive an Economic Impact Payment (EIP) in 2020? If so, you may be able to claim a Recovery Rebate Credit when filing your tax return in 2021. The credit is figured...

Read more

Can you help your tax situation if you donate to charity by Dec. 31? Whether you’re supporting natural disaster recovery, COVID 19 crisis aid or any “qualified” charity, your donations may be tax-deductible, which...

Read more

The IRS will issue SALT deduction regulations for pass-through entities. The regulations will clarify that specified income tax payments are deductible by entities such as partnerships and S corporations in computing their nonseparately stated...

Read more

Many college students may qualify for Economic Impact Payments (EIPs), if they haven’t received them yet. The IRS is urging eligible self-supporting college students who don’t need to file a tax return to register...

Read more

Watch out for a gift card scam. Gift cards are a popular gift for all occasions. They’re also a tool that scammers use to steal money from people, according to the IRS. Scammers often...

Read more

The IRS has released guidance regarding additional first-year depreciation deductions for certain depreciable property a taxpayer acquired and placed in service after Sept. 27, 2017, and before the taxpayer’s first tax year that begins...

Read more

The IRS has issued final regulations that update the life expectancy and distribution tables used to calculate required minimum distributions (RMDs) from qualified retirement plans, IRAs, and annuities. Specifically, the regulations update the Single...

Read more