It’s a simple “yes” or “no” question, but you must answer it on your Form 1040 or Form 1040-SR: At any time during 2021, did you receive, sell, exchange or otherwise dispose of any...
The IRS has established its first-ever Taxpayer Experience Office. The new office will focus on all aspects of taxpayers’ transactions with the IRS. Specifically, in the near-term, the office will seek to expand customer...
Like most income, tips in the service industry are taxable. It doesn’t matter if tips are paid directly in cash or added to payments by credit, debit or gift cards, or shared with coworkers....
If you’re a “box checker” and have already checked off “filing my taxes” from your to-do list, congratulations. Now you may be wondering, “where’s my refund?” To find out, pull out your smart phone...
If you’ve earned income from the gig economy, the IRS is reminding you that those wages are taxable and must be reported. The gig economy is when people earn income providing on-demand work, services,...
With tax season well underway, the IRS warns taxpayers to remain on guard when it comes to security. Be especially mindful, says the IRS, of scams involving unemployment benefits. Many states have reported a...
The IRS has announced additional relief for pass-through entities required to file two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Certain domestic partnerships and S corporations won’t...
The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are...
If you want to register for an IRS Online Account, you’ll no longer be subjected to the use of biometric data, including facial recognition. According to the IRS, taxpayers now have the option of...
The IRS is urging individuals to file a 2021 federal income tax return to take advantage of key tax benefits included in the American Rescue Plan Act (ARPA) and other legislation. In fact, individuals...