Natural disasters can – and do – happen at any time. Preparing in advance of a disaster can give people peace of mind after a disaster hits as they begin the recovery process. IRS.gov has information and resources that can help taxpayers before and after a disaster.
All tax pros need to beware of evolving phishing scams that use various pandemic-related themes to steal client data. It is the tax preparer’s responsibility to secure their network to protect taxpayer data.
If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal information.
The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021.
Take Charge of Your Child Tax Credit Payments: How to Use the IRS Update Portal to Sign Up for Direct Deposit, Change Accounts or Stop All Payments
Need to update direct deposit information? Many families are asking how they can change the bank account where they get their monthly Child Tax Credit payment.
The advance child tax credit allows qualifying families to receive early payments of the tax credit many people may claim on their 2021 tax return during the 2022 tax filing season. The IRS will disburse these advance payments monthly through December 2021.