News & Helpful Information
Here’s How a Taxpayer’s Custody Situation May Affect Their Advance Child Tax Credit Payments
Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return.
Here’s What Tax Professionals Should Do After a Data Theft or Loss
If a tax pro or their firm is the victim of data or information theft, they must deal with it thoroughly and efficiently. Here are some actions they should take immediately to help minimize damage and protect against future data and theft or losses.
Taxpayers Who Aren’t Eligible for the Child Tax Credit Should Look Into the Credit for Other Dependents
The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions.
How to Avoid Fraud and Scams After a Disaster
Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. These disaster scams normally start with unsolicited contact.
Starting Oct. 28, New $67 User Fee Applies to Estate Tax Closing Letters; IRS Reminds Executors of Free Transcript Option
The Internal Revenue Service announced today that starting Oct. 28, a new $67 user fee will apply to any estate that requests a closing letter for its federal estate tax return.
What Employers Need to Know When Classifying Workers as Employees or Independent Contractors
It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered anyone who performs services, if the business can control what will be done and how it will be done.
Renewed Work Opportunity Tax Credit Can Help Employers Hire Workers
With many businesses facing a tight job market, the IRS reminds employers to check out the work opportunity tax credit. Resent legislation extended this credit through the end of 2025.
IRS Resources to Help Small Business Employers Understand and Meet Their Tax Responsibilities
The IRS acknowledges that small business employers have unique tax responsibilities, and they make valuable contributions to the economy. The agency has a variety of information and resources to help employers understand and meet these unique tax responsibilities.
Understanding The Tax Responsibilities That Come With Starting A Business
Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.
Reminder for extension filers: choose a tax preparer wisely
The filing extension deadline will be here soon. Taxpayers who requested an extension to file might be considering hiring a tax preparer. The IRS reminds these taxpayers to choose their tax return preparer wisely.