WASHINGTON — The Internal Revenue Service reminds taxpayers today about several online tools available to help them get the tax information they need as the IRS has limited operations due to the coronavirus. More taxpayers […]
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Supplemental Security Income Recipients will Receive Automatic Economic Impact Payments; Step Follows Work between Treasury, IRS, Social Security Administration
WASHINGTON – The Internal Revenue Service, working in partnership with the Treasury Department and the Social Security Administration, announced today that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments. SSI […]
Treasury, IRS and Labor Announce Plan to Implement Coronavirus-related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave
WASHINGTON – Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, […]
Some Taxpayers may Benefit from the Credit for Other Dependents
Taxpayers with dependents who don’t qualify for the child tax credit may be able to claim the credit for other dependents. The maximum credit amount is $500 for each dependent who meets certain conditions. These, […]
Taxpayers Should Know the Difference between Standard and Itemized Deductions
It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. […]
IRS Revises Form 1023 for Applying for Tax-Exempt Status; New Electronic Filing Available to Help Charities
WASHINGTON – As part of an ongoing effort to improve service for the tax-exempt community, the Internal Revenue Service has revised Form 1023 to allow electronic filing for the first time starting later this month. […]
Taxpayers Should Find Out If They Can Benefit from the Earned Income Tax Credit
The earned income tax credit benefits working individuals and families with low to moderate incomes. EITC can lower a taxpayer’s taxes, and even result in a refund. To take advantage of this credit, taxpayers must file […]
IRS and Treasury Issue Guidance for Students with Discharged Student Loans and Their Creditors
WASHINGTON — The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance […]
Here are Reasons for People to File A 2019 Tax Return
While many people are required to file a tax return, it’s a good idea for everyone to determine if they should file. Some people with low income are not required to file, but will need […]
IRS: Recent Legislation requires Tax Exempt Organizations to E-File Forms
WASHINGTON – The Internal Revenue Service said today that the Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations […]