IRS News
Tax Time Guide: Saving for retirement? IRA contributions for 2021 can be made until April 18 | Internal Revenue Service
The Internal Revenue Service reminds taxpayers they may be able to claim a deduction on their 2021 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 18, 2022.
irs.gov
Tax Time Guide: IRS reminds taxpayers to report gig economy income, virtual currency transactions, foreign source income and assets | Internal Revenue Service
- Gig economy earnings are taxable.
- Understand virtual currency reporting and tax requirements.
- Report Foreign Source Income.
- Reporting required for foreign accounts and assets.
News
Tax Preparation Tips For Your Business
Tax time is enough to send even the calmest business owners into a frenzy of stress.
forbes.com
How to score a tax write-off for 2021 donations to charity if you don’t itemize deductions
Single taxpayers can claim a tax write-off for cash gifts up to $300 and married couples filing together may get up to $600 in 2021. Here's what to know.
cnbc.com
IRS audits the poor at 5 times the rate of everyone else, analysis finds
Taxpayers who earn less than $25,000 are far more likely to get audited by the IRS than wealthier people.
cbsnews.com
IRS scam calls: Fake vs. real IRS contact
Millions of Americans fall victim to identity theft every year. It can be years before information exposed in a breach is used by criminals. Here are a few signs to look for.
norton.com
From The Desk of Keith L. Jones, CPA
NTA Blog: An Overloaded IRS Stops Certain Automated Notices, But Taxpayers Still Need to File Federal Tax Returns and Pay Outstanding Taxes - TAS
OVERLOADED IRS STOPS CERTAIN AUTOMATED NOTICES, BUT TAXPAYERS STILL NEED TO FILE FEDERAL TAX RETURNS AND PAY OUTSTANDING TAXES
In the latest NTA BLOG, National Taxpayer Advocate Erin M. Collins breaks down critical information taxpayers and tax practitioners need to know about the IRS’s recent decision to suspend some automated collection notices.
“We commend the IRS for suspending automated collection notices normally issued when a taxpayer owes additional tax and when the IRS has no record of a taxpayer filing a tax return,” says Collins. “This is a big relief for millions of taxpayers who may have received these notices while still waiting for the IRS to process their returns or address correspondence. Remember that interest and penalties will continue to mount, even if the IRS is not sending subsequent notices reminding taxpayers of their balances.”
The NTA encourages taxpayers to access or establish an online account with the IRS to view current balances and make payments.
The blog also cautions that despite the IRS stopping certain collection notices case-specific enforcement work will continue. This means some taxpayers may: • Receive a Notice of Federal Tax Lien; • Receive a Notice of Intent to Levy; • Have a certain property levied; and • Have their overpayments, including refundable tax credits, offset outstanding tax liabilities. Information is also provided about how taxpayers can seek relief from levies and refund offsets. Read the full NTA Blog for more important details.
irs.gov