Identity theft is a challenge to businesses, organizations and government agencies, including the IRS. Tax-related identity theft occurs when someone uses your stolen Social Security number to file a tax return claiming a fraudulent refund. Many times, you may not be aware that someone has stolen your identity. The IRS may be the first to … Read more
The Internal Revenue Service is highlighting products to help small business owners and self-employed individuals understand and meet their tax obligations. Some of these tools focus on an emerging areas of business activity — the sharing economy – also referred to as the on-demand, gig or access economy. People involved in the sharing economy engage in activities such … Read more
Taxpayers who have a tax debt they cannot pay may be able to settle their tax debt for less than the full amount owed by making an Offer in Compromise. Before applying for an Offer in Compromise, here are some things to know:
The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. For instance, you must itemize your deductions. Here are six more tips that you should keep in mind: 1. Give … Read more
Here Are 10 Quick Ideas To Help: 1. Gather Records. Good recordkeeping is important. It helps to ensure that nothing gets overlooked. Records such as receipts and cancelled checks also provide expense documentation. 2. Use IRS Online Tools. The IRS has many useful online tools. The Interactive Tax Assistant tool provides answers to many tax questions. It gives the same … Read more
The IRS offers several payment options where taxpayers can pay immediately or arrange to pay in installments. Taxpayers can pay online, by phone, or with their mobile device and the IRS2Go app. Taxpayers should pay in full whenever possible to avoid interest and penalty charges. Here are some electronic payment options for taxpayers: Anyone wishing … Read more
There are only a few days left to go before the year ends, but here are some actions you may take before the end of the year to improve the your tax situation for 2020 and beyond. Consider Biden’s proposals. As the year comes to an end, it is hard to predict what, if anything, that … Read more