Taxpayers should be on the lookout for these scams
All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive [...]
Special tax benefits for members of the military and their families
Members of the military may qualify for special tax benefits. For instance, they don’t have to pay taxes on some types of income. Special rules could lower the tax they owe or allow them more [...]
IRS provides guidance on recapturing excess employment tax credits
The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize the assessment [...]
IRS is sending letters to those experiencing a delay with advance payment of employer credits
The IRS announced it started sending letters to taxpayers who experienced a delay in the processing of their Form 7200, Advance Payment of Employer Credits Due To COVID-19. Reasons for delay include: Rejected form Change [...]
What someone should do if they missed the July 15 deadline to file and pay
While the federal income tax-filing deadline has passed for most people, some taxpayers haven’t filed their 2019 tax returns yet. If a taxpayer is entitled to a refund, there’s no penalty for filing late. Penalties [...]