WASHINGTON – With the April 18 tax-filing deadline closing in for most taxpayers, the Internal Revenue Service wants to dispel some new and common myths about getting refund details or speeding up tax refunds. A number of these myths circulate on social media every tax season. The IRS continues to process 2021 tax returns and deliver refunds, with nine out of 10 … Read More
What Does It Mean? A Guide To Common Tax Forms
There are several tax forms issued by the IRS. It can be difficult to keep up with what’s what but don’t worry, in the table below you will find an overview of frequently used forms and what purpose they serve. Acronyms: IRA (Individual Retirement Account) HSA (Health Savings Account) MSA (Medical Savings Account) Form Number Form Name & Purpose W-2 … Read More
For those who make estimated federal tax payments, the first quarter deadline is Monday, April 18
WASHINGTON — The Internal Revenue Service today reminds those who make estimated tax payments such as self-employed individuals, retirees, investors, businesses, corporations and others that the payment for the first quarter of 2022 is due Monday, April 18. The 2022 Form 1040-ES, Estimated Tax for Individuals, can help taxpayers estimate their first quarterly tax payment. Income taxes are a pay-as-you-go process. This means, … Read More
IRS Reminds Holders of Foreign Bank and Financial Accounts of April FBAR Deadline
WASHINGTON – The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website PDF for further information. Filers missing the April deadlines will receive an automatic extension … Read More
The IRS Has Advice for Taxpayers Who Did Not Receive The Full Amount of Stimulus Money
WASHINGTON — With the completion of special mailings of all Letters 6475 to recipients of the third-round of Economic Impact Payments, the Internal Revenue Service reminds people to accurately claim any remaining third-round stimulus payment on their 2021 income tax return as the 2021 Recovery Rebate Credit. Through December 31, 2021, the IRS issued more than 175 million third-round payments … Read More
Frustrated trying to contact the IRS?? Of course you are, everyone is! You may want to try this; IRS to Use Voice and Chat Bots
The Internal Revenue Service is relying on technology to help it keep up with its growing need for taxpayer support. The agency has begun using voice and chat bots on a pair of specialized telephone assistance lines and on its website. These new features are expected to help taxpayers get answers to simple payment or collection notice questions quickly, while … Read More
Artificial Intelligence May Be Helping Cut Down On Long Phone Wait Times
As the IRS is continuing to navigate through an unprecedented amount of influx calls they are improving methods in order to provide taxpayers with guidance this tax season. The IRS has enacted artificial intelligence in hopes of expanding options taxpayers have to get their questions answered. They are introducing virtual bots capable of voice and text chat features. These bots … Read More
IRS Warns Tax Pros About Spear-Phishing Scams
Scammers are increasingly on the rise. They have a variety of ways to draw your personal information and wreak havoc. One avenue scammers may take is phishing, specifically spear phishing. Spear phishing is when scammers target a specific group of people. The IRS and the Security Summit have issued a warning noting that scammers are now targeting tax professionals. Scammers … Read More
Potential Scam Threats That Could Effect You and Your Taxes
The IRS has issued a reminder for taxpayers to keep a close eye on potential scams. They are urging taxpayers to be aware of these dangers and to report any suspicious activity. Text and email Last year the IRS observed an increase in text message scams. Scams can also take place through emails, social media, and phone calls. Typically, the … Read More
Third Round Stimulus Check – Is It Taxable?
You may be wondering how will COVID-19 relief payments affect my tax return? Taxpayers who did not receive their full third stimulus check may be able to claim this money on their tax return. Typically you must report all income when filing taxes, however the third stimulus check is a little different. Who Is Eligible for the Recovery Rebate Credit? … Read More