Today, 2019 tax returns are due. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. Here are some tips for taxpayers who owe tax, but who can’t immediately pay their tax bill. Taxpayers should: File…
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Offer in Compromise
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can't pay your full tax liability, or doing so creates a financial hardship. We consider your unique set of facts and circumstances: Ability to pay;Income;Expenses; andAsset equity. We…
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The IRS YouTube channels provide short, informative videos on various tax-related topics
Here is a video tax tip from the IRS: IRS Economic Impact Payments on Your Tax Account English Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL. www.youtube.com/irsvideoswww.youtube.com/irsvideosmultilinguawww.youtube.com/irsvideosASL
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What taxpayers need to know about getting their unclaimed 2017 tax refunds
The IRS reminds taxpayers they may have money waiting for them. An estimated 1.3 million taxpayers didn’t file a 2017 Form 1040 federal income tax return and are due a refund. Here are some things taxpayers should know about these unclaimed refunds: To collect the money, taxpayers must file their 2017 tax return with the…
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IRS reminds U.S. territory residents about U.S. income tax rules relating to pandemic unemployment compensation
WASHINGTON – The Internal Revenue Service reminds eligible residents of the U.S. territories that if they receive unemployment compensation payments that are otherwise subject to U.S. income tax, they may be eligible to exclude up to $10,200 per person of unemployment compensation from U.S. income tax for 2020, following legislation that was passed March 11,…
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Claiming the employee retention credit in the first and second calendar quarters 2021
IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 explains the changes for the first and second calendar quarters of 2021, including: the increase in the maximum credit amountthe expansion of…
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