Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people.Scammers often target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails requesting gift card purchases for friends,…
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Some taxpayers may need to make estimated tax payments
Some taxpayers earn income not subject to withholding. For small business owners and self-employed people this can mean making quarterly estimated tax payments.Anyone in this situation should check their withholding using the Tax Withholding Estimator on IRS.gov. If the estimator suggests a change, the taxpayer can submit a new Form W-4 to their employer. Here…
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Notice 2020-49 tax relief, deadlines, new markets tax credit
Notice 2020-49I. PURPOSEOn March 13, 2020, the President of the United States issued an emergencydeclaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act(42 U.S.C. 5121 et seq.) in response to the ongoing Coronavirus Disease 2019(COVID-19) pandemic (Emergency Declaration). The Emergency Declarationinstructed the Secretary of the Treasury “to provide relief from tax deadlines…
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What people really want to know about Economic Impact Payments
IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments. Is this payment considered taxable income? No, the payment is not income and taxpayers will not owe tax on it. The payment will not reduce a…
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