Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home: Ownership and use To claim the exclusion, the taxpayer must meet ownership and use tests. During… Read More

The Internal Revenue Service reminds all businesses, including self-employed and gig workers, to make estimated tax payments quarterly, and that making them electronically is fast, easy and safe. Individuals and businesses alike are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That’s why those… Read More

The Internal Revenue Service wants taxpayers to know there are free resources on for those that are starting a business. Small businesses play a pivotal role in the nation’s economy. The IRS has a variety of resources available to help employers meet their tax responsibilities as well as help their employees. Selecting a business… Read More

IRS reminds employers of penalty relief related to claims for the Employee Retention Credit WASHINGTON — The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the… Read More

Important reminders for people filing their tax return at the last minute The April deadline for filing a 2021 tax return is near, but IRS tax help is available 24 hours a day on Whether filing a tax return, requesting an extension, or making a payment, the IRS website has answers to most tax… Read More

Recordatorios importantes para quienes presentan su declaración de impuestos en el último momento La fecha límite de abril para presentar una declaración de impuestos de 2021 está cerca, pero la ayuda tributaria del IRS está disponible las 24 horas del día en Ya sea para presentar una declaración de impuestos, solicitar una prórroga o… Read More

What people should do if their third-round Economic Impact Payments are missing or incorrect In 2021, the IRS issued more than 175 million third-round Economic Impact Payments, totaling over $400 billion. Most eligible people already received the full amount of their credit in advance and don’t need to include any information about this payment when… Read More

Reembolso federal puede tardar más de 21 días para algunos contribuyentes El IRS emite la mayoría de los reembolsos en menos de 21 días para los contribuyentes que presentan electrónicamente y eligen el depósito directo. Sin embargo, algunas declaraciones de impuestos tienen errores o necesitan más revisión y pueden tardar más en procesarse. El IRS… Read More

Third-Round Economic Impact Payment Not Received? Double-check records first Individuals are encouraged to double-check their bank accounts – especially in early spring and summer of 2021 – to see whether they received a third-round payment in advance last year. If an individual did not receive a third-round payment — and their IRS Online Account shows… Read More

IRS reminder to many retirees: April 1 is last day to start taking money out of IRAs and 401(k)s WASHINGTON — The Internal Revenue Service today reminded retirees who turned 72 during the last half of 2021 that, in most cases, Friday, April 1, 2022, is the last day to begin receiving payments from Individual… Read More