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

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 IRS.gov. 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 IRS.gov. 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

The IRS reminds taxpayers that there is a virtual currency question at the top of Form 1040, Form 1040-SR and Form 1040-NR that asks: “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?” When to check “No”: Holding virtual currency in their own… Read More

CI pursues financial crimes like money laundering, terrorist financing, cybercrimes, and sanctions evasion—including investigating and seizing assets of Russian elites FS-2022-18, March 2022 I. Introduction IRS Criminal Investigation (CI) serves the American public by investigating potential criminal violations of the Internal Revenue Code and related financial crimes in a manner that fosters confidence in the… Read More

Charitable contributions are a great way to support organizations you care about and your local community! On top of that, depending on your client’s tax situation, donations to a qualified charitable organization could be a way for them to reduce their tax liability at the end of the year. The Taxpayer Certainty and Disaster Relief Act… Read More

Taxpayers who are paying someone to take care of their children or another member of household while they work, may qualify for child and dependent care credit regardless of their income. For tax year 2021, the maximum eligible expense for this credit is $8,000 for one child and $16,000 for two or more. Depending on their income,… Read More

Some educator expenses may be tax deductible The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source. Who is an eligible educator The taxpayer… Read More