WASHINGTON – The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible for expanded home… Read More

Employer Identification Number Most business owners will need an Employer Identification Number (EIN). It’s a permanent number and can be used for most business needs, from opening bank accounts to filing a tax return by mail. Business owners can get their EIN immediately by applying online at IRS.gov at no cost. Business structure Taxpayers must decide what… Read More

It’s official—the IRS now requires employers to electronically file the following forms if they have an aggregate of 10 or more of: W-2 1099 series 1098 series W-2G 1042-S 1094 1095 series 3921 3922 8027 This requirement applies to filings for Tax Year 2023 and beyond (i.e. forms that are filed starting in 2024). Affected employers should… Read More

All taxpayers filing 2022 tax year Forms 1040 and 1040-SR must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer. Examples of digital assets transactions include:… Read More

TAX TIP FROM THE IRS. If taxpayers receive a Form 1099-K, they should use that information with their other tax records to determine their correct tax liability. Taxpayers must report all their income on their tax return unless it’s excluded by law, regardless of whether they receive a Form 1099-K. Taxpayers will receive Form 1099-K… Read More

Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions.   Here are some tax details all business travelers should know Business travel deductions are available when employees must travel away… Read More

Para ayudar a los contribuyentes a navegar el comienzo de la temporada tributaria de 2023, el Servicio de Impuestos Internos (IRS) ofreció hoy una lista de verificación con recordatorios para las personas, conforme se preparan para presentar la declaración de impuestos. Desde la recopilación de documentos hasta la presentación de su declaración, estos pasos ayudarán… Read More