WASHINGTON – As the tax filing season deadline approaches, the Internal Revenue Service is reminding taxpayers to select who will prepare their 2016 federal tax return carefully. With the filing deadline less than two weeks away, appointments with some tax professionals may be limited. A reputable preparer will ask to see a taxpayer’s records and receipts and can help file an extension to give the taxpayer time to collect any […]

When a person sells a capital asset, the sale normally results in a capital gain or loss. A capital asset includes inherited property or property someone owns for personal use or as an investment. Here are 10 facts that taxpayers should know about capital gains and losses: Capital Assets. Capital assets include property such as a home or a car. It also includes investment property, like stocks and bonds. Gains and […]

WASHINGTON — The Internal Revenue Service today continued issuing its annual list of common tax scams by warning taxpayers to avoid schemes to erroneously claim tax credits. This year’s “Dirty Dozen” includes falsifying income to claim tax credits. “Taxpayers should ensure all the information they provide on their tax return is accurate,” said IRS Commissioner John Koskinen. “Falsifying income to claim tax credits is against the law. Taxpayers are legally […]

The Child Tax Credit is a tax credit that may save taxpayers up to $1,000 for each eligible qualifying child. Taxpayers should make sure they qualify before they claim it. Here are five facts from the IRS on the Child Tax Credit: Qualifications.For the Child Tax Credit, a qualifying child must pass several tests: Age. The child must have been under age 17 on Dec. 31, 2016. Relationship. The child must be […]

IRS YouTube Videos Claiming EITC or ACTC? Your Refund May Be Delayed: English | Spanish | ASL WASHINGTON — The Internal Revenue Service today joined partners across the country in promoting the Earned Income Tax Credit on EITC Awareness Day, Friday, Jan. 27, 2017. This campaign, which started 11 years ago, is a nationwide effort to alert millions of low- and moderate-income workers who may be missing out on this significant tax credit. Millions of […]

Taxpayers have fundamental rights under the law. The “Taxpayer Bill of Rights” presents these rights in 10 categories. This helps taxpayers when they interact with the IRS. Publication 1, Your Rights as a Taxpayer, highlights a list of taxpayer rights and the agency’s obligations to protect them. Here is a wrap-up of the Taxpayer Bill of Rights: The Right to Be Informed. Taxpayers have the right to know what is […]

As an employer, your size – for purposes of the Affordable Care Act –  is determined by the number of your employees. If you hire seasonal or holiday workers, you should know how these employees are counted under the health care law. Employer benefits, opportunities and requirements are dependent upon your organization’s size and the applicable rules. If you have at least 50 full-time employees, including full-time equivalent employees, on […]

Under the Affordable Care Act, certain organizations must report information to the IRS and individuals about health insurance coverage. The reporting requirements apply to insurance companies, self-insured companies, applicable large employers and employers that provide health insurance to their employees. ACA information returns and transmittals are electronically filed through the ACA Information Return system, also known as AIR. The ACA Assurance Testing System opens November 7 for tax year 2016 testing. AATS […]

Announcement 2016-39 provides relief to taxpayers who have been adversely affected by Hurricane Matthew and who have retirement assets in qualified employer plans that they would like to use to alleviate hardships caused by Hurricane Matthew. Announcement 2016-39 will be in IRB 2016-45, dated November 7, 2016.

WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This includes an additional filing extension for those with valid extensions that run out at midnight tonight, Oct. 17. The IRS is now offering this expanded relief to […]