joseph castellano

People can get the latest IRS news through the agency’s verified social media accounts and by subscribing to e-news services. These communication channels keep taxpayers “in the know” about important tax matters all year, not just during filing season. IRS social media platforms Twitter: Taxpayers, businesses and tax professionals can follow the IRS handles for announcements, tips and tax security alerts. IRS Twitter Moments highlight key messages, in Spanish, Vietnamese, […]

Categories: Tax News

Parents who are divorced, separated, never married or live apart and who share custody of a child with an ex-spouse or ex-partner need to understand the specific rules about who may be eligible to claim the child for tax purposes. This can make filing taxes easier for both parents and avoid errors that may lead to processing delays or costly tax mistakes. Only one person may be eligible to claim […]

Categories: Tax News

The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages purchased from a restaurant. Otherwise, the limit is usually 50% of the cost of the meal. To qualify for the […]

Categories: Tax News

The EITC is one of the federal government’s largest refundable tax credits for low-to moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket. The IRS urges people to check to see if they qualify for this important credit. While people with income under a certain amount aren’t required to file a tax return because they […]

Categories: Tax News

WASHINGTON – As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return. These mailings include balance due notices and unfiled tax return notices. The IRS […]

Categories: Tax News

WASHINGTON — The Internal Revenue Service today updated its frequently asked questions (FAQs) for the 2021 Child Tax Credit and Advance Child Tax Credit Payments. This updated FAQ modifies a question and adds a new question (FS-2022-07) PDF: Question 4, Topic H: Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return Question 10, Topic H: Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return […]

Categories: Tax News

With the tax filing season almost here, taxpayers should check out two IRS publications available on IRS.gov. These publications can help people get prepared and stay organized with tips for year-round tax planning. Publication 5348, Get ready to file Tax planning is for everyone. Taxpayers can use this publication to help them get ready to file their 2021 federal income tax return next year. Planning helps individuals file an accurate […]

Categories: Tax News

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here’s an overview of the tax incentives designed to encourage employers to hire qualified people with disabilities and to off-set some of the costs of providing accommodations. Disabled access credit  The disabled access credit is a non-refundable credit for small businesses that have expenses for providing access to […]

Categories: Tax News

IR-2021-242, Dec. 6, 2021 WASHINGTON – The Internal Revenue Service today issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Infrastructure Investment and Jobs Act, which was enacted on Nov. 15, 2021, amended the law so that the Employee Retention Credit applies only to wages paid before October 1, 2021, unless the employer is a recovery startup business. Notice 2021-65 applies to employers that paid wages after September 30, 2021, […]

Categories: Tax News

WASHINGTON — During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered to be anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the business has the right to control the details of […]

Categories: Tax News

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