Businesses hanging up their Help Wanted signs should be sure to check out the work opportunity tax credit. This credit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. The credit has been extended through the end of 2025. The 10 targeted groups are: Temporary Assistance for Needy Families recipients Qualified unemployed veterans, including disabled veterans Formerly incarcerated individuals Designated community […]

Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home ownership and the use of housing allowances that can be beneficial. When it comes to home ownership, the IRS considers a home […]

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, […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]