Claiming a child as a dependent when parents are divorced, separated

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 [...]

By |2022-07-02T10:10:39-08:00July 5th, 2022|Finance|Comments Off on Claiming a child as a dependent when parents are divorced, separated

Taxpayers now have more options to correct, amend returns electronically

The Internal Revenue Service reports that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico), and Forms [...]

By |2022-06-25T12:16:18-08:00June 28th, 2022|Finance|Comments Off on Taxpayers now have more options to correct, amend returns electronically

IRS seeks to offer jobs to thousands of workers this summer

Looking for a summer job to keep busy and raise some cash? To boost its workforce and better help taxpayers and businesses, the Internal Revenue Service is looking to hire over 4,000 contact representative positions at several IRS offices nationwide this summer. A contact representative provides administrative and technical assistance [...]

By |2022-06-18T10:57:00-08:00June 21st, 2022|Finance|Comments Off on IRS seeks to offer jobs to thousands of workers this summer

2022 ‘Dirty Dozen’ scams list wraps; taxpayers should still watch for scams

The Internal Revenue Service has wrapped up its annual "Dirty Dozen" scams list for the 2022 filing season, with a warning to taxpayers to avoid being misled into using bogus tax avoidance strategies. The IRS warned taxpayers to watch out for promoters peddling these schemes. As part of its mission, [...]

By |2022-06-11T10:39:48-08:00June 14th, 2022|Finance|Comments Off on 2022 ‘Dirty Dozen’ scams list wraps; taxpayers should still watch for scams

Cities with biggest credit card debt paydowns + upcoming fed rate hike

With consumers’ finances under pressure due to inflation, a new report and Credit Card Debt Study found that consumers paid down $13.2 billion in credit card debt during Q1 2022 (76% less than last year). In addition, WalletHub’s Fed Rate Hike Report revealed that a Federal Reserve interest rate increase [...]

By |2022-06-08T12:08:01-08:00June 9th, 2022|Finance|Comments Off on Cities with biggest credit card debt paydowns + upcoming fed rate hike

IRS extends VITA and TCE grants application deadline

The Internal Revenue Service has extended the deadline to June 17 for accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years. Grants.gov will continue accepting applications through [...]

By |2022-06-04T14:23:18-08:00June 7th, 2022|Finance|Comments Off on IRS extends VITA and TCE grants application deadline

Understanding taxpayer rights: how to appeal an IRS decision

Did you know as a taxpayer you do have the right to appeal an IRS decision in an independent forum? This is one of 10 basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when working with the IRS, according to tax tips [...]

By |2022-05-28T10:21:49-08:00May 31st, 2022|Finance|Comments Off on Understanding taxpayer rights: how to appeal an IRS decision

IRS interest rates increase for the third quarter of 2022

If you're curious about the current interest rates, the Internal Revenue Service announced that interest rates would increase for the calendar quarter beginning July 1, 2022. The rates will be: 5% for overpayments (4% in the case of a corporation). 2.5% for the portion of a corporate overpayment exceeding $10,000. [...]

By |2022-05-21T10:00:35-08:00May 24th, 2022|Finance|Comments Off on IRS interest rates increase for the third quarter of 2022

Money received through ‘crowdfunding’ may be taxable

You've probably heard the term 'crowdfunding' but don't know what it is. Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, charitable donations, or gifts. In some cases, the money raised through crowdfunding [...]

By |2022-05-14T10:41:04-08:00May 17th, 2022|Finance|Comments Off on Money received through ‘crowdfunding’ may be taxable

Difficulty finding and retaining office workers skyrockets

Echoing reports of ongoing labor shortages, a new survey confirms that a vast majority of organizations are facing extreme difficulty finding and retaining qualified workers. But, the survey reveals, that these challenges are no longer being driven solely by a lack of manual services workers, as previous trends have indicated. [...]

By |2022-05-11T20:11:20-08:00May 12th, 2022|Finance|Comments Off on Difficulty finding and retaining office workers skyrockets

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