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 [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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. [...]
