It is never too early to begin planning for retirement. Individual retirement accounts provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, a mutual fund, or a stockbroker. [...]
Imitation may be the sincerest form of flattery, but when scammers pose as the IRS it means trouble for taxpayers. Identity thieves may contact taxpayers through fraudulent calls, emails, texts, or social media messages pretending to be the IRS. Here are tips to help taxpayers know when the IRS is [...]
The Oct. 16, 2023, extension filing deadline is coming up, and many taxpayers who requested an extension are now choosing a tax return preparer. Most tax return preparers provide honest, quality service, but there are some bad apples out there – from unethical preparers to outright scammers. When hiring an [...]
Many military spouses run businesses or do gig work, and whether it's a side hustle or a major operation, the IRS has tax resources, tools, and information to help them keep things running smoothly. Tax Resources on IRS.gov Small Business and Self-Employed Tax Center – Available at IRS.gov/smallbiz, this page has resources for [...]
The IRS and its Security Summit partners continue to see steady attacks aimed at the nation's tax professionals to steal sensitive tax and financial information from their clients. According to a news release, one of the most common threats facing tax pros is phishing and related scams. These are designed to trick the [...]
The Internal Revenue Service announced expansive tax relief for Hawaii wildfire victims in Maui and Hawaii counties. These taxpayers now have until Feb. 15, 2024, to file various federal individual and business tax returns and make tax payments. According to a news release, the IRS is offering relief to any [...]
Nearly a third (31%) of Americans with student debt say they opted not to make payments on their loans during the national forbearance, using the reprieve to pay down credit card debt, save up for discretionary spending and build up their emergency savings, according to new research by Empower. Credit Cards [...]
The IRS issued Notice 2023-59 regarding the requirements for home energy audits for taxpayers that want to claim the Energy Efficient Home Improvement Credit. The Inflation Reduction Act of 2022 created several clean energy credits. Each of these credits has requirements for the type of clean energy property or service purchased [...]
Good news for some: the IRS has ended most unannounced visits to taxpayers by revenue officers. Ending unannounced visits to taxpayers will increase confidence in IRS's tax administration work and improve overall safety for taxpayers and IRS employees. Fraudsters bombarding taxpayers by mail, by phone, and in-person increased confusion about home [...]
Don't worry, IRS Free File remains available until Oct. 16 for taxpayers who still need to file a 2022 tax return. If a taxpayer filed for an extension ahead of the April 18, 2023, tax deadline, their return is due to the IRS by Oct. 16. It's a good idea [...]
