A new report by the Treasury Inspector General for Tax Administration ("TIGTA") determined that Internal Revenue Service employees improperly levied elderly taxpayer’s Social Security benefits, leading to economic hardship for elderly and low-income people with tax debts. For many elderly and low-income taxpayers, Social Security benefits are their only income. The Tax Code requires that...
Unfortunately, the wordwide pandemic is have a serious affect on businesses big and small - many businesses are closing their doors. Even businesses that have been around for 50 years! As traumatic as it is to have to close a business that you put your heart and soul into, you have to do it...
IRS: Unemployment compensation is taxable; Have tax withheld now and avoid a tax-time surprise WASHINGTON – With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid...
WASHINGTON – The Internal Revenue Service today reminded the self-employed, investors, retirees and others with income not subject to withholding that third quarter estimated tax payments for 2020 are due Sept. 15. Taxes are paid as income is received during the year through withholding from pay, pension or certain government payments such as Social Security...
Now available: IRS Form 1040-X electronic filing Major IRS milestone helps taxpayers correct tax returns with fewer errors, speeds processing WASHINGTON — Marking a major milestone in tax administration, the Internal Revenue Service announced today that taxpayers can now submit Form 1040-X electronically with commercial tax-filing software. As IRS e-filing has grown during the past 30...
