Taxpayers should start gathering and organizing records to get ready for filing their 2024 federal tax return. They need all year-end income documents to help ensure they file a complete and accurate 2024 federal tax return and avoid refund delays. The Get ready page on IRS.gov offers practical tips and resources to help taxpayers prepare. It highlights key [...]
Alert: The FinCEN has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. These fraudulent scams may include: Correspondence that references a “Form 4022” or “Form 5102” is fraudulent. FinCEN does not have a “Form 4022” or a “Form 5102.” Do [...]
Here are some things to know about Beneficial Ownership Information (BOI) reporting: Purpose BOI reporting is part of the Corporate Transparency Act, which was passed in 2021 to prevent financial crimes like money laundering and tax fraud. BOI reporting helps authorities identify who has a significant stake in a business. Who must report New businesses must [...]
It's important for taxpayers to have all their documents and information so they can file an accurate and complete tax return. This may mean waiting to file until they receive all their documentation – and it can also mean following up on missing or incorrect documents. Most taxpayers should have received income documents near the [...]
Most taxpayers who requested an extension of time to file their 2021 tax return must file by Monday, October 17 to avoid the penalty for filing late. This year, the IRS received about 19 million requests for extensions to file until October 17 and urges people to file electronically. *A tax extension gives you more [...]
IRS Tax Tip 2022-155, October 11, 2022 October is Cybersecurity Awareness Month. The IRS and the Security Summit partners warn everyone to be on the lookout for scams and schemes that could put sensitive tax data at risk, especially IRS-themed texting scams aimed at stealing personal and financial information. So far in 2022, the IRS has identified [...]
IRS Tax Tip 2022-138, September 8, 2022 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 [...]
IRS Tax Tip 2022-128, August 22, 2022 New entrepreneurs can start out on the right foot by making sure they understand the tax responsibilities of running a business. The process can seem daunting, but IRS.gov has resources to help new business owners. Here are a few things new entrepreneurs need to do when starting their business. [...]
IRS Tax Tip 2022-109, July 19, 2022 When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form [...]
IRS Tax Tip 2022-91, June 14, 2022 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 [...]
