IRS Reminds Parents, Students to Explore Education Resources on IRS.gov
Sep28

IRS Reminds Parents, Students to Explore Education Resources on IRS.gov

The Internal Revenue Service today reminded parents and students that there are many tax benefits available to them, and the easiest way to learn more about them is through the education resources available on IRS.gov. Besides tax credits such as the American Opportunity Tax Credit and the Lifetime Learning Credit, there are other education-related tax benefits that can help reduce a taxpayer’s tax liability. Savings plans, such as...

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Seven Strategic Tax Moves Before This Year Ends
Sep26

Seven Strategic Tax Moves Before This Year Ends

It’s hard to believe that we are about to enter in the final quarter of the year and with the new year just twelve weeks away, now if the best time to evaluate your individual tax situation to determine what strategic year-end tax moves you can make now to decrease your tax liability and increase your federal tax refund if you are due one. Increase your federal withholding for the remainder of the year if you suspect a tax withholding...

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Helpful Tips to Know About Gambling Winnings and Losses.
Sep24

Helpful Tips to Know About Gambling Winnings and Losses.

Taxpayers must report all gambling winnings as income. They must be able to itemize deductions to claim any gambling losses on their tax return. Taxpayers who gamble may find these tax tips helpful: Gambling income.Income from gambling includes winnings from the lottery, horseracing and casinos. It also includes cash and non-cash prizes. Taxpayers must report the fair market value of non-cash prizes like cars and trips to the IRS....

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IRS Provides Limited Waiver of Fuel Penalty Due to Hurricane Irma; Response Follows Shortage of Ultra Low Sulfur Diesel.
Sep22

IRS Provides Limited Waiver of Fuel Penalty Due to Hurricane Irma; Response Follows Shortage of Ultra Low Sulfur Diesel.

The Internal Revenue Service today announced it will not impose a penalty on certain uses of certain adulterated fuels that do not comply with applicable Environmental Protection Agency (EPA) regulations, in response to shortages of Ultra Low Sulfur Diesel (ULSD) fuel caused by Hurricane Irma. On Sept. 13, the EPA issued a “No Action Assurance (NAA) for the Use of Non-Ultra Low Sulfur Diesel in Limited Diesel-Powered Highway and...

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Tax Refund Scam Artists Posing as Taxpayer Advocacy Panel.
Sep19

Tax Refund Scam Artists Posing as Taxpayer Advocacy Panel.

Some taxpayers may are receive emails that appear to be from the Taxpayer Advocacy Panel (TAP) about a tax refund. These emails are a phishing scam, where unsolicited emails try to trick victims into providing personal and financial information. Do not respond or click any link. If you receive this scam, please forward it to phishing@irs.gov and note that it seems to be a scam email phishing for your information.; TAP is a volunteer...

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