Catch up on prior-year returns
Jan27

Catch up on prior-year returns

For anyone who has overlooked filing returns for a few years, now is a good time to get caught up. Many non-filers, especially those eligible for the EITC, are surprised to discover that the government owes them money. Prior-year returns must be filed on paper–electronic filing is not available.   For those who file late, federal law generally sets a three-year time limit for claiming a refund. This means that a worker,...

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Choose Direct Deposit for your Tax Return.
Jan27

Choose Direct Deposit for your Tax Return.

Anyone with a savings, checking or brokerage account can choose to have their refund electronically deposited in that account. Direct deposit is available, regardless of whether a return is filed electronically or on paper.   Four out of five people who get refunds now choose the speed and convenience of direct deposit. People who choose direct deposit typically get their refunds sooner: Plus, they never need to worry about a...

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EITC Awareness Day reminds taxpayers to look into valuable credit.
Jan27

EITC Awareness Day reminds taxpayers to look into valuable credit.

With today marking national EITC Awareness Day, the Internal Revenue Service wants to remind workers about the Earned Income Tax Credit and to correctly claim this important credit if they qualify.   The IRS and community partners nationwide holds EITC Awareness Day each year to alert the millions of workers who may be missing out on this valuable tax credit. Partners will be sharing information and holding events across the...

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Tax Scams and Consumer Alerts.
Jan23

Tax Scams and Consumer Alerts.

Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals.   The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam. ¬† Account On Us¬†offers many...

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Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction
Jan19

Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction

Today the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).   The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified...

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