You should choose Direct Deposit for your Tax Return.
Jan30

You should 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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Remember to look into valuable tax credits,
Jan28

Remember to look into valuable tax credits,

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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More Tax Scams and Consumer Alerts.
Jan28

More 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 services...

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IRS willing to consider requests for relief from double taxation related to repatriation.
Jan19

IRS willing to consider requests for relief from double taxation related to repatriation.

The IRS announced today that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended by the Tax Cuts and Jobs Act (TCJA). The IRS has determined that in unique circumstances, such as where a corporation paid an unusual dividend for business reasons, not because of the enactment of TCJA, it...

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IRS and Treasury issue guidance for students with discharged student loans and their creditors.
Jan19

IRS and Treasury issue guidance for students with discharged student loans and their creditors.

The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 (PDF) that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school. Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements for the discharge of any...

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