Small Business Advertising and Marketing Costs May Be Tax-Deductible

This article was published by the IRS. The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on their taxes. Advertising …

IRS Sends CP2100 and 2100A Notices When Payers Need to Correct Backup Withholding Errors

This article was published by the IRS. In April, the IRS sent CP2100 and CP2100A notices to banks, credit unions, businesses, or payers who filed returns that don't match IRS records. These information returns include: Form 1099-B, Proceeds from Broker and Barter Exchange TransactionsForm 1099-DIV, Dividends and DistributionsForm 1099-G, Certain Government PaymentsForm 1099-INT, Interest IncomeForm …

May 16 is Filing Deadline for Many Tax-Exempt Organizations

This article was published by the IRS.  The Internal Revenue Service is reminding tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with the IRS. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, …

Check the Status of a Refund in Just a Few Clicks Using the Where’s My Refund? Tool

This article was published by the IRS. Tracking the status of a tax refund is easy with the Where's My Refund? tool. It's available anytime on IRS.gov or through the IRS2Go App. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. Refund timing Where's My Refund? provides a personalized date after the …

Taxpayers Should File Their Tax Return on Time to Avoid Costly Interest and Penalty Fees

This article was published by the IRS.  Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part …

Changes to the Earned Income Tax Credit for the 2022 Filing Season

This article was published by the IRS. The EITC is one of the federal government's largest refundable tax credits for low-to moderate-income families. The recent expansion of this credit means that more people may qualify to have some much-needed money put back in their pocket. The IRS urges people to check to see if they …

IRS Makes It Easier to Set Up Payment Agreements; Offers Other Relief to Taxpayers Struggling with Tax Debts

This article was published by the IRS.  The Internal Revenue Service has announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially …

IRS Reminder to Many Retirees: April 1 is Last Day to Start Taking Money Out of IRAs and 401(k)s

This article was published by the IRS.  The Internal Revenue Service is reminding retirees who turned 72 during the last half of 2021 that, in most cases, Friday, April 1, 2022 is the last day to begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s, and similar workplace retirement plans. The payments, called required minimum distributions …

IRS Provides Tax Inflation Adjustments for Tax Year 2022

This article was published by the IRS. The Internal Revenue Service has announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2021-45 provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2021-45: The tax year 2022 adjustments described …

Tips for Parents Who Share Custody or Alternate Tax Benefits

This article was published by the IRS. Some parents who have a legal agreement with their child's other parent about who claims the child on their taxes may have some questions this tax season about the child tax credit and the 2021 recovery rebate credit. Here's what people in this situation need to know before …