Getting a letter from the IRS can make some taxpayers nervous – but there’s no need to panic. The IRS sends notices and letters when it needs to ask a question about a taxpayer’s tax return, let them know about a change to their account or request a payment. When an IRS letter or notice…

While scammers work hard during tax season to try to steal money, personal information and data, they also stay busy the rest of the year. Taxpayers and tax professionals should remain alert and aware of these common scams, schemes and cons to avoid losing money, personal information or client data. Social media: Fraudulent form filing…

Unscrupulous tax preparers and tax fraud promoters make big promises – and charge high fees – but taxpayers are legally responsible for what’s on their return. Taxpayers should use only reputable tax professionals and know what is on their tax return. Although scammers are most active during filing season, they operate year-round, and taxpayers should always be…

When a taxpayer can’t pay their full tax liability or if paying would cause financial hardship, they may want to consider applying for an Offer in Compromise. This agreement between a taxpayer and the IRS settles a tax debt for less than the full amount owed. The goal is a compromise that’s in the best interest…

Small businesses play an important role in the nation’s economy. During National Small Business Week, the IRS reminds taxpayers that IRS.gov has resources and tools to help small businesses understand and meet their tax responsibilities. Bookmark these important webpages Small Business and Self-Employed Tax Center: Resources for small businesses with assets under $10 million and for taxpayers…

Expanded clean energy credits, helping workers pay off student loans, 1099-K rules and more WASHINGTON – The Internal Revenue Service today urged business taxpayers to begin planning now to take advantage of tax-saving opportunities and get ready for reporting changes that take effect in 2023. During National Small Business Week, April 30 to May 6, the…

Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or…

Yes, but usually only up to certain limits. The Federal Deposit Insurance Corporation (FDIC) is best known for insuring the bank deposits of individual consumers. But its coverage also extends to deposits by corporations, partnerships, limited liability companies (LLCs), and unincorporated associations—including for-profit and not-for-profit organizations—up to certain limits. Here is what you need to know. KEY…

If you’re in a situation where debt is negatively affecting your life, you’re probably looking to get out of it fast. Read on to learn why it’s important to pay debt as soon as possible, as well as different methods of doing so, including budgeting, consolidating your debt and getting help from a debt settlement…

File electronically Reduce the time to process your return and get your refund by filing electronically using certified software or online services. This option also increases the accuracy of your return. Use direct deposit Decrease your refund wait time by providing bank account information for direct deposit. This includes your nine-digit routing number for your…