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𝐓𝐀𝐗 π’π„π‚π”π‘πˆπ“π˜ π‚π‡π„π‚πŠπ‹πˆπ’π“ (πŸ•/πŸπŸ–/πŸπŸŽπŸπŸ—)

The IRS, state tax agencies and tax industry leaders have called on tax professionals nationwide to take time this summer to review their current security practices. To help, a new β€œTaxes-Security-Together” Checklist provides a starting point for tax professionals. The list suggests: β€’ Deploy the β€œSecurity Six” basic measures (see details below link), β€’ Create […]

π‚πŽπŒππ€π“-πˆππ‰π”π‘π„πƒ 𝐕𝐄𝐓𝐄𝐑𝐀𝐍𝐒 π‚π‹π€πˆπŒ 𝐑𝐄𝐅𝐔𝐍𝐃𝐒 ππ„π…πŽπ‘π„ π“πˆπŒπ„ 𝐑𝐔𝐍𝐒 πŽπ”π“ (πŸ•/πŸπŸ“/πŸπŸŽπŸπŸ—)

Veterans who received disability severance payments after 1991 and claimed it as income that time may be running out to claim their refund. Veterans should take action soon if they received a notice (letters 6060-A and 6060-D) and have not already filed Form 1040X, Amended U.S. Individual Income Tax Return, to claim a refund or […]

π‘πŽπ€πƒπŒπ€π 𝐨𝐟 𝐭𝐑𝐞 𝐔𝐒 𝐓𝐀𝐗 π’π˜π’π“π„πŒ (πŸ•/𝟏𝟏/πŸπŸŽπŸπŸ—)

The National Taxpayer Advocate (an independent organization within the IRS that ensures that every taxpayer is treated fairly) has mapped the many functions of the IRS. From audits, appeals, collection, and litigation, it demonstrates the complexity of tax administration, with its connections, overlaps and repetitions between stages. The map is available at https://taxpayeradvocate.irs.gov/Media/Default/Media/2020-JRC/TAS_Roadmap_32x32_FINAL-2.pdf If you […]

π‡πŽπππ˜ 𝐨𝐫 𝐚 ππ”π’πˆππ„π’π’ (πŸ•/πŸ–/πŸπŸŽπŸπŸ—)

Many people derive income from hobbies. Taxpayers who make money from a hobby must report that income on their tax return. People operate a business to make a profit. But, people engaging in a hobby for sport or recreation don’t make a profit. Taxpayers should consider nine factors when determining whether their activity is a […]

πƒπ„πƒπ”π‚π“πˆπŽππ’ 𝐟𝐨𝐫 π‚π‹π€π’π’π‘πŽπŽπŒ 𝐄𝐗𝐏𝐄𝐍𝐒𝐄𝐒 (πŸ”/πŸπŸ•/πŸπŸŽπŸπŸ—)

Educators preparing for next year can deduct up to $250 of trade or business expenses that aren’t reimbursed. So teachers should keep receipts after making purchases to support the deduction. The deduction is $500 if both taxpayers are eligible educators and file married filing jointly. These taxpayers cannot deduct more than $250 each. Qualified expenses […]

𝐖𝐇𝐀𝐓 𝐓𝐀𝐗 𝐂𝐔𝐓 ? (πŸ”/πŸπŸ’/πŸπŸŽπŸπŸ—)

The National Taxpayer Advocate’s (an independent organization within the IRS that ensures that every taxpayer is treated fairly) report on the 2019 filing season has confirmed what many thought. 𝑳𝑬𝑺𝑺 𝑹𝑬𝑭𝑼𝑡𝑫𝑺 𝑴𝑢𝑹𝑬 𝑻𝑨𝑿𝑬𝑺 ! The report specifically stated: β€œThere were 23.4 million β€œbalance due” returns filed in the 2019 filing season, compared to 22.2 million […]

π“πˆππ’ 𝐟𝐨𝐫 πƒπ„π€π‹πˆππ† 𝐰𝐒𝐭𝐑 π“πˆππ’ (πŸ”/𝟐𝟎/πŸπŸŽπŸπŸ—)

Many taxpayers’ jobs generate tips from their clients or customers. And income received as a tip is generally taxable. Here’s some info to help taxpayers correctly report their tip income: Use the Interactive Tax Assistant. This tool on IRS.gov asks taxpayers a series of questions. After the taxpayer answers the questions, the tool gives responses […]

π“πˆππ’ 𝐟𝐨𝐫 π€πŒπ„ππƒπˆππ† 𝐚 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 (πŸ”/πŸπŸ–/πŸπŸŽπŸπŸ—)

The IRS often finds and corrects errors but in certain situations taxpayers need to file an amended return to correct errors. Here are some quick tips for amending a tax return. Use the Interactive Tax Assistant. Taxpayers can use the Who should file an amended return? interview tool to help determine if they should file […]

𝐋𝐀𝐓𝐄𝐒𝐓 𝐓𝐀𝐗 π’π‚π€πŒπ’ (πŸ”/𝟏𝟐/πŸπŸŽπŸπŸ—)

Two new variations of tax-related scams are tormenting taxpayers. One involves Social Security numbers related to tax issues and another threatens people with a tax bill from a fictional government agency. β€’ The SSN hustle. The latest twist includes scammers claiming to be able to suspend or cancel the victim’s Social Security number. In this […]

π‚ππŸπŸŽπŸŽπŸŽ ππŽπ“πˆπ‚π„π’-𝐖𝐇𝐄𝐍 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 πˆππ…πŽ πƒπŽπ„π’πβ€™π“ πŒπ€π“π‚π‡ πŽπ“π‡π„π‘ πˆππ…πŽ (πŸ”/𝟏𝟎/πŸπŸŽπŸπŸ—)

When your tax return’s information doesn’t match data reported to the IRS by employers, banks and other third parties, the IRS sends you a Notice CP2000. This Notice details the info difference, any tax changes and provides resolution procedures. Although this isn’t a formal audit notification, its a notice to see if the taxpayer agrees […]