News for Government
Wednesday, October 06, 2021
Achieving a Better Life Experience or ABLE accountsare tax-advantaged savings accounts for individuals with disabilities and their families. These accounts help disabled people pay qualified disability-related expenses without affecting their eligibility for government assistance programs.Here are some key things people should know about these accounts.Annual contribution limitThe 2021 limit is ...read more
Categories: Government
Taxpayers who aren’t eligible for the child tax credit should look into the credit for other depende
Wednesday, September 29, 2021
The credit for other dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the child tax credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include:Dependents who are age 17 or older.Dependents who have individual taxpayer identification numbers.Dependent parents or other qualifying relatives ...read more
Categories: Government
Starting Oct. 28, new $67 user fee applies to estate tax closing letters; IRS reminds executors of f
Monday, September 27, 2021
WASHINGTON – The Internal Revenue Service announced today that starting Oct. 28, a new $67 user fee will apply to any estate that requests a closing letter for its federal estate tax return.
The new user fee was authorized under final regulations, TD 9957, available today in the Federal Register. Closing letter requests must be made using Pay.gov. The IRS will provide further procedural details ...read more
Categories: Government
Monday, September 27, 2021
Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts.These disaster scams normally start with unsolicited contact. The scammer contacts their possible victim by telephone, social media, email or in-person. Also, taxpayers may search for a charity online ...read more
Categories: Government
Thursday, September 23, 2021
Taxpayers have the right to appeal an IRS decision in an independent forum. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when dealing with the IRS.
The IRS Independent Office of Appeals handles a taxpayer’s case must be separate from the IRS office that initially reviewed that case. Generally, this office will not discuss a case ...read more
Categories: Government
IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of thre
Wednesday, September 22, 2021
WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts.Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted by one of the following three agencies:
Notification by IRS and the private ...read more
Categories: Government
Wednesday, September 22, 2021
It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors.
An employee is generally considered anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the business has the right to control the details of how the worker’s services are performed. ...read more
Categories: Government
Tuesday, September 21, 2021
With many businesses facing a tight job market, the IRS reminds employers to check out the work opportunity tax credit. Resent legislation extended this credit through the end of 2025.
This long-standing tax benefit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. With millions of people out of work at one time or another ...read more
Categories: Government
Monday, September 20, 2021
The IRS continues to provide materials and information to help small business owners and self-employed individuals comply with filing and paying requirements. Here’s a recap of key topics covered in IRS messages during National Small Business Week.
Small businesses can share the word with employees about child tax creditThe IRS encourages employers to help get the word out about the advance ...read more
Categories: News for Businesses, Government
