Tax-related Text Message Scams – Did You Know?

Scammers continue to use IRS impersonation schemes to steal personal information or trick people out of their hard-earned money. In 2021, monitoring agencies saw a dramatic increase in text message tax scams, many of […]

Social Security Income May Be Taxable

If you receive Social Security and depending on your total income, you may need to pay federal income tax on Social Security benefits. Potentially taxable payments include monthly retirement and disability benefits, along with […]

Eligibility for the 2021 Earned Income Credit (2/2)

The IRS recently highlighted revised eligibility rules for the Earned Income Credit. While many of the changes apply only for tax year 2021, several new rules will hold for future years as well. If […]

Eligibility for the 2021 Earned Income Credit (1/2)

The IRS recently highlighted special 2021 rules for the credit that significantly increases the number of Americans eligible to claim the EITC. If you have earned income (such as wages, tips or self-employment earnings) […]

IRS Suspends Sending Notices Due to Return Processing Delays – Did You Know?

As a result of pandemic-related issues, the IRS has a backlog of millions of original and amended 2020 and 2019 tax returns awaiting processing. This situation creates a risk that taxpayers who have met […]

Unemployment Insurance Fraud – Did You Know?

Millions of Americans received unemployment insurance (UI) benefits in 2021 due to pandemic-related business cutbacks and shutdowns. Unfortunately, scammers took advantage of this situation to fraudulently collect UI payments. In the most common version […]

Save Yearly Income Statements for a Smoother Tax Season

Many taxpayers will receive year-end income statements from employers, banks, stock issuers and other sources in January and early February. Make sure to save each document, so you can refer to it for your […]

Protecting Yourself from Tax Related Identity Theft – Did You Know?

Tax related ID theft is when someone uses your information (name, SSN, etc.) to file a false tax return and claim a fraudulent refund. The number one thing you can do to prevent this […]

New Tax Scams and Identity Theft Warnings – Did You Know?

The IRS recently posted warnings about new and ongoing tax scams, along with other fraudulent activity related to the COVID-19 (coronavirus) pandemic. The most prevalent and dangerous scams involve identity theft, deceptive advertising, and […]

RMD Repayment or Rollover Deadline – Did You Know?

The deadline to return or rollover a Required Minimum Distribution (RMD) for IRA owners, beneficiaries or workplace retirement plan participants is coming up on Monday, August 31. The CARES Act allows most taxpayers with […]