From the IRS Tag

Tax Refund Myths – Did You Know?

There can be uncertainty around the timeline for receiving IRS tax refunds. Here are a few common questions related to these myths, along with real-world answers. Q: Can I get a more accurate refund […]

Reporting Cryptocurrency Transactions – Did You Know

If you had any involvement with cryptocurrency or other virtual currencies in 2021, you generally must disclose this activity on your tax return. Form 1040 includes the question, “At any time during 2021, did […]

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 […]

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 […]

Economic Impact Payments by Prepaid Debit Card – Did You Know?

As part of the U.S. Treasury’s ongoing effort to get COVID-19 Economic Impact Payments (EIPs, also called stimulus payments) to all eligible Americans, the IRS has begun sending payments by prepaid debit card in […]

Tracking Income and Expenses for “Gig” Work – Did You Know?

With working from home becoming more common in 2020, many people are taking on freelance or “gig” work to supplement their incomes. Whether you rely on gig work as your primary income source or […]

Refund Amounts – Did You Know?

If your refund amount is different than stated on the filed tax return, part or all of your refund may have been used to pay off (offset) past-due federal tax, student loans, state income […]

Tips to Keep Your Personal Information Safe – Did You Know?

The ever-present threat of identity theft grows during tax season. To help taxpayers stay safe, the IRS recently offered suggestions to secure your personal data when preparing and filing your returns, and all year […]

VA and SSI Recipients: Register Dependents by May 5th to Receive Full EIP

Recipients of Veterans Affairs (VA) and/or Supplemental Security Income (SSI) benefits will automatically receive an Economic Impact Payment (EIP) from the IRS, even if they are not required to file federal income tax returns. […]

Reduce Fees & Penalties – Did You Know?

You should still file your taxes, even if you can’t pay, as the failure-to-file penalty may be 10 times more than the failure-to-pay penalty. If you are unable to pay in full, try to […]