IRS Update October 2020

Taxpayers should know and understand their correct filing status Taxpayers need to know their correct filing status and be familiar with each option. Generally, the taxpayer’s filing status depends on whether they are single or married on Dec. 31 and that...

IRS Update September 2020

What to know about the tax-exempt application process for charities Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status. These include charities, social welfare organizations, civic...

IRS Update August 2020

What taxpayers should do if they get a letter or notice from the IRS Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do’s and don’ts for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are...

IRS Update July 2020

IRS provides tax relief for the low-income housing credit and bonds for qualified residential rental projects WASHINGTON – In response to the ongoing COVID-19 pandemic, the Internal Revenue Service today issued Notice 2020-53 (PDF) to provide tax relief to issuers,...

IRS Update June 2020

Here’s who qualifies a taxpayer for the child and dependent care credit Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligible to claim...

IRS Update May 2020

Taxpayers act now to receive Economic Impact Payments by direct deposit People must use Get My Payment by noon Wednesday, May 13, for a chance to get their Economic Impact Payment by direct deposit. After noon Wednesday, the IRS will begin preparing to mail millions...