IRS Update January 2022

It’s important for taxpayers to know the difference between standard and itemized deductions Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest...

IRS Update December 2021

Get ready for taxes: What’s new and what to consider when  filing in 2022 WASHINGTON – The Internal Revenue Service today encouraged taxpayers to take important actions this month to help them file their federal tax returns in 2022, including special steps...

IRS Update November 2021

IRS announces 401(k) limit increases to $20,500 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued...

IRS Update October 2021

Most taxpayers who requested an extension to file their 2021 tax return must file by Oct. 15 October 15 is the filing extension deadline. Most taxpayers who requested an extension of time to file their 2020 tax return must file tomorrow to avoid the penalty for filing...

IRS Update September 2021

IRS: Families now receiving September Child Tax Credit payments WASHINGTON — The Internal Revenue Service and the Treasury Department announced today that millions of American families are now receiving their advance Child Tax Credit (CTC) payment for the month of...

IRS Update August 2021

Taxpayer can protect themselves from scammers by knowing how the IRS communicates If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers...