IRS Update April 2020

IRS issues warning about Coronavirus-related scams; watch out for schemes tied to economic impact payments WASHINGTON — The Internal Revenue Service today urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or...

IRS Update March 2020

Five steps taxpayers can take now to protect against identity theft All taxpayers should make sure they’re doing everything they can to prevent a thief from stealing their identity. Tax-related ID theft occurs when someone uses a taxpayer’s stolen personal information...

IRS Update February 2020

Taxpayers should know the difference between standard and itemized deductions It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal...

IRS Update January 2020

IRS Free File opens today; do taxes online for free WASHINGTON – Most taxpayers can get an early start on their federal tax returns as IRS Free File – featuring brand-name online tax providers − opens today at IRS.gov/FreeFile for the 2020 tax filing season. Taxpayers...

IRS Update November 2019

401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500 WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other...

IRS Update October 2019

Taxpayers who donate to charity should check out these resources Taxpayers who donate to a charity may be able to claim a deduction on their tax return. These deductions basically reduce the amount of their taxable income. Taxpayers can only deduct charitable...