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May 21. 2024 – International information return penalties are often thought of as primarily affecting rich people or multinational corporations with significant overseas assets. This is not true. Taxpayers – many of whom are lower- and middle-income individuals, small and midsize business owners, and immigrants – face significant and potentially life-changing penalties, even when they…

Join the Taxpayer Advocate Service at the 2024 IRS Nationwide Tax Forum Join hundreds of tax professionals at the 2024 IRS Nationwide Tax Forum. It is a great place to earn Continuing Professional Education Credits, network with other tax experts, learn about tax law changes, the latest news from the IRS, and resolve your difficult…

Disasters can happen at any time, so it’s important to be prepared. Good recordkeeping can help you get back on your feet quickly when disaster strikes.   One of the best things you can do to keep your records safe is to take advantage of paperless recordkeeping options in addition to your paper records. This way,…

On March 11, 2024, the Treasury Department released its fiscal year (FY) 2025 Green Book of revenue proposals, which includes a proposal to essentially eliminate almost all remaining requirements to obtain written supervisory approval for penalties. Rather than focus on training IRS employees and enforcing the law enacted by Congress to protect taxpayer rights, Treasury…

Did you know that if you’re an eligible educator, you can deduct up to $300 of unreimbursed business expenses? And if you and your spouse are both teachers and file jointly, that number goes up to $600.   To be considered an eligible educator you must:   Work as a teacher, counselor, principal, or aid for students…

Volunteers play a vital role in our tax communities, especially for the Low-Income Taxpayer Clinic (LITC) Program and the Taxpayer Advocacy Panel (TAP). Low Income Taxpayer Clinics This week, we celebrate National Volunteer Week to recognize and thank those who give their time to serve their communities, assist taxpayers in need, and provide support for…

Direct Deposit Refunds and Refund Offsets Your tax return may show you’re due a refund from the IRS. You can generally get your refund faster by filing electronically and requesting direct deposit. See our TAS Tax Tip: Tax return filing is as easy as 1-2-3 for more information, including direct deposit options if you don’t…

The May 17, 2024 deadline is fast approaching for taxpayers who have not yet filed a 2020 tax return to claim a refund of withholdings, estimated taxes or their 2020 Recovery Rebate Credit. The IRS estimates that almost 940,000 of the nation’s taxpayers have unclaimed refunds totaling more than $1 billion for tax year 2020…

If you are unable to pay your taxes in full, the IRS has several options that you can consider based on your financial situation. TAS Tax Tips: Need options for when you owe federal taxes, but can’t pay in full? The best-case scenario is to pay your taxes in full (Easy Payment Methods explained video) by the…

When you look at your income for the year, you may find that you made some money from one of your pastimes. But how do you know if that pursuit is just a hobby, or if it’s turned into an actual business? It’s important to make sure you classify your income properly because it has…