The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31.
Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on IRS.gov allows users to search for charities. It provides information about an organization's federal tax status and filings.
Giving Tuesday is the kickoff of the season of charitable giving. The IRS encourages taxpayers to research charities before donating and to familiarize themselves with the expanded tax benefits that may come with giving to causes that mean something to them.
Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search (TEOS) on IRS.gov is a tool that allows users to search for charities. TEOS provides information about an organization's federal tax status and filings.
The Internal Revenue Service and Security Summit partners today warned taxpayers to be wary of fake charities used by scammers to get money as well as sensitive financial and personal information from victims.
Today being Giving Tuesday marks a special day as the holidays approach and people give to their favorite causes through charitable organizations. Scammers can take advantage of this by setting up fake charities to trick unsuspecting donors into providing not only money, but also their sensitive information.
Kicking off a special week, the Internal Revenue Service and the Security Summit partners today warned taxpayers and tax professionals to beware of a dangerous combination of events that can increase their exposure to tax scams or identity theft.
The combination of the holiday shopping season, the upcoming tax season and the pandemic create additional opportunities for criminals to steal sensitive personal or finance information. People should take extra care while shopping online or viewing emails and texts.
The Internal Revenue Service this week launched a new Spanish-language version of the Child Tax Credit Update Portal (CTC-UP). This tool is designed to help families quickly and easily make changes to the monthly Child Tax Credit payments they are receiving from the IRS.
Families who are already receiving monthly payments use the CTC-UP to update their accounts. Now, all the features that have only been available in English are also available in Spanish. Updates made by 11:59 pm Eastern Time on Nov. 29 will be reflected in the last monthly payment for 2021, scheduled for Dec. 15.
Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property.
Small businesses can depreciate property when they place it in service for use in their trade or business or to produce income. The business stops depreciating property when they have fully recovered their cost or other basis or when they retire it from service, whichever happens first.
ndividual taxpayers and business owners can use the IRS's Offer in Compromise Booklet or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer's can use pre-qualifier tool see if they are eligible for an offer in compromise.
An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. An offer in compromise is an option when a taxpayer can't pay their full tax liability. It is also an option when paying the entire tax bill would cause the taxpayer a financial hardship. The goal is a compromise that suits the best interest of both the taxpayer and the agency.
The Internal Revenue Service today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.
Taxpayers using the new mobile-friendly verification procedure can gain entry to existing IRS online services such as the:
Additional IRS applications will transition to the new method over the next year.
The Internal Revenue Service has updated how users sign in and verify their identity for certain IRS online services with a mobile-friendly platform that relies on trusted third parties and provides an improved user experience. The agency encourages taxpayers to create a new account by using one of the tools listed below. This new process is part of the agency's Identity, Credential, and Access Management (ICAM) initiatives to provide more ways for taxpayers to verify their identity and access IRS tools.
The IRS is using ID.me, a trusted technology provider of identity verification and sign-in services, for taxpayers to securely access IRS tools. Anyone with an existing ID.me account from the Child Tax Credit Update Portal, or from another government agency, can sign in with their existing credentials. If they're a new user, they'll have to provide a photo of an identity document such as a driver's license, state ID or. They'll also need to take a selfie with a smartphone or a computer with a webcam. Once they verify their identity, they can use their account across multiple IRS tools and at other government agencies that also use ID.me.