RECENTLY NEWS FROM IRS

Some important things all taxpayers should do before the tax year ends

November 29, 2021

The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31.

Donate to charity

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.

Important charitable giving reminders for taxpayers

November 30, 2021

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.

National Tax Security Awareness Week, Day 2: Giving Tuesday reminder that scammers can use fake charities to get sensitive information

November 30, 2021

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.

Taxpayer alert as holidays, tax season approach: Watch out for scams, protect financial information; National Tax Security Awareness Week, Day 1 highlights important tips

November 29, 2021

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.

Child Tax Credit payments: IRS online portal now available in Spanish; Nov. 29 is last day for families to opt out or make other changes

November 23, 2021

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.

What small business owners should know about the depreciation of property deduction

November 23, 2021

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.

IRS resources help taxpayers determine if an offer in compromise is the right way to resolve tax debt

November 22, 2021

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.

IRS unveils new online identity verification process for accessing self-help tools

November 17, 2021

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:

Child Tax Credit Update Portal,

Online Account,

Get Transcript Online,

Get an Identity Protection PIN (IP PIN) and

Online Payment Agreement.

Additional IRS applications will transition to the new method over the next year.

New identity verification process to access certain IRS online tools and services

November 17, 2021

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.

 (281) 861-7718  
This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it.  
 Location

 (281) 861-7718  This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it.   Location


© 2020 Alfredo Gaxiola, CPA. All rights reserved.
Website designed by LaraNet | Expand Your Business!