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Tax Tips (Fed)

Blog posts concerning Federal Income Tax tips, changes, updates, news and more

Important additional guidance for employers claiming the employee retention credit

Categories Tax Tips (Fed)

The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and 2021. Additionally, the IRS issued a safe harbor allowing employers …

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IRS continues unemployment compensation adjustments, prepares another 1.5 million refunds

Categories Tax Tips (Fed)

The Internal Revenue Service reported today that another 1.5 million taxpayers will receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income tax returns. The American Rescue Plan Act of 2021, which became law in March, excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations. …

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Tax tips for students working summer jobs

Categories Tax Tips (Fed)

During the summer many students focus on making money from a summer job. They may want to gain work experience, earn some spending money or help pay for college. Here are some facts all student workers should know about summer jobs and taxes.Not all the money they earn will make it to their pocket because …

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Here’s why taxpayers should have an IRS online account

Categories Tax Tips (Fed)

An IRS online account is an safe an easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system.Taxpayers can view:• Their payoff amount, which is updated for the current day.• The balance for each tax year for which they …

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