by TallyPage Accounting and Bookkeeping | Apr 5, 2022 | Tax Tips and News
Those who own or control financial or bank accounts that are in a foreign country have some reporting to do, and soon. They have to file an annual Report of Foreign Bank and Financial Accounts—also known as the FBAR—on or before April 15. Taxpayers who miss the April...
by TallyPage Accounting and Bookkeeping | Apr 2, 2022 | Tax Tips and News
The Internal Revenue Service is going the extra mile to ensure taxpayers have the newest information on the third-round Economic Impact Payment. The agency’s frequently asked questions on the third-round payment have been updated with new dates and other information...
by TallyPage Accounting and Bookkeeping | Apr 2, 2022 | Tax Tips and News
Now that the Internal Revenue Service has mailed Letters 6475 to all the taxpayers who got third-round Economic Impact Payments (EIPs), there’s only one door left open to those who didn’t get the full benefit of the stimulus payments. People have to claim any...
by TallyPage Accounting and Bookkeeping | Mar 26, 2022 | Tax Tips and News
The Internal Revenue Service has issued a new set of frequently asked questions (FAQs) covering the unemployment compensation exclusion for the 2020 tax year. One question/answer is brand new brand new and another nine answers have been newly updated, reflecting new...
by TallyPage Accounting and Bookkeeping | Mar 24, 2022 | Tax Tips and News
The Internal Revenue Service is cautioning taxpayers with virtual currency not to skip over a small, but vitally important, part of their Form 1040 this year. As the saying goes, the devil’s in the details. The pitfall comes in the form of a simple check box at the...
by TallyPage Accounting and Bookkeeping | Mar 22, 2022 | Tax Tips and News
It’s often said that computer security is everyone’s business, and now that’s truer than ever. With cybercriminals hatching scams and schemes at every turn, everyone—from taxpayers to tax professionals—has to stay on their guard to secure their computers, tablets, and...
by TallyPage Accounting and Bookkeeping | Mar 17, 2022 | Tax Tips and News
The Internal Revenue Service continues to ensure its forms, letters, and other publications are available to the widest number of taxpayers. The agency is now providing many forms and publications not only in Spanish, but in Braille, text, audio, and large print for...
by TallyPage Accounting and Bookkeeping | Mar 11, 2022 | Tax Tips and News
While most things have been getting more expensive lately—gasoline, food, rent, you name it—higher education has been pricey for a long time. But because an advanced degree or some other specialized job training is vital to the career plans of many people, two...
by TallyPage Accounting and Bookkeeping | Mar 11, 2022 | Tax Tips and News
The Internal Revenue Service is relying on technology to help it keep up with its growing need for taxpayer support. The agency has begun using voice and chat bots on a pair of specialized telephone assistance lines and on its website. These new features are...
by TallyPage Accounting and Bookkeeping | Mar 10, 2022 | Tax Tips and News
With tax season in full swing, the Internal Revenue Service wants taxpayers to be sure they’re not overlooking ways they could lessen their tax liabilities. To take advantage of one method, though, taxpayers have to be fairly quick, because there’s a deadline to meet....