Tax Blog
The latest tax tips and news from TallyPage Accounting and Bookkeeping
IRS Updates Form 14457 With Eyes to Crypto
The Internal Revenue Service has upped its game in the virtual currency world with a revision of an important reporting form. Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, lets taxpayers—who could face criminal charges for willful...
IRS Announces Suspension of Some Letters
The Internal Revenue Service has come to the conclusion that the agency has more on its to-do list than it can get done at one time. Something, they found, had to be “put on the back burner.” In order to service taxpayers filing now for the 2021 tax year, the IRS...
IRS Reminds Taxpayers that Tips are Taxable Income
Workers have returned to the service industry lately—in droves. With the threat of coronavirus subsiding in many locations, restaurants and other establishments have sprung back to life. With the surge in employment, we thought it appropriate to remind workers...
Tax Scams Not Just for Filing Season
It’s a new year and a new filing season. That means the Internal Revenue Service is hard at work fighting some long-running scams aimed at tricking taxpayers out of their hard-earned money. Many times, the thieves impersonate IRS officials and may use text message...
IRS Encourages Non-Filers to File for ARP Benefits
The Internal Revenue Service wants to see a 2021 income tax return from all Americans—including those who haven’t filed in years. The reason is recent legislation—including the American Rescue Plan and other new laws—has put some significant tax benefits in play for...
Privacy Concerns Lead IRS to Drop Facial Recognition
Protecting taxpayer data from scammers and preventing identity theft tax refund fraud has long been a chief concern for the Internal Revenue Service, and pursuing this mission lead the agency to form the Security Summit. While the agency has worked tirelessly...
Tax Filing Tips from the IRS
The wait is over; the filing season for 2021 income tax returns has been opened by the IRS. But before taxpayers start sharpening pencils, cranking up the calculator and putting on a pot of coffee, they need to know they’ve got everything together to get the job done...
Recovery Rebate Credit FAQs Updated
The Internal Revenue Service is pushing out a new version of its frequently asked questions (FAQs) for the 2020 Recovery Rebate Credit. The updated information is featured in Fact Sheet 2022-08, which carries the latest information pertaining to tracing payments....
IRS 2021 Filing Season FAQs Now Available
The Internal Revenue Service has posted a new flock of frequently asked questions (FAQs), all aimed at answering taxpayer questions about the 2021 Child Tax Credit. The new FAQs are published in Fact Sheet 2022-06. The Child Tax Credit, expanded only for the 2021 tax...
IRS Highlights Expansion of Childless EITC
The gates have been opened just a little bit wider so more taxpayers who don’t have children can take advantage of the Earned Income Tax Credit (EITC). The EITC is the largest refundable tax credit in the federal tax structure, aimed at low- to moderate-income...
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