August 10, 2016
If taxpayers have an expired ITIN and don’t renew before filing a tax return next year, they could face a refund delay and may be ineligible for certain tax credits, such as the Child Tax Credit and the American Opportunity Tax Credit, until the ITIN is r
August 3, 2016
For employees who live a fair distance from work, commuting can be costly and time-consuming, not to mention a hassle. At least employers may provide some relief by offering certain tax-free transportation benefits. The three main benefits are ...
August 2, 2016
The Internal Revenue Service is warning taxpayers to stay vigilant against an increase of IRS impersonation scams in the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards.
July 31, 2016
A provision for retirement planning services was added to the tax code back in 2001. As long as certain requirements are met, these benefits of such a program, which are usually reasonable in cost, are tax-free to employees and deductible by the ...
July 25, 2016
If there’s one thing we all have in common, it’s that no one enjoys filing taxes. But, according to recent studies, millennials feel particularly anxious about the annual process.
July 20, 2016
The LITC program is a federal grant program administered by the Office of the Taxpayer Advocate at the IRS, led by National Taxpayer Advocate Nina E. Olson. Although LITCs receive partial funding from the IRS, LITCs, their employees and their ...
July 18, 2016
Just like clockwork, twice a year the National Taxpayer Advocate (NTA) Nina E. Olson delivers reports to Congress on the state of affairs at the IRS. In the mid-year report released on July 7, Olson focused on a new initiative, the Public Forums on ...
July 8, 2016
To help ease the burden of hard-working parents, employers may institute a dependent care assistance plan for employees. Under such a plan, payments made to third parties like babysitters and day care centers are excluded from income if the costs ...
June 24, 2016
Winners of a crowdsourcing contest sponsored by the Internal Revenue Service were recently announced. “Tax Design Challenge” encouraged innovative ideas for the taxpayer experience of the future.
June 21, 2016
It's tax time again. Americans with bank or investment accounts located outside of the United States, or signature authority over such accounts, have until June 30 to file an FBAR.
June 16, 2016
Koskinen took over the reins at the IRS in December 2013. Despite the charges levied against him, he has previously said that he intends to stay on until the end of his four-year term.
June 15, 2016
The IRS says that, next tax season, processing of early-filed income tax returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) will be delayed. Specifically, the agency will hold tax refunds until at least Feb 15.