Category: IRS Tips

IRS Tips
Tax Tips for Students Working this Summer

Many students get summer jobs. It’s a great way to earn extra spending money or to save for later. Here are some tips for students with summer jobs: 1. Withholding and Estimated Tax. If you are an employee, your employer normally withholds tax from your paychecks. If you are self-employed, you may be responsible for paying […]

IRS Tips
IRS Makes Electronically Filed Form 990 Data Available in New Format

WASHINGTON – The Internal Revenue Service announced that the publicly available data on electronically filed Forms 990 will now be available for the first time in a machine-readable format through Amazon Web Services (AWS). The publicly available data does not include donor information or other personally identifiable information. Today’s launch of this effort marks an […]

IRS Tips
ACT presents its Report of Recommendations on June 8, 2016

Advisory Committee on Tax Exempt and Government Entities (ACT) Presents its Report of Recommendations on June 8, 2016   On June 8, 2016, the 21 members of the ACT presented its 15th report of recommendations to the IRS in a public meeting in Washington, DC. The ACT report addressed five issues: Employee Plans: Analysis and […]

IRS Tips
IRS Provides Guidelines on How to Claim New Wrongful-Incarceration Exclusion

WASHINGTON — The Internal Revenue Service today released guidelines on how wrongfully-incarcerated taxpayers can take advantage of the new retroactive exclusion from income for any civil damages, restitution or other monetary award received in connection with their incarceration. The guidelines are contained in a set of frequently-asked questions, posted today on IRS.gov. According to the […]

IRS Tips
IRS Warns Consumers of Possible Scams Relating to Orlando Mass-Shooting

WASHINGTON ― The Internal Revenue Service today issued a consumer alert about possible fake charity scams emerging due to last weekend’s mass-shooting in Orlando, Fla., and encouraged taxpayers to seek out recognized charitable groups. When making donations to assist victims of last weekend’s terrible tragedy, there are simple steps taxpayers can take to ensure their […]

IRS Tips
IRS Special Edition Tax Tip 2016-10

Keep in Mind the Child and Dependent Care Credit this Summer Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. […]

IRS Tips
Empowerment Zone Designations Continue Through the End of 2016

WASHINGTON — The Internal Revenue Service today announced that all empowerment zone designations remain in effect through the end of 2016. Empowerment Zones are certain urban and rural areas where employers and other taxpayers qualify for special tax incentives. Today’s announcement primarily affects businesses that would benefit from claiming the tax incentives for empowerment zones […]

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