Now is a good time for people to begin thinking about next year’s tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again. Here are some suggestions to help taxpayers keep good records. Taxpayers should develop a system that…

Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place. To help protect their financial safety in a disaster situation, taxpayers should: Update emergency plans. A disaster can strike at any time. Personal and business situations…

Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do’s and don’ts for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to…

Yes. But not all safes are created equal. Installing a home safe is an excellent idea. Even better: Bolt it to the floor. Otherwise, thieves will simply pick it up and take it with them – because they don’t want to spend any more time in your house than necessary. It’s also smart to select…

While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues. Here are some tips for taxpayers handling some of the most common after-tax-day issues.   Check the status of a refund Taxpayers can check on their refund using the Where’s My Refund? tool. It…

A Maryland couple filed their 2017 tax return but did not pay the tax due. By December 2018, they owed $1.1 million in unpaid taxes and interest. The couple asked the IRS for an installment plan to pay off their tax debt over six years. However, an IRS investigator discovered the couple had cryptocurrency accounts,…

It might be worthwhile this fall. Every year, thousands of college students become ill or injured during the academic year and are forced to drop out, if only for a semester, and go home to recover. Covid-19 increases that risk. If your student must drop out of school due to illness or injury, the money…

Scams targeting non-English speakers: IRS impersonators and other scammers also target groups with limited English proficiency. These scams are often threatening in nature. Some scams also target those potentially receiving an Economic Impact Payment and request personal or financial information from the taxpayer. Phone scams pose a major threat to people with limited access to information,…

Phishing: Taxpayers should be alert to potential fake emails or websites looking to steal personal information. The IRS will never initiate contact with taxpayers via email about a tax bill, refund or Economic Impact Payments. Don’t click on links claiming to be from the IRS. Be wary of emails and websites − they may be nothing…

WASHINGTON – The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15 that they need to restart their payments. As the IRS continues to reopen its operations across the country, taxpayers who were in payment agreements…