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Tax Tips (Fed)

Blog posts concerning Federal Income Tax tips, changes, updates, news and more

IRS provides answers to states and local governments on taxability and reporting of payments from Coronavirus State and Local Fiscal Recovery Funds

Categories Tax Tips (Fed)

The Internal Revenue Service today provided answers regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). These funds give eligible state and local governments a substantial infusion of  resources to meet pandemic response needs. The answers are in FAQs (FS-2021-16) and detail the tax consequences for   individual recipients and the reporting requirements for the …

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IRS offers how-to videos to help taxpayers apply for Offers in Compromise and avoid scams

Categories Tax Tips (Fed)

The Internal Revenue Service today unveiled a new how-to video series enabling taxpayers to avoid potential scams by considering and applying for an Offer in Compromise (OIC) themselves and avoid paying excessive fees to companies advertising outlandish claims. “We encourage eligible taxpayers in real financial distress to consider looking into an Offer in Compromise to …

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IRS unveils new online identity verification process for accessing self-help tools

Categories Tax Tips (Fed)

The Internal Revenue Service today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications. Taxpayers using the new mobile-friendly verification procedure can gain entry to existing IRS online services such as the Child Tax Credit Update Portal, Online Account, …

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