Update: Video added The Internal Revenue Service has issued its annual “Dirty Dozen” tax scams list, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of… Read More
In today’s economy, small business owners sometimes save money through bartering to get products or services they need. The IRS wants to remind small business owners that the fair market value of property or services received through barter is taxable income. Bartering is the trading of one product or service for another. Usually there is… Read More
We have been notified that the Where’s My Refund tool on the IRS website is not providing accurate information. Refunds are apparently being issued appropriately but the information is simply not available on Where’s My Refund. This issue also applies to the IRS2Go Smartphone application as well. … Read More
On Saturday February 11, 2012 we notified you that the new IRS MeF system was experiencing technical difficulties and was being take off line for maintenance. We have been notified that MeF is once again fully operational. Hopefully this means that taxpayers will be able to experience the benefits of the MeF system, which primarily… Read More
During the individual income tax filing season, there is often an increase in tax-related scams. The SC Department of Revenue is reminding taxpayers to be aware of fraudulent phone calls, text messages, emails or other forms of communication that may ask for personal identifying information such as birth date, social security numbers, address, mother’s maiden… Read More
WASHINGTON — The IRS today issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients. Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to their partners. The new rules can make… Read More
Unemployment can be stressful enough without having to figure out the tax treatment of the unemployment benefits you receive. Unemployment compensation generally includes, among other forms, state unemployment compensation benefits, but the tax implications depend on the type of program paying the benefits. You must report unemployment compensation on line 19 of Form 1040, line… Read More
If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits. 1. You must itemize You deduct qualifying medical and… Read More
The Child Tax Credit is available to eligible taxpayers with qualifying children under age 17. The IRS would like you to know these eleven facts about the child tax credit. 1. Amount With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under… Read More