Important changes to the Child Tax Credit are helping many families get advance payments of the credit: Half the total credit amount is being paid in advance monthly payments. See the payment date schedule below. You claim the other half when you file your 2021 income tax return. Advance payments are sent automatically to eligible people. […]
IR-2021-216, November 4, 2021 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and […]
IRS Tax Tip 2021-164, November 4, 2021 In recent years, tax schemes and scams have been on the rise. Con artists work year-round which means taxpayers must remain vigilant to avoid being victimized. Here are some tips to help people recognize and avoid some of the most common tax-related scams. Email phishing scams The IRS does […]
IR-2021-214, November 3, 2021 WASHINGTON — The Internal Revenue Service today reminded taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return. Ordinarily, people who choose to take the standard deduction cannot claim a deduction for their […]
IR-2021-215, November 3, 2021 WASHINGTON — The Internal Revenue Service today posted detailed reporting directions for certain passthrough entities and taxpayers reporting of partnership interests held in connection with the performance of services, often referred to as “carried interests,” in the form of frequently asked questions (FAQs). The FAQs contain sample worksheets that certain passthrough entities […]
COVID Tax Tip 2021-163, November 3, 2021 The IRS reminds employers they generally won’t jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement age. With the COVID-19 pandemic, many employers, including governmental […]
IR-2021-212, November 1, 2021 WASHINGTON — The Internal Revenue Service recently sent approximately 430,000 refunds totaling more than $510 million to taxpayers who paid taxes on unemployment compensation excluded from income for tax year 2020. The IRS efforts to correct unemployment compensation overpayments will help most of the affected taxpayers avoid filing an amended tax return. So […]
