This holiday season, remember - gift cards are for gifts, not for making tax payments. Many people give gift cards as a convenient gift for any occasion. Scammers use gift cards to steal your money. Here's how this usually works: The scammer may call you, impersonating an IRS agent, or contact you by text, email, or [...]
New changes to the adoption tax credit under the One Big Beautiful Bill mean more families will now be eligible to claim it. Part of the credit is now refundable, which means families can take home some extra money even if they don't owe any taxes. While there are different rules, the credit may apply to [...]
Thieves use email, telephone, and social media for various online scams. They also send fake text messages, known as "smishing." Taxpayers need to remember that the IRS will not contact them by text messaging or social media to ask for personal or financial information. The IRS will also not initiate contact by phone or email. If [...]
This IRS webinar specifies the U.S. income tax obligations of U.S. citizens and residents abroad; lists the requirements for claiming the foreign earned income exclusion; and summarizes the U.S. employment tax obligations of U.S. citizens and residents abroad. This is a topic that can cause a lot of confusion among taxpayers, especially among those living or [...]
This IRS webinar explains the impact of residency status on U.S. taxation. It differentiates residency status under U.S. immigration law versus U.S. tax law, and determines an individual’s residency status for U.S. tax purposes. It also describes the special tax rules that apply to dual-status individuals. Make sure you're up-to-date on this complicated aspect of tax [...]
