Homeownership and Taxes: Things Taxpayers Should Consider When Selling a House

This article was published by the IRS. It's important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership [...]

What is Inflation?

Inflation is when prices rise, meaning your money doesn't buy as much as it used to. Inflation is not always bad. When it stays around 2%, inflation can mean the economy is healthy. But when it grows too fast or unexpectedly, it can feel like things are out of control. Unfortunately, there's not much you can [...]

IRS Unveils New Online Identity Verification Process for Accessing Self-Help Tools

This article was published by the IRS. The Internal Revenue Service has launched 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 [...]

Common Tax Scams and Tips to Help Taxpayers Avoid Them

This article was published by the IRS. 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 [...]

COVID Tax Relief: IRS Provides Broad-Based Penalty Relief for Certain 2019 and 2020 Returns Due to the Pandemic; $1.2 Billion in Penalties Being Refunded to 1.6 million Taxpayers

This article was published by the IRS. To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service has issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to help those who paid these penalties [...]

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