IRS Reminds Employers of Penalty Relief Related to Claims for the Employee Retention Credit

This article was published by the IRS. The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroactively claimed employee retention tax credit (ERTC), [...]

Check the Status of a Refund in Just a Few Clicks Using the Where’s My Refund? Tool

This article was published by the IRS. Tracking the status of a tax refund is easy with the Where's My Refund? tool. It's available anytime on IRS.gov or through the IRS2Go App. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. Refund timing Where's My Refund? provides a personalized [...]

Day Camp and Other Child Care Expenses

When school's out on break, what do you do with your children? If you send them to a day camp, the money you pay may qualify for a tax credit when you file your taxes. This means you might get some money back. That's because day camp expenses can be used to claim the child and [...]

Earned Income Tax Credit—Get it Right

Many workers with low-to-moderate income may be eligible for the Earned Income Tax Credit, also called EITC. To get the credit, you must meet some basic requirements, but if you qualify, it can mean a bigger refund. The amount of the credit you can get depends on your income and family size. Families with at least [...]

IRS Provides Tax Inflation Adjustments for Tax Year 2022

This article was published by the IRS. The IRS' tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes, are as follows. Revenue Procedure 2021-45 provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2021-45: The tax year 2022 adjustments described below [...]

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