This article was published by the IRS. The Department of Treasury and the Internal Revenue Service have issued Notice 2023-42, which will grant penalty relief for corporations that did not pay estimated tax in connection with the new corporate alternative minimum tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum tax [...]
This article was published by the IRS. Members of the military may qualify for tax benefits not available to civilians. For example, they don't have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes. Here are some [...]
You've likely seen and heard ads from companies claiming they can settle your debt with the IRS for "pennies on the dollar." They claim you need their services to strike a deal and pay less to the IRS. The truth is, third parties can't always deliver on claims to reduce tax debt and obtain waivers of [...]
This article was published by the IRS. The Internal Revenue Service has provided details clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their [...]
If you work and have low to moderate income, be sure to look into the earned income tax credit - also known as EITC. It can put money in your pocket. The first thing to do is check out IRS.gov/eitc. There, you'll discover the credit can be worth thousands of dollars for some people. The amount [...]
