Here’s How the Third Economic Impact Payment is Different from Earlier Payments

This article was published by the IRS.  The third Economic Impact Payment is different from the first and second payments in several ways. The third Economic Impact Payment is an advance payment of the 2021 Recovery Rebate Credit. The two earlier payments are advance payments of the 2020 Recovery Rebate Credit. Eligible people who didn't get [...]

IRS to Recalculate Taxes on Unemployment Benefits; Refunds to Start in May

This article was published by the IRS. To help taxpayers, the Internal Revenue Service has announced that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows [...]

Helpful Information for Taxpayers on Backup Withholding

This article was published by the IRS. Taxpayers who receive certain types of income may have backup withholding deducted from these payments. Backup withholding can apply to most payments reported on certain Forms 1099 and W-2G. Here are some facts to help taxpayers understand backup withholding. Backup withholding is required on certain non-payroll amounts when certain [...]

Six Tips for People Starting a New Business

This article was published by the IRS.   Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Here are six tips for new business owners. Choose a [...]

Reasons to File a 2019 Tax Return

The following article was published by the IRS. While many people are required to file a tax return, it's a good idea for everyone to determine if they should file. Some people with low income are not required to file, but will need to do so if they can get a tax refund. Here are five [...]

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