Do you own a vacation home you sometimes rent to others? If so, there are rules on reporting your rental income and expenses. For example, if you rent out your vacation home only for a short time (fewer than 15 days a year), you may not have to report it at all. That means generally, if [...]
This article was published by the IRS. Every year the IRS mails letters or notices to taxpayers for many different reasons. Typically, it's about a specific issue with a taxpayer's federal tax return or tax account. A notice may tell them about changes to their account or ask for more information. It could also tell them [...]
This article was published by the IRS. Whether it's something they've been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2022 on this year's tax return. What's the difference between a hobby and a business? A business operates to make a profit. People engage [...]
This article was published by the IRS. The Internal Revenue Service has released guidance through Notice 2020-50 to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions [...]
This article was published by the IRS. When it comes to federal tax refunds, there are several common myths. Getting a refund this year means there's no need to adjust withholding for 2020. To help avoid a surprise next year, taxpayers should make changes now to prepare for next year. One way to do this is [...]
