The IRS has begun mailing out CP14 notices to millions of taxpayers who have a balance of $5 or more in unpaid taxes, kindly reminding them that the federal government would like its money. “The IRS in not too active collecting immediately after tax season. After all, they have a lot to do. But come [...]
As some workers start returning to the office, an employment lawyer says companies should review their approach to career development for those continuing to work from home to avoid the risk of constructive dismissal claims. Sunira Chaudhri, employment lawyer and founder of Workly Law, said that remote work has implications for employment agreements that set [...]
The new pilot program will benefit the IRS through more efficient access to digitized records and related metadata and improve security and data privacy. Ripcord, a robotic intelligent digitization company, has advanced to the second phase of the new Pilot IRS Solution Challenge. In collaboration with the Enterprise Digitalization and Case Management Office (EDCMO), the [...]
If you receive an email or text message from the IRS about a stimulus check or unemployment claim, watch out — it’s most likely a scam, the agency says. As tax season heats up, so do fraud attempts. This year, that includes potential scams related to many Covid-19 relief measures, including stimulus checks and unemployment [...]
A study conducted by the American Psychological Association in 2021 shows 61% of Americans cite “money” as a “very/somewhat significant” cause of stress. This was the leading cause of stress (unless you were employed, in which case “work” was the top source of stress). You can’t blame Covid alone for this. An anxiety and stress report produced by [...]
Taxpayers with dependents who don't qualify for the child tax credit may be able to claim the credit for other dependents. This is a non-refundable credit. It can reduce or, in some cases, eliminate a tax bill but, the IRS cannot refund the taxpayer any portion of the credit that may be left over. Here’s [...]
An executive order issued by President Joe Biden on July 9, 2021 cracks down on hospital and health insurance consolidations and other actions it said decreases competition and drives up prices. The four areas of healthcare targeted are: prescription drugs, hospital consolidation, health insurance consolidations and hearing aids. Hospital consolidation has left many areas, especially rural communities, without good options [...]
These cryptocurrencies are the closes to dethrone Bitcoin in the future. Thousands of cryptocurrencies exist in the crypto market, but Bitcoin continues to remain the most trusted one. BTC has made many millionaires when it soared past US$65,000. Every day more and more investors are trading in Bitcoin, proving that it is not just a fad anymore. The prospect [...]
As taxpayers get ready for the upcoming filing season, It’s important for them to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may even determine if they have to file [...]
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 they need to make a payment. [...]