Household debt rose to new levels in 20 years — jumping $394 billion in the fourth quarter of the year alone — driven by credit card balances and auto loans. A February 16 report from the Federal Reserve Bank of New York's Center for Microeconomic Data(opens in new tab), highlighted that U.S. household debt hit a [...]
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 2022 tax returns. After several days of requests by taxpayers, state agencies and the National Taxpayer Advocate, the Internal Revenue Service has provided clarifying the federal tax status [...]
The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However, it’s easy for people to recognize this scam by knowing how the IRS contacts taxpayers. [...]
There are hopes to get the third round of pandemic relief legislation signed into law by mid-March, meaning a third stimulus check totaling $1,400 per qualifying individual could be just a few weeks away. These payments are part of a large $1.9 trillion COVID relief bill designed to help those in need. How do I ensure I [...]
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 [...]