New York attorney Amanda Reynolds is suing the IRS to claim her golden retriever as a tax dependent—raising fresh questions about whether any pet expenses are deductible and what federal tax law actually allows.
The IRS faces major layoffs and leadership changes in 2025, but enforcement is getting smarter — not softer. Learn how automation, AI, and new audit priorities could impact your taxes and why working with a pro matters more than ever.
Learn about the IRS’s resumption of collection notices post-COVID-19, including automatic penalty relief for eligible taxpayers for tax years 2020 and 2021, saving them an estimated $1 billion.
IRS introduces $1B penalty relief for 4.7M entities with back taxes during the pandemic. Automatic relief for incomes below $400K. Act now, visit IRS.gov. Deadline: April 1, 2024
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS is providing penalty relief to most people and businesses who file or filed certain 2019 or 2020 returns late.
For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.
In November of 2021, the Internal Revenue Service launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.
This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals should hold on to their income tax records for at least 3 years after the … Read More
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2020 must be provided to workers no later than February 1, 2021. The forms are normally due January 31, but since it falls on a Sunday in 2021, the due date is extended until February 1.
Estimated tax payments, should I make one? That is a good question and often comes up at the end of every year as to whether one should make an estimated tax payment or not. Let’s split … Read More