Recent Tax Updates
Tax Updates 2022
Form 8962 Reminders for Tax Season 2023
Tax preparers must remember that if a taxpayer received an advance premium tax credit (subsidy) to help pay for their health insurance that they obtained through an Exchange, they must complete (including the reconciliation of the advance premium tax credit) and include the Form 8962 (Premium Tax Credit) with their federal return.
Premium Tax Credit
What is the Premium Tax Credit? The Premium Tax Credit is a refundable tax credit for certain people who enroll, or whose family member enrolls,
Form 8615
Form 8615 is required to be used when a taxpayer’s child had unearned income over $2,200 and is
Why is My Tax Refund So Low
Many taxpayers may be surprised that the amount of their 2022 tax return is lower this filing season, leaving them to wonder, “Why is my tax refund so low?”
Understanding Form 1099-K
Form 1099-K is an IRS information return used to report payment card and third-party network transactions on a federal tax return for businesses, sole proprietors, individuals, and gig economy workers.
Reminder: IRS Identity Protection PIN (IP PIN) is Available to All Taxpayers
As part of its wider effort to increase security, the IRS is reminding taxpayers that the IRS Identity Protection PIN (IP PIN) Opt-In Program is available to all taxpayers who can verify their identity.
Tax Updates 2021
2021 National Cyber Security Awareness Tips
As the 2022 filing season approaches, the IRS, states, and tax industry are warning taxpayers and tax preparers to remain vigilant due to the constantly evolving threats and scams from fraudsters.
Tax Law Changes 2021
The 2021 Consolidated Appropriations legislation that was passed last December and the American Rescue Plan included the following changes to federal tax provisions and extended expiring provisions so that they are still applicable for 2021.
Child and Dependent Care Tax Credit
For taxpayers who had qualifying expenses for their children or other qualifying person, the American Rescue Plan Act of 2021 (ARPA) increases the likelihood that these taxpayers will be able to qualify for the Child and Dependent Care Tax Credit (CDCTC) and receive a larger credit for 2021.
2021 IRS Tax Identity Theft Campaign and Tax Preparers
Continuing what the IRS, tax industry, and State tax agencies started back in 2015, the Security Summit partners have created a 2021 campaign to urge tax preparers to take basic actions to help stop theft of their own personal data and their clients’ tax data from their offices.
Taxpayer Authorizations and Tax Pro Online Account
The IRS has recently added a new feature to Individual Online accounts that allows individual taxpayers to authorize their tax preparer to represent them before the IRS by allowing them to electronically sign the Power of Attorney (POA) that was initiated by their tax preparer.
Advance Child Tax Credit Payments Facts and IRS Update Tool
Facts about Advance Child Tax Credit