Economic impact payments: What you need to know

Check IRS.gov for the latest information: No action needed by most people at this time IR-2020-61, March 30, 2020   WASHINGTON — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for […]

Organizations take these easy steps to apply for tax-exempt status

Some taxpayers think simply creating a nonprofit automatically means an organization is tax exempt. There’s more to it than that. To become a tax-exempt nonprofit, there are few things the group must do up front. An organization must determine whether it’s a trust, corporation or association. They then must apply for tax-exempt status with the IRS and be […]

IRS.gov resources help small businesses have big success

National Veterans Small Business Week is the perfect time for veterans who are business owners to check out the IRS’s online resources. Here are a few of the webpages that can help small businesses understand their tax responsibilities. Self-Employed Individuals Tax Center This a great resource for sole proprietors and others who are in business […]

Good recordkeeping is just good business

Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful. Here are some things small business owners should remember about recordkeeping: Good records will help business owners: Monitor the progress of their business Prepare financial statements Identify income sources Keep track of […]

Taxpayers can find answers to questions about private collection agencies on IRS.gov

Taxpayers who are contacted by a private collection agency on behalf of the IRS might have questions about the program. These taxpayers can visit IRS.gov to find answers to questions they might have. In fact, to better help these taxpayers, the IRS recently updated the private debt collection pages on IRS.gov. These updates added more information for taxpayers whose […]

It’s time again for folks to renew their ITINs…here are some things to remember

Taxpayers with individual taxpayer identification numbers should find out if their number expires this year. If it does, they should renew it now to avoid delays with their refund when they file their taxes next year. An ITIN is a tax ID number used by taxpayers who don’t qualify for a Social Security number. Here’s what these taxpayers need […]