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IR-2021-70, March 30, 2021 WASHINGTON — The Internal Revenue Service issued frequently asked questions today on how students and higher education institutions should report pandemic-related emergency financial aid grants. Students Emergency financial aid grants made by a federal agency, state, Indian tribe, higher education institution or scholarship-granting organization (including a tribal organization) to a student …

Emergency aid granted to students due to COVID is not taxable Read More »

Taxpayers beware: Tax season is prime time for phone scams With the new tax season starting this week, the IRS reminds taxpayers to be aware that criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information. Here are some telltale signs of a tax scam along …

Tax Tip 2022-15, January 27, 2022 Read More »

The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source. Who is an eligible educator: The taxpayer must be a kindergarten through …

A tip for teachers: Some educator expenses may be tax deductible Read More »

Effective July 15, 2021, parents with dependent children age 17 years or younger will be eligible to receive an Advance Child Tax Credit.  The monthly credit amounts will range from $250 to $300 per child, payable in 2021. Click the link to learn more. Additional information on this topic is available on the IRS.GOV website.   

IRS Tax Tip 2020-130, October 1, 2020 Taxpayers need to know their correct filing status and be familiar with each option. Generally, the taxpayer’s filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain situations. …

What’s My Filing Status Read More »

IRS NEWS ROOMAdvance Child Tax Credit Payments in 2021 Important changes to the Child Tax Credit will help many families get advance payments of the credit starting this summer. The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your …

Advance Child Tax Credit Payments in 2021 Read More »