The holidays are here, and tax season will be coming up soon. It’s also National Tax Security Awareness Week (Nov. 29 to Dec. 3). That’s why IRS Commissioner Charles Rettig urges “people to protect their personal information” from would-be thieves. “Taxpayers and tax professionals are the first line of defense against scammers,” added Rettig. To

The IRS will be updating the 2021 Form W-2 instructions to reflect changes that were made in the American Rescue Plan Act. That law increased the maximum amount of dependent care benefits that can be excluded from an employee’s income from $5,000 to $10,500 for most taxpayers. The IRS will update the 2021 Form W-2

In its 2021 annual report, the IRS Advisory Council (IRSAC) identified key issues facing taxpayers and the IRS, while maintaining a consistent theme of the need for increased IRS funding to improve service and increase transparency and compliance enforcement. The theme of modernization is consistent throughout the report in the context of information technology systems,

Taxpayers with foreign accounts worth more than $10,000 in the preceding year must file a “Report of Foreign Bank and Financial Accounts” (FBAR). Failure to file can result in hefty penalties, though if non-willful, penalties are limited. Previously, a U.S. District Court ruled that the penalty is assessed per FBAR form. That would mean multiple

As 2021 comes to an end, the IRS wants to remind you of certain tasks you may want to accomplish before Dec. 31. To reduce this year’s tax liability, charitable donations must be made by year-end. In 2021, even those who don’t itemize can claim a limited $300 deduction, or $600 for married couples who

U.S. Treasury Sec. Janet Yellen warned of a recession unless Congress raises the federal debt limit. Testifying before a Senate committee, Yellen said it was critical that lawmakers address the federal debt ceiling. Parts of the government could be unable to meet financial obligations after Dec. 15 if the standoff isn’t resolved, though she suggested

Testifying before a Senate committee, U.S. Treasury Sec. Janet Yellen said the expansion of the Child Tax Credit (CTC) was a “profound economic and moral victory for the country.” Making advance CTC payments was part of the American Rescue Plan Act passed in March 2021. Since monthly checks began going out in July, eligible families,