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Take care when choosing a tax return professional

Carefully choosing a tax professional to prepare a tax return is vital to ensuring your personal and   financial information is safe and secure and treated with care. Another reason to choose a tax preparer carefully is because taxpayers are ultimately legally responsible for all the information on their income tax return, regardless of who prepares […]

Tax relief for Connecticut victims affected by storms, flooding

Individuals and businesses in parts of Connecticut affected by severe storms, flooding and a potential dam breach that began on Jan. 10 now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments. Currently, this includes New London County, including the Mohegan Tribal Nation and Mashantucket Pequot […]

Taxpayers should continue to report all cryptocurrency digital asset income

Taxpayers, you must again must again answer a digital asset question and report all digital asset-related income when you file your 2023 federal income tax return, as you did for your 2022 federal tax returns. Everyone who files Forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120, 1120 and 1120S must check one box answering either “Yes” […]

Reporting foreign income and filing a tax return when living abroad

U.S. citizen and resident aliens living abroad should know their tax obligations. Their worldwide income — including wages, unearned income and tips — is subject to U.S. income tax, regardless of where they live or where they earn their income. They also have the same income tax filing requirements as U.S. citizens or resident aliens […]

Dirty Dozen: Watch out for scammers using email and text messages to try tricking people during tax season

Email and text scams are relentless, and scammers frequently use tax season as a way of tricking people. With people anxious to receive the latest information about a refund or other tax issue, scammers will regularly pose as the IRS, a state tax agency or others in the tax industry in emails and texts. Phish […]

Gig economy earnings are taxable

Generally, income earned from the gig economy is taxable and must be reported to the IRS on tax returns. The gig economy is activity where people earn income providing on demand work, services or goods, such as selling goods online, driving a car for deliveries or renting out property. Often, it’s through a digital platform […]

Here are the different ways people can pay their federal taxes

The April 18 deadline for individuals to file and pay their federal income tax is just around the corner. While paying taxes is not optional, the IRS offers a variety of ways for people to pay their taxes. Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and […]

Reasons why some tax refunds filed electronically take longer than 21 days

Different factors can affect the timing of a refund after the IRS receives a return. A manual review may be necessary when a return has errors, is incomplete or is affected by identity theft or fraud. Other returns can also take longer to process, including when a return needs a correction to Child Tax Credit […]

Trouble Anticipated on Tax Returns Due to Advanced Child Tax Credit

To combat anticipated complications and questions on how to report the ACTC on tax returns, the IRS announced on December 21, 2021, that a letter would be sent to ACTC recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January.  It is the IRS’s […]

The N.C. Department of Revenue announced that it will begin processing 2021 tax year returns in mid-February

The N.C. Department of Revenue announced that it will begin processing 2021 tax year returns in mid-February, which is several weeks after the start of the nation’s tax season on Monday, January 24, 2022. This delay is due to the late approval of the state budget, which included multiple tax law changes. The later start […]