by MTS Tax Preparation, Planning, and Financial Literacy | Jan 21, 2022 | Tax Tips and News
The Internal Revenue Service wants employers to know the clock is ticking, and to get their Forms W-2 and other wage statements to the government very soon. The deadline is January 31. As of 2015, employers are required by law to get their Forms W-2, Wage and Tax...
by MTS Tax Preparation, Planning, and Financial Literacy | Jan 20, 2022 | Tax Tips and News
With tax time’s arrival, those Americans who don’t normally have to file an income tax return usually think their circumstances mean they have no benefit to filing a return. This year, however, could be very different. Credits can make it happen. The individual’s...
by MTS Tax Preparation, Planning, and Financial Literacy | Jan 14, 2022 | Tax Tips and News
The Internal Revenue Service says it has updated the online frequently asked questions (FAQs) for the 2021 Child Tax Credit and the Advance Child Tax Credit. The objective, the agency says, is to help qualified taxpayers to claim the credit properly on their 2021...
by MTS Tax Preparation, Planning, and Financial Literacy | Jan 13, 2022 | Tax Tips and News
“The most challenging year taxpayers and tax professionals have ever experienced.” With that short sentence, National Taxpayer Advocate Erin Collins sums up her assessment of the calendar year 2021 and its effect on the Internal Revenue Service. The assessment...
by MTS Tax Preparation, Planning, and Financial Literacy | Jan 12, 2022 | Tax Tips and News
The Internal Revenue Service is updating its Frequently Asked Questions to reflect changes on two fronts important to a lot of taxpayers. The changes, in the form of revamped and increased guidance, are focused on the unemployment compensation exclusion for 2020, and...
