Posts by insideout
Is An Army of IRS Agents Coming For You?
When someone says they like to pay taxes, you’ll need more than a grain of salt handy. However, many Americans accept taxes as a part of life in order to keep the government functioning. They realize how much we ask the government to do—national defense, protecting the quality of food and medicine, funding basic research…Read More
IRS Cancels Penalties, Will Issue Refunds to Late Payers
Because the pandemic disrupted the economy and led to a pileup of unprocessed returns at the agency, the Internal Revenue Service (IRS) has decided to refund a total of $1.2 billion in penalties to approximately 1.6 million individual and business taxpayers fined for failing to file tax or information returns on time for 2019 and…Read More
What should you do if the IRS comes looking for you?
What should you do if the IRS comes looking for you? Should you fear being contacted by the Internal Revenue Service? Not if you’re an informed taxpayer who knows your rights and responds to the first notice you get from them. The nightmare scenarios you hear about stem from situations that get out of hand…Read More
IRS Insists the Destruction of 30 Million Files of Taxpayer Data is Not a Big Deal
It’s an interesting way to deal with backlogs; how are taxpayers affected Imagine that your job involves the processing of huge amounts of paper records. Now imagine you find yourself backlogged for various reasons, some out of your control. Yet your pending file won’t stop stacking up. You’re going to drown in the paper if…Read More
Updated Taxability Of Dependent Care Assistance Programs
2020 was one of the strangest years in modern times. The pandemic caused millions of people all across the world to take a step back, minimize their lives, and spend an immense amount of time cooped up inside their homes. The year came with a unique set of challenges that spanned everything from financial difficulties,…Read More
Get To Know The New Child Tax Credit
One of the biggest tax changes that was made this past year is the adoption of a new child tax credit that can be claimed in monthly amounts or at an annual level. This tax credit comes after a flurry of new initiatives aimed at helping low to middle-class households bounce back after the financial…Read More