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    Are Tips Taxable? IRS Offers ‘Tips’ on Tips

    Generally, income received in the form of tips is taxable. The IRS provides some information that helps taxpayers report tip income correctly: Interactive Tax Assistant Tool. The ITA tool is a tax-law resource that asks taxpayers a series of questions and provides a response based […]

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    Nine Adoption Tax Credit Facts to Consider

    Taxpayers who have adopted or tried to adopt a child in 2016 may qualify for a tax credit. Here are nine important things about the adoption credit: The Credit. The credit is nonrefundable, which may reduce taxes owed to zero. If the credit exceeds the […]

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    IRS Reminds Seniors to Remain on Alert to Phone Scams during Tax Season

    WASHINGTON – With the 2017 tax season underway, the IRS reminds seniors to remain alert to aggressive and threatening phone calls by criminals impersonating IRS agents. The callers claim to be IRS employees, but are not. These con artists can sound convincing when they call. […]

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    Tax Refund Offsets Pay Unpaid Debts

    If you can’t pay your taxes in full, the IRS will work with you. Past due debts like taxes owed, however, can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal […]

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  • Retirement

    IRS Reminds Taxpayers of April 1 Deadline to Take Required Retirement Plan Distributions

    WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The April 1 deadline […]

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    Tax Time Guide: Still Time to Contribute to an IRA for 2016

    WASHINGTON — The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit. This is the eighth in a series of 10 IRS tips […]

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    Tax Time Guide: Payment Agreement Options Available to Those Who Owe Taxes

    WASHINGTON — Taxpayers can electronically request an extension of time to file. An extension of time to file is not an extension to pay. Taxes are still due by the original due date. Taxpayers can get an automatic extension when making a payment with Direct […]

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    Tax Time Guide: ‘Where’s My Refund?’ Tool Best Way to Check Tax Refund Status

    WASHINGTON — The Internal Revenue Service reminded taxpayers today that while more than 90 percent of federal tax refunds are issued in 21 days or less, some refunds may take longer. Many factors can affect the timing of a refund after the IRS receives the […]

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