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Internal Revenue Service

In 2014, Various Tax Benefits Increase Due to Inflation Adjustments

December 5, 2013
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IR-2013-87, Oct. 31, 2013 WASHINGTON — For tax year 2014, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most…

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Tips for Employers Who Outsource Payroll Duties

October 31, 2013
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FS-2013-9, July 2013 Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities.…

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Back-to-School Tax Tips for Students and Parents

October 24, 2013
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IRS Summertime Tax Tip 2013-19, August 14, 2013 Going to college can be a stressful time for students and parents. The IRS offers these tips about education tax benefits that can help offset some college costs and maybe relieve some of that stress. American Opportunity Tax Credit.  This credit can be up to $2,500 per eligible…

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Interest Rates Remain the Same for the Fourth Quarter of 2013

October 17, 2013
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IR-2013-74, Sept. 5, 2013 WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for underpayments; five (5) percent for large corporate…

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2013 Statistics of Income Bulletin

October 10, 2013
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IR-2013-73, Sept. 3, 2013 WASHINGTON — The Internal Revenue Service today announced that the summer 2013 issue of the Statistics of Income Bulletin is available at IRS.gov. The summer 2013 issue features data from Form W-2, Wage and Tax Statement, filed with individual income tax returns for tax years 2008 through 2010. The Statistics of…

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Spring 2013 Statistics of Income Bulletin

June 24, 2013
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WASHINGTON — The Internal Revenue Service today announced the availability of the spring 2013 issue of the Statistics of Income Bulletin, which features information on high-income individual income tax returns filed for tax year 2010. Taxpayers filed almost 4.3 million returns with adjusted gross income of $200,000 or more for 2010. These high-income returns represent…

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IRS Offers Tips for Dealing with Notices

June 19, 2013
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IRS Tax Tip 2013-61, April 23, 2013 Each year, the IRS sends millions of letters and notices to taxpayers for a variety of reasons. Here are ten things you should know about IRS notices in case one shows up in your mailbox. Don’t panic. Many of these letters require a simple response. There are many…

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Keep the Child Care Credit in Mind for Summer

June 12, 2013
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IRS Special Edition Tax Tip 2013-11, May 22, 2013 If you are a working parent or plan to look for work this summer, you may need to pay for the care of your child or children. These expenses may qualify for a tax credit that can reduce your federal income taxes. The Child and Dependent…

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Prepare for Hurricanes, Natural Disasters by Safeguarding Tax Records

June 5, 2013
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IR-2013-56, May 29, 2013 WASHINGTON — With the start of this year’s hurricane season, the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps. Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup…

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IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

May 29, 2013
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WASHINGTON — The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2012, that they may have a U.S. tax liability and a filing requirement in 2013. The filing deadline is Monday, June 17, 2013, for U.S. citizens and…

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