After a rigorous tax season, the tax and financial planning experts at KRD share post-tax season highlights from the IRS and state of Illinois. We’ve also included suggestions for creating your online account with the IRS, in addition to some helpful links.
On Monday, February 7, the IRS announced it will transition away from using a third-party service for facial recognition to help authenticate people creating new online accounts. This transition will occur over the coming weeks in order to prevent larger disruptions to taxpayers during filing season.
On August 24, 2021 the House voted to approve the fiscal year 2022 budget resolution that provides reconciliation instructions for the massive human infrastructure bill.
Virtual currency transactions are taxable by law just like transactions in any other property. The IRS is aware that some taxpayers with virtual currency transactions may have incorrectly reported or failed to report income and pay the related tax. Therefore, it is actively addressing potential non-compliance in this area. Millions of taxpayers may find themselves […]
For tax years beginning in 2021 only, the Consolidated Appropriations Act, 2021 allows an individual who does not itemize to claim a deduction of up to $300 ($600 in the case of a joint return) for charitable contributions made during the year.
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