The Internal Revenue Service continues to seek feedback regarding the draft instructions for Form 6765 and is extending the dates for reporting requirements related to the Credit for Increasing ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

The Internal Revenue Service has posted a draft version of Schedule 1-A, "Additional Deductions," for Form 1040 that will be used next tax season when claiming new tax breaks in the One Big Beautiful ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

The 2025 tax season will have its quirks, gimmicks and gotchas. But right now anyway, many experts say most people should expect to see a timely tax refund. Fingers crossed. Taxpayers will still need ...

Child care is expensive — and if you’re a working parent or caregiver, you’ve probably felt the sting. But here’s the good news: if you paid for child or dependent care so you could work or look for ...

The IRS recently released an updated Form 4255, Certain Credit Recapture, Excessive Payments, and Penalties, which is used to report the amount due for certain credit recaptures, excessive payments, ...

How does the IRS define a crypto broker? The definition of the term “broker” includes individuals or entities that regularly provide services to carry out digital asset transfers. This definition ...

Businesses that need extra time to file their tax returns can request an automatic extension using IRS Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, ...

That could present at least some headaches for the approximately 5.6 million American households that are unbanked — meaning they do not have a bank account — according to a 2023 FDIC survey. Some of ...