Tax Tips for May 2022

Tax Tip 2022-83, May 31, 2022 — Before the IRS can choose to authorize tax relief for disaster victims, the Federal Emergency Management Agency must issue a disaster declaration. Generally, the IRS will authorize disaster tax relief to all areas identified on a disaster declaration if FEMA identifies at least one area qualifying for their Individual Assistance program.

Tax Tip 2022-82, May 26, 2022 — Taxpayers have the right to appeal an IRS decision in an independent forum. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when working with the IRS.

Tax Tip 2022-81, May 25, 2022 — To be tax-exempt under Section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals.

Tax Tip 2022-80, May 24, 2022 — After a natural disaster, personal financial, insurance, medical and other records can be vital to starting the recovery process. Here are some things taxpayers can do to help protect their financial safety in a disaster situation.

Tax Tip 2022-79, May 23, 2022 — Taxpayers who have not yet filed their 2021 tax return may file electronically when they are ready rather than wait until the October 17, 2022, extension deadline. If they are considering hiring a tax preparer, it’s important to choose wisely. Taxpayers are responsible for all the information on their tax return, no matter who prepares it for them or when it's filed.

Tax Tip 2022-78, May 19, 2022 — A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.

Tax Tip 2022-77, May 18, 2022 — The summer wedding season is fast approaching. Wedding planning is often overwhelming but figuring out how marriage will affect a couple’s tax situation doesn’t have to be. Here are a few things couples should think about as they prepare for the big day.

Tax Tip 2022-76, May 17, 2022 — Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return.

Tax Tip 2022-75, May 16, 2022 — The arrival of summer also means the start of hurricane season. One way taxpayers can prepare for any type of natural disaster is by knowing what to do about important documents and paperwork that might be lost after a disaster.

Tax Tip 2022-74, May 12, 2022 — Business owners can simplify things by filing payroll taxes electronically. E-file software performs calculations and populates forms and schedules using a step-by-step process. It will also alert the filer if they are missing information which reduces the chances of receiving an IRS notice

Tax Tip 2022-73, May 11, 2022 — When hiring a company to handle payroll and payroll tax, it’s important for businesses to choose wisely. This can help a business avoid missed deposits for employment taxes and other unpaid bills.

Tax Tip 2022-72, May 10, 2022 — Tax professionals who want to keep up with changing trends and tax law should register for the 2022 IRS Nationwide Tax Forum.

Tax Tip 2022-71, May 9, 2022 — Small businesses play a pivotal role in the nation's economy. The IRS offers a variety of tools and resources to help small business owners and self-employed individuals understand and meet their tax obligations.

Tax Tip 2022-70, May 5, 2022 — The work opportunity tax credit is a federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment.

Tax Tip 2022-69, May 4, 2022 — Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May 16, 2022.

Tax Tip 2022-68, May 3, 2022 — Small business owners who want to learn about their tax obligations should watch the Small Business Virtual Tax Workshop. This online workshop is an easy way for new small business owners to dive in and for experienced small business owners to brush up on topics relevant to their business.

Tax Tip 2022-67, May 2, 2022 — In April, the IRS sent CP2100 and CP2100A notices to banks, credit unions, businesses or payers who filed returns that don't match IRS records.

IRS tax tips from January 2011 forward.