Individual taxpayers and business owners can use the IRS Offer In Compromise Booklet to learn how an offer in compromise works and decide if it could help them resolve their tax debt. An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full […]

Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property. Small businesses can depreciate property when they place it in service for use […]

The Treasury Department and the Internal Revenue Service today unveiled an online Non-filer Sign-up tool designed to help eligible families who don’t normally file tax returns register for the monthly Advance Child Tax Credit payments, scheduled to begin July 15. This tool, an update of last year’s IRS Non-filers tool, is also designed to help […]