Information You Need to Know
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Tax News & Industry Updates
Check out this tax industry update for the latest on changes that may affect your taxes in 2020
Uber & Lyft Drivers
Information on reporting income and deductible expenses for Uber & Lyft drivers. Find out more information on tax responsibilities at IRS Gig Economy Tax Center.
Gambling Loss Deduction
Gambling losses can be deductible up to gambling winnings for most taxpayers on Schedule A. You must keep good records as proof of both. Read more in the attached.
Tax Scams
Beware of scammers! Here's some information on what to do if you have been contacted by a scammer posing as an IRS employee. Don't be a victim!
Identity Theft
If you are the victim of tax-related identity theft, the IRS may issue you an Identity Protection PIN (IP PIN) to file your taxes. See the attached for details.
Update: Starting for 2020 filing season, taxpayers in some states can opt-in to this program, even if you have not been a victim of tax-related identity theft, as an extra layer of protection. Illinois is one of those states. Get an IP PIN at IRS.gov/IPPN. More information in the new IRS publication -Publication 5367, Identity Protection PIN Opt-In Program for Taxpayers
Recordkeeping for Tax Purposes
If you are audited, the IRS can disallow deductions claimed with no support. Here is some information on types of records you should maintain for your taxes each year and how long you should keep them.
