IRS offers How-To Videos to help Taxpayers apply for Offers in Compromise and avoid Scams

U.S. Internal Revenue Service offers How-To Videos to help Taxpayers apply for Offers in Compromise and avoid Scams site



(Information contained in U.S. Internal Revenue Service [IRS] press release dated: November 17, 2021)

Washington - - The Internal Revenue Service today unveiled a new how-to video series enabling taxpayers to avoid potential scams by considering and applying for an Offer in Compromise (OIC) themselves and avoid paying excessive fees to companies advertising outlandish claims. "We encourage eligible taxpayers in real financial distress to consider looking into an Offer in Compromise to resolve their tax issues," said IRS Commissioner Chuck Rettig. "People also need to use caution with the program. Some companies routinely overstate how they can help with this program and clear up people's back taxes for pennies on the dollar. A quick visit to IRS.gov can provide important information to help people with this p...

U.S. Internal Revenue Service launches new Webpage to assist Taxpayers with Refunds subject to Joint Committee on Taxation Review | site |



(Information contained in U.S. Internal Revenue Service [IRS] press release dated: September 22, 2021)

Washington - - The IRS today introduced a new webpage that provides information to taxpayers whose large refunds are subject to further review by the Joint Committee on Taxation (JCT or Joint Committee). By law, when taxpayers claim a federal tax refund or credit of more than $2 million ($5 million for a C corporation), the IRS must review the refund or credit and provide a report to the JCT, a non-partisan committee of the U.S. Congress. Refunds subject to this review are known as “Joint Committee Refund Cases.” Taxpayers can now find answers to most questions about Joint Committee case reviews and links to additional resources at ...

Starting Oct. 28, new $67 User Fee applies to Estate Tax Closing Letters | site |



IRS reminds executors of free transcript option


(Information contained in U.S. Internal Revenue Service [IRS] press release dated: September 27, 2021)

Washington - - The Internal Revenue Service announced today that starting Oct. 28, a new $67 user fee will apply to any estate that requests a closing letter for its federal estate tax return.

The new user fee was authorized under final regulations, TD 9957, available today in the Federal Register. Closing letter requests must be made using Pay.gov. The IRS will provide further procedural details before the user fee goes into effect. By law, federal agencies are required to charge a user fee to cover the cost of providing certain services to the public that confer a special benefit to the recipient. Moreover, agencies must review these fees every two years to determine whether the...

U.S. Internal Revenue Service announces 2022 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants | site |



(Information contained in U.S. Internal Revenue Service [IRS] press release dated: October 12, 2021) Washington - - The Internal Revenue Service recently awarded over $41 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation. This year, the IRS awarded grants to 34 TCE and 300 VITA applicants. The IRS received 379 applications requesting over $70 million. The TCE program, established in 1978, provides free tax counseling and federal return preparation to individuals who are age 60 or older. Volunteers receive training and technical assistance to provide assistance at community locations across the nation. The VITA program, created in 1969, assists underserved communities, such as low- and moder...

Oct. 15 Deadline approaches for Taxpayers who Requested Extensions to File 2020 Tax Returns | site |



(Information contained in U.S. Internal Revenue Service [IRS] press release dated: September 16, 2021)

Washington - - The Internal Revenue Service today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available.

Although October 15 is the last day for most people to file, some taxpayers may have more time. They include:

• Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
• Taxpayers in federally declared disaster areas who already had valid extensions. For details, see

...

IRS: Tax Relief now available to Victims of Hurricane Ida; Oct. 15 Deadline, other Dates extended to Jan. 3 | site |




(Information contained in U.S. Internal Revenue Service [IRS] press release dated: August 31, 2021)

Washington - - Victims of Hurricane Ida that began on August 26 now have until January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently this includes the entire state of Louisiana, but taxpayers in Ida-impacted localities designated by FEMA in neighboring states will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov. "During this difficult time, the I...

U.S. Internal Revenue Service Security Summit warns Tax Pros to watch for tell-tale Signs of Identity Theft | site |



(Information contained in U.S. Internal Revenue Service [IRS] press release dated: August 17, 2021)


Washington - - With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients. The IRS, state tax agencies and the tax industry – working together as the Security Summit – reminded tax professionals that they should contact the IRS immediately when there's an identity theft issue while also contacting insurance or cybersecurity experts to assist them with determining the cause and extent of the loss. "There are tell-tale signs of identity theft that tax pros can easily miss," said IRS Commissioner Chuck Rettig. "Identity...

U.S. Internal Revenue Service continues Unemployment Compensation Adjustments, prepares another 1.5 Million Refunds | site |



(Information contained in U.S. Internal Revenue Service [IRS] press release dated: July 28, 2021) Washington - - The Internal Revenue Service reported today that another 1.5 million taxpayers will receive refunds averaging more than $1,600 as it continues to adjust unemployment compensation from previously filed income tax returns. The American Rescue Plan Act of 2021, which became law in March, excluded up to $10,200 in 2020 unemployment compensation from taxable income calculations. The exclusion applied to individuals and married couples whose modified adjusted gross income was less than $150,000. Refunds by direct deposit will begin July 28 and refunds by paper check will begin July 30. This is the fourth round of refunds related to the unemployment compensation exclusion provision. Since May, the IRS has issued over 8....

IRS unveils Online Tool to help Low-income Families register for Monthly Child Tax Credit Payments | site |




(Information contained in U.S. Internal Revenue Service [IRS] press release dated: June 14, 2021)

Washington - - 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 eligible individuals who don't normally file income tax returns register for the $1,400 third round of Economic Impact Payments (also known as stimulus checks) and claim the Recovery Rebate Credit for any amount of the first two rounds of Economic Impact Payments they may have missed. Developed in partnership with Intuit and delivered through the Free File Alliance, this tool provides a fr...

IRS posts new FAQs making available information to aid Families and Small Business under the American Rescue Plan | site |




Information for enhanced 2021 child and dependent care tax credits; updated paid sick and family leave credits for Q2 and Q3 of 2021


(Information contained in U.S. Internal Revenue Service [IRS] press release dated: June 11, 2021)

Washington - - The Internal Revenue Service today posted two new, separate sets of frequently-asked-questions (FAQs) to assist families and small and mid-sized employers in claiming credits under the American Rescue Plan (ARP). Both the child and dependent care credit as well as the paid sick and family leave credit were enhanced under the ARP, enacted in March to assist families and small businesses with the fallout of the COVID-19 pandemic and recovery underway. The two sets of FAQs provide information on eligibility, computing the credit amounts, and how to clai...