IRS wraps up 2022 - -Dirty Dozen - - Scams List - - - Agency urges Taxpayers to Watch Out for Tax Avoidance Strategies

IRS wraps up 2022 "Dirty Dozen" Scams List; Agency urges Taxpayers to Watch Out for Tax Avoidance Strategies | site |



Cryptocurrency, non-filing, abusive syndicated conservation easement, abusive micro-captive deals make list


Information contained in U.S. Internal Revenue Service (IRS) press release dated: June 10, 2022 Washington - - The Internal Revenue Service today wrapped up its annual "Dirty Dozen" scams list for the 2022 filing season, with a warning to taxpayers to avoid being misled into using bogus tax avoidance strategies. The IRS warned taxpayers to watch out for promoters peddling these schemes. As part of its mission, the IRS is focused on high-income taxpayers who engage in various types of tax violations, ranging from the most basic, failing to file returns up to sophisticated transactions involving abusive syndicated conservation easement deals and abusive domestic micro-captive insurance arrangements. "These tax avoidance stra...

IRS Interest Rates Increase for the Third Quarter of 2022 | site |




Information contained in U.S. Internal Revenue Service (IRS) press release dated: May 20, 2022

Washington - - The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be:

• 5% for overpayments (4% in the case of a corporation).
• 2.5% for the portion of a corporate overpayment exceeding $10,000.
• 5% for underpayments.
• 7% for large corporate underpayments.

Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus three percentage points. Generally, in the case of a corporation, the underpayment rate is the federal short-term rate plus three percentage points, and the overpayment rate is the federal short-term rate plus two percentage points. The...

Ahead of Hurricane Season, IRS offers Tips on ways to prepare for Natural Disasters | site |


IRS YouTube Videos

Preparing for Disasters | ASL


Information contained in U.S. Internal Revenue Service (IRS) press release dated: May 5, 2022

Washington - - The Internal Revenue Service reminded taxpayers today that May includes National Hurricane Preparedness Week and is National Wildfire Awareness Month. This is a good time to create or review an emergency preparedness plan, including steps to protect important tax-related information. In 2021, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornados, severe storms, straight-line winds, flooding, landslides and mudslides, wildfires and winter storms. Given the impact these events can have on individuals, organizations and businesses, now is the time to make or update an emergency plan. The following tips are intende...

Face-to-face IRS help without an Appointment available during special Saturday Opening on May 14 | site |



Information contained in U.S. Internal Revenue Service (IRS) press release dated: May 10, 2022

Washington - - Although filing season has come and gone, the Internal Revenue Service recognizes taxpayers still need assistance. To help taxpayers, the IRS today announced many Taxpayer Assistance Centers (TACs) around the country, including Puerto Rico, will be open and offering face-to-face help on Saturday, May 14. This special Saturday help is available from 9 a.m. to 4 p.m., and without an appointment. Normally, TACs are open by appointment only on weekdays. "We're offering Saturday office hours so people can get the help they need," said Taxpayer Experience Officer and IRS Wage & Investment Division Commissioner Ken Corbin. "We recognize and understand not everyone can get to an appointment during normal business hours." The IRS.gov we...

For National Small Business Week, plan now to take Advantage of Tax Benefits for 2022 | site |




Enhanced deduction for business meals, home office deduction and more


Information contained in U.S. Internal Revenue Service (IRS) press release dated: May 3, 2022

Washington - - The Internal Revenue Service today urged business taxpayers to begin planning now to take advantage of the enhanced 100% deduction for business meals and other tax benefits available to them when they file their 2022 federal income tax return.

During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the theme for this year's celebration: "Building a Better America through Entrepreneurship." With next year's filing deadline nearly a year away, any entrepreneur still has time to identify possible tax benefits, take action to qualify for them and then claim them when they file in 2023. ...

2022 IRS Nationwide Tax Forum begins July 19 | site |


Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 19, 2022

IRS YouTube Video:

• 2022 IRS Nationwide Tax Forum - Virtual

Washington - - The Internal Revenue Service today announced the 2022 IRS Nationwide Tax Forum will be held virtually over five weeks starting July 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday. Held each summer for more than 30 years, the IRS Nationwide Tax Forum is the IRS's marquee outreach event to the tax professional community. Even as some areas of the country are lifting limits on indoor gatherings, the IRS will once again present the Nationwide Tax Forum in a virtual format out of an abundance of caution. The virtual format allows experts from the IRS and its association partners to educate and update the tax professional community on tax law, professional ethics, virtual currenc...

IRS Notices CP2100 and 2100A to Help Payers Correct Backup Withholding Errors will Go Out in April 2022 | site |


Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 15, 2022

Washington - - Beginning in mid-April 2022, the Internal Revenue Service will send CP2100 and CP2100A notices to financial institutions, businesses or payers who filed certain types of information returns that don't match IRS records.

These information returns include:

• Form 1099-B, Proceeds from Broker and Barter Exchange Transactions
• Form 1099-DIV, Dividends and Distributions
• Form 1099-G, Certain Government Payments
• Form 1099-INT, Interest Income
• Form 1099-K, Payment Card and Third-Party Network Transactions
• Form 1099-MISC, Miscellaneous Income
• Form 1099-NEC, Nonemployee Compensation
• Form 1099-OID, Original Issue Discount
• Form 1099-PATR, Taxable Distributions Received from Cooperative

...

IRS Free File can help those with no Filing Requirement find Overlooked Tax Credits and get a Refund | site |


Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 14, 2022

IRS YouTube Video:

• Why You Should Use Free File

Washington - - The Internal Revenue Service today urged low- to moderate-income individuals and families, especially those who don't normally file a tax return, to use IRS Free File to prepare their own federal tax return, file electronically and get a refund by direct deposit – all for free. The tax software guides people through each section of their tax return using a question-and-answer format. It's safe, easy and free to file a federal return.

Individuals who didn't earn enough money to require them to file may mistakenly assume that since they owe no tax they're not entitled to a refund. They may, however, be eligible for the Earned Income Tax Credit, the Child Tax Credit,...

IRS Revises further Frequently Asked Questions and Answers for 2021 Recovery Rebate Credit | site |


Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 13, 2022

Washington - - The Internal Revenue Service today updated frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.

These FAQs (FS-2022-27 PDF) updated Questions 1, 5, 8 and 9 in Topic F: Receiving the Credit on a 2021 Tax Return.

Individuals who did not qualify for, or did not receive, the full amount of the third Economic Impact Payment may be eligible to claim the 2021 Recovery Rebate Credit based on their 2021 tax year information. Individuals may have received their third Economic Impact Payment through initial and "plus-up" payments in 2021.

Note: Third Economic Impact Payments are different than the monthly advance Child Tax Credit payments that the IRS disbursed...

IRS Letters going out to Taxpayers who may need to take Action related to Qualified Opportunity Funds | site |



Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 12, 2022

Washington - - The Internal Revenue Service announced today that taxpayers who may need to take additional actions related to Qualified Opportunity Funds (QOFs) should begin receiving letters in the mail in April.

Taxpayers who attached Form 8996, Qualified Opportunity Fund, to their return may receive Letter 6501, Qualified Opportunity Fund (QOF) Investment Standard. This letter lets them know that information needed to support the annual certification of investment standard is missing, invalid or the calculation isn't supported by the amounts reported. If they intend to maintain their certification as a QOF, they may need to take additional action to meet the annual self-certification of the investment standard requirement. T...