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 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...

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...

Treasury and IRS Disburse Second Month of Advance Child Tax Credit Payments | site |




Treasury Plans Permanent Mobile-Friendly and Multi-Lingual Sign-up Tool for Non-Filers, Announces New Sign-up Tool Created by Code for America


(Information contained in U.S. Department of the Treasury press release dated: August 13, 2021) Washington - - The U.S. Department of the Treasury and the Internal Revenue Service announced today that more than $15 billion were paid to families that include roughly 61 million eligible children in the second monthly payment of the expanded and newly-advanceable Child Tax Credit from the American Rescue Plan passed in March. The number of payments this month increased and cover an additional 1.6 million children. Eligible families received a payment of up to $300 per month for each child under age 6 and up to $250 per month for each child age 6 to 17. This tax relief is having a real impact on the live...

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...

U.S. Internal Revenue Service reminds Taxpayers Living and Working Abroad of June 15 Deadline | site |



(Information contained in U.S. Internal Revenue Service [IRS] press release dated: June 2, 2021)

Washington - - The Internal Revenue Service today reminded taxpayers living and working outside of the United States that they must file their 2020 federal income tax return by Tuesday, June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship.

Just as most taxpayers in the United States are required to timely file their tax returns with the IRS, those living and working in another country are also required to file. An automatic two-month deadline extension is normally granted for those overseas and in 2021 that date is still June 15 even though the normal income tax filing deadline was extended a month from April 15 to May 17.

Benefits and qualifications ...

U.S. Internal Revenue Service sending more than 2.8 Million Refunds to those who already paid Taxes on 2020 Unemployment Compensation | site |



(Information contained in U.S. Internal Revenue Service [IRS] press release dated: June 4, 2021) Washington - - The Internal Revenue Service is sending more than 2.8 million refunds this week to taxpayers who paid taxes on unemployment compensation that new legislation now excludes as income. IRS efforts to correct unemployment compensation overpayments will help most affected taxpayers avoid filing an amended tax return. So far, the IRS has identified 13 million taxpayers that may be eligible for the adjustment. Some will receive refunds, which will be issued periodically, and some will have the overpayment applied to taxes due or other debts. For some there will be no change. The American Rescue Plan Act of 2021 (ARPA) excluded up to $10,200 in unemployment compensation per taxpayer paid in 2020. The $10,...

U.S. Internal Revenue Service says 2021 IRS Virtual Nationwide Tax Forum begins in July | site |



Tax pros may earn continuing education credits and more


(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 24, 2021)

Washington - - The Internal Revenue Service today announced that the 2021 Virtual IRS Nationwide Tax Forum will be held over five weeks starting July 20, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday. Held each summer for 30 years, the IRS Nationwide Tax Forums are the IRS's marquee outreach event to the tax professional community. This year, the IRS decided once again to provide these events in a virtual format in an abundance of caution and for the safety of the tax professional community. The virtual format allows experts from the IRS and its association partners to educate and update the tax professional community on tax law, cybesecurity, ethi...

IRS says more than 1.8 Million additional Economic Impact Payments disbursed under the American Rescue Plan; total Payments reach nearly 167 Million | site |


(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 26, 2021)

Washington - - Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they have disbursed more than 1.8 million additional Economic Impact Payments under the American Rescue Plan.

Today's announcement covering the most recent two weeks of the effort brings the total disbursed so far to nearly 167 million payments. They represent a total value of approximately $391 billion since these payments began rolling out to Americans in batches on March 12.

Here is additional information on the last two weeks of payments, which includes those with official payment dates through May 26:

• In total, this includes

...

IRS says, With the May 17 Deadline in the Past, File Taxes Now to get Refund or Cut Penalties and Interest | site |


(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 20, 2021)

Washington - - The Internal Revenue Service reminds taxpayers who missed the recent tax-filing deadline who are due a refund that there is no penalty for filing late. Those who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest.

Extra time to file and pay any taxes due without penalties and interest is available for some taxpayers. Included are:

• Members of the military who served or are currently in a combat zone. They may qualify for an additional extension of at least 180 days to file and pay taxes.
• Support personnel in combat zones or a contingency operation in support of the Armed Forces. They may also qualify for a filing and payment extension of at

...

U.S. Internal Revenue Service provides Guidance on Premium Assistance and Tax Credit for Continuation Health Coverage | site |


(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 18, 2021)

Washington - - The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).

Notice 2021-31 provides guidance for employers, plan administrators, and health insurers regarding the new credit available to them for providing continuation health coverage to certain individuals under COBRA. The American Rescue Plan provides a temporary 100% reduction in the premium that individuals would have to pay when they elect COBRA continuation health coverage following a reduction in hours or an involuntary termination of employment. The new law provides a correspondi...

Treasury and IRS Announce Families of 88% of Children in the U.S. to Automatically Receive Monthly Payment of Refundable Child Tax Credit | site |



First Payments to Be Made on July 15


(Information contained in U.S. Department of the Treasury press release dated: May 17, 2021) Washington - - The U.S. Department of the Treasury and the Internal Revenue Service announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88 percent of children in the United States — are slated to begin receiving monthly payments without any further action required. Treasury and the IRS also announced the increased CTC payments, will be made on the 15th of each month, unless the 15th falls on a weekend or holiday, allowing families who receive the credit by direct deposit to plan their budgets a...

U.S. Internal Revenue Service reminds Taxpayers of May 17 Deadline for Individual Income Tax Returns: Extensions, other Help available | site |



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

Washington - - The Internal Revenue Service reminds taxpayers that the deadline for filing most individual income tax returns this year is May 17. The agency also wants taxpayers who have yet to file their tax returns to know that there are a variety of options available to help them.

IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help last-minute filers on just about everything related to taxes.

The IRS encourages taxpayers to file electronically. Doing so, whether through e-file or IRS Free File, vastly reduces tax return errors as the tax software does the calculations,...