U.S. Internal Revenue Service says Adjust Tax Withholding now to Pay the Proper Amount of Tax | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: October 20, 2022
Washington - - The Internal Revenue Service today urged taxpayers to check their tax withholding while there's time left in 2022 to benefit from any necessary changes.
An adjustment made now will help people avoid a big surprise, such as a big refund or a balance due, at tax time in 2023.
Life brings constant changes to individual financial situations. Events like marriage, divorce, new tax law, a new child or home purchase can all be reasons to adjust withholding.
Tax Withholding Estimator
The Tax Withholding Estimator, also available in Spanish, can help people determine if they have too much income tax withheld and how to make an adjustment to put more cash into their...
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IRS says Adjust Tax Withholding now to Pay the Proper Amount of Tax
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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 seeks to Offer Jobs to Thousands of Workers this Summer
U.S. Internal Revenue Service seeks to Offer Jobs to Thousands of Workers this Summer | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: June 1, 2022
Washington - - To boost its workforce and better help taxpayers and businesses, the Internal Revenue Service announced today that it's looking to hire over 4,000 contact representative positions at several IRS offices nationwide this summer.
A contact representative provides administrative and technical assistance to individuals and businesses primarily over the phone, through written correspondence or in person. These full-time positions fall under a special hiring condition called direct-hire authority. Full-time, bilingual (Spanish) positions are also available. No prior tax experience is required. "The IRS continues to increase its workforce in 2022 to improve the taxpayer experience," said IRS Taxpayer Experience Officer and Wage and Investment Commissione... -
IRS Interest Rates Increase for the Third Quarter of 2022
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.
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Ahead of Hurricane Season, IRS offers Tips on ways to prepare for Natural Disasters
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
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... -
in Tax News2022 IRS Nationwide Tax Forum begins July 19
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: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
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
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IRS Free File can help those with no Filing Requirement find Overlooked Tax Credits and get a Refund
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:
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
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
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... -
IRS says Coming soon - - - 2023 Low Income Taxpayer Clinic Grant Application Period
IRS says Coming soon: 2023 Low Income Taxpayer Clinic Grant Application Period | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 4, 2022 Washington - - The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2023 will open on or around May 2, 2022. The LITC Program is a federal grants program administered by the Taxpayer Advocate Service, led by National Taxpayer Advocate Erin M. Collins. The Taxpayer Advocate Service operates as an independent organization within the IRS. "LITCs play an important role in ensuring the voices of low-income and English as a second language-taxpayers are heard," Collins said. "The work they do is strengthened and enhanced by the many volunteers who give their time to help. I strongly encourage interested organizations and volunteers to join the LITC program to assist those in... -
For the first time, Maximum Educator Expense Deduction rises to $300 in 2022; Limit $250 for those Filing 2021 Tax Returns
For the first time, Maximum Educator Expense Deduction rises to $300 in 2022; Limit $250 for those Filing 2021 Tax Returns | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: March 29, 2022 Washington - - The Internal Revenue Service today reminded teachers and other educators planning ahead for 2022 that they'll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year. This is the first time the annual limit has increased since the special educator expense deduction was enacted in 2002. For tax-years 2002 through 2021, the limit was $250 per year. This means for people currently filing their 2021 tax returns due in April, the deduction is limited to $250. The limit will rise in $50 increments in future years based on inflation adjustments. For 2022, an eligible educator can deduct up to $300 of qualifying expenses. If they are married and f... -
Taxpayer Advocacy Panel welcomes 25 new Members; calls for new Volunteers to Apply by April 8 to help Shape Future of IRS, improve Taxpayer Rights
Taxpayer Advocacy Panel welcomes 25 new Members; calls for new Volunteers to Apply by April 8 to help Shape Future of IRS, improve Taxpayer Rights | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 1, 2022 Washington - - The Internal Revenue Service today announced that it recommended, and the Department of the Treasury approved, the selection of 25 new members to serve on the Taxpayer Advocacy Panel (TAP) for 2022. The new members will join 10 TAP alternates who were approved in a prior year, for a total of 35 new active members. When added to returning members, these new TAP members will round out the panel with 69 volunteers for 2022. New members were selected from a pool of approximately 300 interested individuals who applied during an open recruitment period last spring and from alternate members who applied in previous years. "We are excited to welcome all of the new members to the Taxpayer Advocac... -
Special Saturday help from IRS available without an Appointment on April 9
Special Saturday help from IRS available without an Appointment on April 9 | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 4, 2022 Washington - - As the federal tax filing deadline approaches later this month, the Internal Revenue Service today announced that many Taxpayer Assistance Centers will be open around the country this Saturday, April 9 for face-to-face help. This special Saturday help is available from 9 a.m. to 4 p.m., and no appointment is needed. Normally, TACs are only open by appointment on weekdays. "We are inviting anyone who wants or needs some assistance to stop by," said IRS Wage & Investment Division Commissioner and Taxpayer Experience Officer Ken Corbin. "We designed these extra weekend hours to make it easier for taxpayers to resolve an issue, inquire about their account or work with the IRS if they have an obligation they cannot meet. Whatever the case, face-to-face help will be...
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U.S. Internal Revenue Service says Adjust Tax Withholding now to Pay the Proper Amount of Tax | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: October 20, 2022
Washington - - The Internal Revenue Service today urged taxpayers to check their tax withholding while there's time left in 2022 to benefit from any necessary changes.
An adjustment made now will help people avoid a big surprise, such as a big refund or a balance due, at tax time in 2023.
Life brings constant changes to individual financial situations. Events like marriage, divorce, new tax law, a new child or home purchase can all be reasons to adjust withholding.
Tax Withholding Estimator
The Tax Withholding Estimator, also available in Spanish, can help people determine if they have too much income tax withheld and how to make an adjustment to put more cash into their...10-22-2022, 10:05 PM -
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...07-01-2022, 06:09 PM -
U.S. Internal Revenue Service seeks to Offer Jobs to Thousands of Workers this Summer | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: June 1, 2022
Washington - - To boost its workforce and better help taxpayers and businesses, the Internal Revenue Service announced today that it's looking to hire over 4,000 contact representative positions at several IRS offices nationwide this summer.
A contact representative provides administrative and technical assistance to individuals and businesses primarily over the phone, through written correspondence or in person. These full-time positions fall under a special hiring condition called direct-hire authority. Full-time, bilingual (Spanish) positions are also available. No prior tax experience is required. "The IRS continues to increase its workforce in 2022 to improve the taxpayer experience," said IRS Taxpayer Experience Officer and Wage and Investment Commissione...06-02-2022, 09:05 PM -
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.
05-27-2022, 01:01 AM -
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...05-16-2022, 11:17 PM -
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...05-11-2022, 02:49 PM -
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: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...04-29-2022, 08:43 PM -
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
04-16-2022, 03:46 PM -
IRS Free File can help those with no Filing Requirement find Overlooked Tax Credits and get a RefundIRS 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:
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,...04-14-2022, 12:13 PM -
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...04-14-2022, 11:35 AM -
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...04-13-2022, 02:38 AM -
IRS says Coming soon: 2023 Low Income Taxpayer Clinic Grant Application Period | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 4, 2022 Washington - - The Internal Revenue Service today announced that the application period for Low Income Taxpayer Clinic (LITC) matching grants for calendar year 2023 will open on or around May 2, 2022. The LITC Program is a federal grants program administered by the Taxpayer Advocate Service, led by National Taxpayer Advocate Erin M. Collins. The Taxpayer Advocate Service operates as an independent organization within the IRS. "LITCs play an important role in ensuring the voices of low-income and English as a second language-taxpayers are heard," Collins said. "The work they do is strengthened and enhanced by the many volunteers who give their time to help. I strongly encourage interested organizations and volunteers to join the LITC program to assist those in...04-11-2022, 06:19 AM -
For the first time, Maximum Educator Expense Deduction rises to $300 in 2022; Limit $250 for those Filing 2021 Tax Returns | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: March 29, 2022 Washington - - The Internal Revenue Service today reminded teachers and other educators planning ahead for 2022 that they'll be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return next year. This is the first time the annual limit has increased since the special educator expense deduction was enacted in 2002. For tax-years 2002 through 2021, the limit was $250 per year. This means for people currently filing their 2021 tax returns due in April, the deduction is limited to $250. The limit will rise in $50 increments in future years based on inflation adjustments. For 2022, an eligible educator can deduct up to $300 of qualifying expenses. If they are married and f...04-06-2022, 09:07 PM -
Taxpayer Advocacy Panel welcomes 25 new Members; calls for new Volunteers to Apply by April 8 to help Shape Future of IRS, improve Taxpayer Rights | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 1, 2022 Washington - - The Internal Revenue Service today announced that it recommended, and the Department of the Treasury approved, the selection of 25 new members to serve on the Taxpayer Advocacy Panel (TAP) for 2022. The new members will join 10 TAP alternates who were approved in a prior year, for a total of 35 new active members. When added to returning members, these new TAP members will round out the panel with 69 volunteers for 2022. New members were selected from a pool of approximately 300 interested individuals who applied during an open recruitment period last spring and from alternate members who applied in previous years. "We are excited to welcome all of the new members to the Taxpayer Advocac...04-05-2022, 08:15 PM -
Special Saturday help from IRS available without an Appointment on April 9 | site |
Information contained in U.S. Internal Revenue Service (IRS) press release dated: April 4, 2022 Washington - - As the federal tax filing deadline approaches later this month, the Internal Revenue Service today announced that many Taxpayer Assistance Centers will be open around the country this Saturday, April 9 for face-to-face help. This special Saturday help is available from 9 a.m. to 4 p.m., and no appointment is needed. Normally, TACs are only open by appointment on weekdays. "We are inviting anyone who wants or needs some assistance to stop by," said IRS Wage & Investment Division Commissioner and Taxpayer Experience Officer Ken Corbin. "We designed these extra weekend hours to make it easier for taxpayers to resolve an issue, inquire about their account or work with the IRS if they have an obligation they cannot meet. Whatever the case, face-to-face help will be...04-04-2022, 09:55 PM -
IRS publishes information about how to get an Automatic Six more Months to File; says all Taxpayers can use IRS Free File to request an Extension | site |
Information contained in U.S. Internal Revenue Service (IRS) news release dated: March 29, 2022
Washington - - The Internal Revenue Service reminds taxpayers that if they're unable to file their tax return by this year's April 18 deadline, there's an easy, online option to get more time to complete their return.
Taxpayers who need more time to complete their return can request an automatic six-month extension to file. An extension allows for extra time to gather, prepare and file paperwork with the IRS; however, taxpayers should be aware that:- An extension to file their return doesn't grant them an extension to pay their taxes,
- They should estimate and pay any owed taxes by their regular deadline to help avoid possible penalties and
- They must file their extension no later than the regular
04-02-2022, 08:59 PM -
IRS says it has $1.5 Billion in Refunds for People who have not Filed a 2018 Federal Income Tax Return; April deadline approaches | site |
Information contained in U.S. Internal Revenue Service (IRS) news release dated: March 25, 2022
Washington - - Unclaimed income tax refunds totaling almost $1.5 billion may be waiting for an estimated 1.5 million taxpayers who did not file a 2018 Form 1040 federal income tax return, but people must act before the April tax deadline, according to the Internal Revenue Service. "The IRS wants to help people who are due refunds but haven't filed their 2018 tax returns yet," said IRS Commissioner Chuck Rettig. "But people need to act quickly. By law, there's only a three-year window to claim these refunds, which closes with this year's April tax deadline. We want to help people get these refunds, but they need to file a 2018 tax return before this critical deadline." The IRS estimates the midpoint for the potent...03-28-2022, 04:13 PM -
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...11-25-2021, 02:14 AM -
IRS announces 2022 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program GrantsU.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...10-12-2021, 10:06 PM -
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...09-01-2021, 01:12 AM -
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...08-14-2021, 01:46 AM -
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....08-02-2021, 01:43 PM -
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...06-21-2021, 01:52 PM -
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...06-15-2021, 08:56 PM -
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 ...06-11-2021, 02:33 AM -
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,...06-10-2021, 05:31 AM -
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...05-29-2021, 09:28 PM -
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
05-28-2021, 12:29 AM -
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
05-21-2021, 11:02 PM -
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...05-18-2021, 06:41 PM -
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...05-17-2021, 11:17 PM -
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,...05-17-2021, 09:06 PM -
U.S. Internal Revenue Service begins Correcting Tax Returns for Unemployment Compensation Income Exclusion | site |
Periodic payments to be made May through summer
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 14, 2021)
Washington - - The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers who filed their tax returns prior to the American Rescue Plan of 2021 becoming law in March and is reviewing those tax returns to determine the correct taxable amount of unemployment compensation and tax. This could result in a refund, a reduced balance due or no change to tax (no refund due nor amount owed). These corrections are being made automatically in a phased approach, easing the burden on ta...05-15-2021, 12:50 PM -
IRS extends May 17, other Tax Deadlines for Victims of Tennessee storms; provides Special Guidelines for Disaster Area Individuals needing further Extensions | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 14, 2021)
Washington - - Victims of this spring's storms and tornadoes in Tennessee will have until August 2, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
Following The recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to taxpayers affected by storms, tornadoes, and flooding that took place between March 25 and April 3, 2021, in parts of Tennessee. Currently, relief is available to affected taxpayers who live or have a business in Campbell, Cannon, Cheatham, Claiborne, Clay, Davidson, Decatur, Fentress, Grainger, Hardeman, Henderson,...05-14-2021, 09:50 PM -
U.S. Internal Revenue Service grants Dyed Diesel Fuel Penalty Relief due to Disruptions of the Fuel Supply Chain | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 13, 2021) Washington - - The Internal Revenue Service, in response to disruptions of the fuel supply chain, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the states of Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and the District of Columbia. This relief is retroactive to May 7, 2021, and will remain in effect through May 21, 2021. This penalty relief is available to any person that sells or uses dyed diesel fuel for highway use. In the case of the operator of the vehicle in which the dyed diesel fuel is used, the relief is available only if the operator or the person selling such fuel pays the tax of 24.4 cents per...05-13-2021, 10:13 PM -
U.S. Internal Revenue Service offers Overview of Tax Provisions in American Rescue Plan | site |
IRS says retroactive tax benefits help many people now preparing 2020 returns
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 11, 2021) Washington - - The Internal Revenue Service today provided an overview of some of the key tax provisions in the American Rescue Plan Act. Several provisions affect the 2020 tax return people are filling out this filing season, including one exempting up to $10,200 in unemployment compensation from tax and another benefiting many people who purchased subsidized health coverage through either federal or state Health Insurance Marketplaces. In addition, the law also includes a third round of Economic Impact Payments, now going out to eligible Americans, that are generally equal to $1,400 per person for most people, as well as several other key changes for tax-year 2021. The...05-11-2021, 08:51 PM -
U.S. Internal Revenue Service issues Guidance on Taxability of Dependent Care Assistance Programs for 2021, 2022 | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 10, 2021) Washington - - The Internal Revenue Service today issued guidance on the taxability of dependent care assistance programs for 2021 and 2022, clarifying that amounts attributable to carryovers or an extended period for incurring claims generally are not taxable. The guidance also illustrates the interaction of this standard with the one-year increase in the exclusion for employer-provided dependent care benefits from $5,000 to $10,500 for the 2021 taxable year under the American Rescue Plan Act. Because of the pandemic, many people were unable to use the money they set aside in their dependent care assistance programs in 2020 and 2021. Generally, under these plans, an employer allows its employees to set aside a certain amount of pre-tax wages...05-10-2021, 08:44 PM -
U.S. Internal Revenue Service says some People get more Time to File without asking; Says anyone else can Request an Automatic Extension | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: April 29, 2021)
Washington - - Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
Due to the ongoing pandemic, this year the IRS postponed the usual April 15 deadline for filing individual income tax returns until May 17, 2021. Even so, as is the case every year, many Americans will still need more time to meet their tax-filing obligation. The IRS estimates that more than 16 million taxpayers will get an automatic extension this filing season, either by filing a form or making an electronic tax payment. But some taxpayers, including disaster victims, those serving in a combat zone and Americans living abroad get ...05-08-2021, 11:55 PM -
U.S. Internal Revenue Service says more than 1.1 Million additional Economic Impact Payments disbursed under the American Rescue Plan | site |
IRS says payments total approximately 164 million
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 5, 2021)
Washington - - Today, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced they are disbursing more than 1.1 million payments in the eighth batch of Economic Impact Payments from the American Rescue Plan.
Today's announcement brings the total disbursed so far to approximately 164 million payments, with a total value of approximately $386 billion, since these payments began rolling out to Americans in batches as announced on March 12. The eighth batch of payments began processing on Friday, April 30, with an official payment date of May 5, with some people rece...05-06-2021, 07:15 PM -
IRS says Those experiencing Homelessness can get Economic Impact Payments and other Tax Benefits; Permanent Address Not Required | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: April 15, 2021) Washington - - The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don't have a permanent address or a bank account that they may still qualify for Economic Impact Payments and other tax benefits. While Economic Impact Payments continue to be made automatically to most people, the IRS can't issue a payment to eligible Americans when information about them isn't available in the tax agency's systems. To help people experiencing homelessness, the rural poor and other historically under-served groups, the IRS urges community groups, employers and others to share information about Economic Impact Payments and help more eligi...04-19-2021, 11:19 PM -
U.S. Internal Revenue Service Letters Explain why some 2020 Recovery Rebate Credits are Different than Expected | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: April 5, 2021)
Washington - - As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected. It's important to remember that the first and second Economic Impact Payments (EIP) were advance payments of the 2020 credit. Most eligible people already received the first and second payments and shouldn't or don't need to include this information on their 2020 tax return. People who didn't receive a first or second EIP or received less than the full amounts may be eligible for the 2020 RRC. They must file a 2020 tax return to claim the credit, even if they don't usua...04-08-2021, 01:10 AM -
Treasury, IRS Disburse 25 Million more Economic Impact Payments under the American Rescue Plan | site |
Social Security and other beneficiaries bring total to more than 156 million payments; VA beneficiaries payments to be disbursed on April 14
(Information contained in U.S. Department of the Treasury press release dated: April 7, 2021)
Washington - - Today, the U.S. Department of the Treasury, the Internal Revenue Service, and the Bureau of the Fiscal Service announced they are disbursing more than 25 million payments in the fourth batch of Economic Impact Payments from the American Rescue Plan.
Today’s announcement brings the total disbursed so far to more than 156 million payments, with a total value of approximately $372 billion, since these payments began rolling out to Americans in batches, as announced on March 12. The fourth batch of payments began processing on Friday, April 2, with an official payment dat...04-08-2021, 12:18 AM -
U.S. Internal Revenue Service says Low Income Taxpayer Clinic 2021 Supplemental Application Period now Open | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: March 15, 2021) Washington - - The Internal Revenue Service today announced it will accept applications for an 18-month Low Income Taxpayer Clinic (LITC) matching grant from all qualified organizations. The application period will run from March 15, 2021-April 16, 2021. The budget and the period of performance for the supplemental grant will be July 1, 2021-December 31, 2022. Organizations currently receiving a grant for 2021 are not eligible to apply. Qualified organizations that are awarded grants will ensure the fairness and integrity of the tax system for taxpayers who are low-income or speak English as a second language (ESL taxpayers) by: providing pro bono representation on their behalf in tax disputes with the IRS, educating them about their rig...03-16-2021, 12:41 AM -
New IRS Form available for Self-employed Individuals to claim COVID-19 Sick and Family Leave Tax Credits under FFCRA | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: February 8, 2021)
Washington - - The Internal Revenue Service announced today that a new form is available for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA).
Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. They'll claim the tax credits on their 2020 Form 1040 for leave taken between April 1, 2020, and December 31, 2020, and on their 2021 Form 1040 for leave taken between January 1, 2021, and March 31, 2021. The FFCRA, passed in March 2020, allows eligible self-employ...02-10-2021, 01:17 AM -
U.S. Internal Revenue Service says Educators can now Deduct out-of-pocket Expenses for COVID-19 Protective Items | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: February 4, 2021)
Washington - - Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to:- face masks;
- disinfectant for use against COVID-19;
- hand soap;
- hand sanitizer;
- disposable gloves;
- tape, paint or chalk to guide social distancing;
- physical barriers (for example, clear plexiglass);
- air purifiers; and
- other items recommended by the Centers for Disease Control and Prevention (CDC) to be used for the prevention of the spread of COVID-19.
02-08-2021, 10:47 AM -
U.S. Internal Revenue Service updates FAQs on Paid Sick Leave Credit and Family Leave Credit | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 29, 2021)
Washington - - The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The FAQs are available at COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs. The updates to the FAQs cover how the COVID-related Tax Relief Act of 2020, enacted December 27, 2020, extends the availability of the tax credits created by the FFCRA to eligible employers for paid sick and family leave provided through March 31, 2021, as well as other amendments to the credits. The paid sick and family leave credits, which previously were available only unt...02-01-2021, 01:05 AM -
U.S. Internal Revenue Service says New Law extends COVID Tax Credit for Employers who Keep Workers on Payroll | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 26, 2021)
Washington - - The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. The Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted Dec. 27, 2020, made a number of changes to the employee retention tax credits previously made available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), including modifying and extending the Employee Retention Credit (ERC), for six months through June 30, 2021. Several of the changes apply only to 2021, while others apply to both 2020 and 2021. As a result of the new ...01-26-2021, 03:20 PM -
U.S. Internal Revenue Service urges Taxpayers to gather Tax Documents now for smooth Filing later | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 22, 2021)
Washington - - The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit, appearing on their tax return. Taxpayers should develop a system that keeps all their important information together, which could include a software program for electronic records or a file cabinet for paper documents in labeled folders. Having records readily at hand makes preparing a tax return easier. To avoid refund delays, taxpayers should be sure to gather all year-end inco...01-22-2021, 08:26 PM -
2021 Tax Filing Season begins Feb. 12; IRS outlines Steps to Speed Refunds during Pandemic | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 15, 2021)
Washington - - The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits. This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus mone...01-21-2021, 12:25 AM -
IRS Free File available Today; claim Recovery Rebate Credit and other Tax Credits | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 15, 2021)
Washington - - IRS Free File – online tax preparation products available at no charge – launched today, giving taxpayers an early opportunity to claim credits like the Recovery Rebate Credit and other deductions, the Internal Revenue Service announced. Leading tax software providers make their online products available for free as part of a 19-year partnership with the Internal Revenue Service. There are nine products in English and two in Spanish. “As we continue to confront the COVID-19 pandemic, IRS Free File and certain other similar online tax preparation products such as MilTax – Tax Services for the Military offered through the Department of Defense − offers taxpayers a free way to do their taxes from the safety of their own hom...01-20-2021, 01:31 AM -
U.S. Internal Revenue Service says All Taxpayers now Eligible for Identity Protection PINs | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: January 12, 2021) Washington - - The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers' personally identifiable information. "This is a way to, in essence, lock your tax account, and the IP PIN serves as the key to opening that account," said IRS Commissioner Chuck Rettig. "Electronic returns that do not contain the correct IP PIN will be rejected, and paper returns will go through additional scrutiny for fraud." The IRS launched the IP PIN program nearly a decade ago to protect confirmed identity thef...01-13-2021, 03:10 AM -
U.S. Internal Revenue Service sends Taxpayer First Act Report to Congress | site |
Recommendations aimed at providing greater ease, convenience to taxpayers and the tax community
(Information contained in U.S. Internal Revenue Service [IRS] press release: January 11, 2021)
Washington - - The IRS today sent the Taxpayer First Act Report to Congress, a comprehensive set of recommendations that will reimagine the taxpayer experience, enhance employee training and restructure the organization to increase collaboration and innovation. The IRS will continue conversations with key stakeholders and congressional committees to secure funding and begin to work toward implementation of these recommendations over the next several years. "The way we interact with taxpayers and the tax community, the way that we train our employees and the way we structure our organizational structure are important foundations for our future success,...01-11-2021, 03:26 PM -
Treasury, IRS provide Final Regulations to help Businesses Claim Credits for Carbon Capture | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 6, 2021)
Washington - - Today the Treasury Department and Internal Revenue Service issued final regulations regarding the credit for qualified carbon oxide captured using carbon capture equipment placed in service on or after February 9, 2018.
The final regulations help businesses understand how the credit for qualified carbon oxide sequestration may benefit those claiming two carbon capture credit amounts, which are:- Up to $50 per metric ton of qualified carbon oxide for permanent sequestration; and
- Up to $35 per metric ton of qualified carbon oxide for Enhanced Oil or Natural Gas Recovery purposes.
01-09-2021, 05:38 PM -
IRS revises Form 1024-A, Application for Section 501(c)(4) Tax-exempt Status as part of Ongoing Efforts to Improve Service | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: January 5, 2021)
Washington - - As part of ongoing efforts to improve service for the tax-exempt community, the Internal Revenue Service issued the revised Form 1024-A, Application for Recognition of Exemption Under Section 501(c)(4), and its instructions to allow electronic filing. "Electronic filing will make the Form 1024-A application easier to complete while reducing errors," said Edward Killen, Acting Commissioner of the IRS Tax Exempt and Government Entities division. "Electronic filing also shortens IRS processing time so applicants won't wait as long for a response." Beginning January 5, 2021, IRS will make available the electronic version of the Form 1024-A that organizations seeking to be exempt under Section 501(c)(4) may use to su...01-07-2021, 05:10 AM -
IRS says Economic Impact Payments on their way, Visit IRS.gov instead of Calling | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: January 4, 2021)
Washington - - The Internal Revenue Service today urged people to visit IRS.gov for the most current information on the second round of Economic Impact Payments rather than calling the agency or their financial institutions or tax software providers. IRS phone assistors do not have additional information beyond what’s available on IRS.gov. The IRS and the Treasury Department began issuing a second round of Economic Impact Payments, often referred to as stimulus payments, last week. The direct deposit payments may take several days to post to individual accounts. Some Americans may have seen the direct deposit payments as pending or as provisional payments in their accounts before the scheduled payment date of January 4, 2021, which is the offi...01-04-2021, 08:48 PM -
Treasury, IRS provide Relief for those developing Renewable Energy Projects Offshore or on Federal Land | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: December 31, 2020)
Washington - - The Treasury Department and the Internal Revenue Service today issued guidance providing an extension of the safe harbor for taxpayers developing renewable energy projects offshore or on federal land. Renewable energy projects constructed offshore or on federal land are ordinarily subject to significant delays that can result in project completion times of up to twice as long as other renewable energy projects. These delays threaten taxpayers’ ability to satisfy requirements to claim the production tax credit and the investment tax credit. To address this hurdle, the Treasury Department and the IRS have determined that it is necessary to extend the safe harbor period to up to 10 calendar years after the year in...01-01-2021, 05:46 PM -
U.S. Department of the Treasury says Treasury and IRS Begin Delivering the Second Round of Economic Impact Payments to Millions of Americans | site |
(Information contained in U.S. Department of the Treasury press release dated: December 29, 2020)
"Treasury and IRS Begin Delivering the Second Round of Economic Impact Payments to Millions of Americans"
Washington - - Today, the Treasury Department and the Internal Revenue Service will begin delivering a second round of Economic Impact Payments to millions of Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks will begin to be mailed tomorrow, Wednesday, December 30. This second round of payments will provide critical economic support to those who, through...12-29-2020, 08:21 PM -
IRS says Treasury and IRS begin delivering Second Round of Economic Impact Payments to Millions of Americans | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: December 29, 2020)
"Treasury and IRS begin delivering second round of Economic Impact Payments to millions of Americans"
Washington - - Today, the Internal Revenue Service and the Treasury Department will begin delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. The initial direct deposit payments may begin arriving as early as tonight for some and will continue into next week. Paper checks will begin to be mailed tomorrow, Wednesday, December 30. The IRS emphasizes that there is no action required by eligible individuals to receive this second ...12-29-2020, 07:48 PM -
U.S. Internal Revenue Service says Get Ready for Taxes: Stay Home and Stay Safe with IRS Online Tools | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: December 16, 2020)
Washington - - The Internal Revenue Service today encouraged taxpayers to take necessary actions now to help file federal tax returns timely and accurately in 2021.
This is the fourth in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take to make tax filing easier in 2021.
With continued social distancing, taxpayers can stay home and stay safe with IRS online tools and resources that help them find the information they need. These IRS.gov tools are easy to use and available 24 hours a day. Millions of people use them to find information about their accounts, get answers to tax questions or file and...12-24-2020, 08:29 PM -
IRS gives Year-end reminder: Expanded Tax Benefits help Individuals and Businesses give to Charity during 2020 | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: December 18, 2020)
Washington - - The Internal Revenue Service today explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year.
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes four temporary tax changes that are designed to help people and businesses who give to charity this year. Here is a rundown of these key changes.
New deduction for people who don't itemize
Individuals who elect to take the standard deduction generally cannot claim a deduction for their charitable contributions. However, the CARES Act permits these individuals to claim a limited deduction on their 2020 federal income tax returns for...12-22-2020, 12:45 AM -
Treasury and IRS issue Final Regulations on the Deduction for Qualified Transportation Fringe and Commuting Expenses | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: December 9, 2020)
WASHINGTON — The Treasury Department and Internal Revenue Service issued final regulations on the deduction for qualified transportation fringe and commuting expenses following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally disallows deductions for qualified transportation fringe (QTF) expenses and does not allow deductions for certain expenses of transportation and commuting between an employee's residence and place of employment. These final regulations address the disallowance of the deduction for expenses related to QTFs provided to an employee of the taxpayer, including providing guidance and methodologies to determine the amount of QTF parking expenses that is nondeductible. The final regulations a...12-15-2020, 07:46 AM -
U.S. Internal Revenue Service says Get Ready for Taxes: What’s New and what to Consider when Filing in 2021 | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: December 8, 2020)
Washington - - The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021.
This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to make tax filing easier in 2021.
This year, there are some key items to consider involving credits, deductions and refunds:
Recovery Rebate Credit/Economic Impact Payment. Taxpayers who received an Economic Impact Payment, should keep Notice 1444, Your Economic Impact Payment, with their 2020 tax records. They...12-08-2020, 03:08 PM -
U.S. Internal Revenue Service to Employers: Remember February 1, 2021 Deadline for Form W-2, other Wage Statements | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: December 3, 2020)
Washington - - The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by February 1, 2021, to avoid penalties and help the IRS prevent fraud.
A 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. That is also the date the Forms W-2 are due to workers. This upcoming tax season, however, January 31 falls on a Sunday, pushing the due dates to the next business day, which is Monday, February 1.
Certain Forms 1099-MISC, Miscellaneous Income and Forms 1099-NEC, Nonemployee Compensation,...12-04-2020, 04:08 PM -
IRS National Tax Security Awareness Week, Day 2: 2021 Online Tax Preparation Products to Offer Multi-factor Authentication for Taxpayers, Tax Pros | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: December 1, 2020) Washington - - The Internal Revenue Service, state tax agencies and the tax industry today marked the second day of National Tax Security Awareness Week by announcing an improved feature that will be available on all 2021 online tax preparation products. Designed to protect both taxpayers and tax professionals, multi-factor authentication means the returning user must enter two pieces of data to securely access an account or application. For example, taxpayers must enter their credentials (username and password) plus a numerical code sent as a text to their mobile phone. The agreement to add the multi-factor authentication feature is just one publicly visible example of the ongoing collaboration by the...12-02-2020, 08:55 PM -
National Tax Security Awareness Week opens with Warnings to all Taxpayers and Tax Professionals as holidays, 2021 Tax Season approach | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 30, 2020)
WASHINGTON — The Internal Revenue Service and the Security Summit partners today issued warnings to all taxpayers and tax professionals to beware of scams and identity theft schemes by criminals taking advantage of the combination of holiday shopping, the approaching tax season and coronavirus concerns. The IRS, state tax agencies and the tax industry opened the National Tax Security Awareness Week to coincide with Cyber Monday, the traditional start of the online holiday shopping season. But the holiday shopping season combined with the impending tax season and an increased trend toward working remotely make online security an absolute necessity. "This is generally the hunting season for online thieves, but...11-30-2020, 02:46 PM -
U.S. Internal Revenue Service says Special $300 Tax Deduction helps most People give to Charity this Year – Even if they Don’t Itemize | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 25, 2020) WASHINGTON – The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, 2020, are now deductible when people file their taxes in 2021. "Our nation's charities are struggling to help those suffering from COVID-19, and many deserving organizations can use all the help they can get," said IRS Commissioner Chuck Rettig. "The IRS reminds people there's a new provision that allows for up to $300 in cash donations to qualifying organizations to be deducted from income. We encourage people to expl...11-26-2020, 12:07 AM -
The Treasury Department and IRS issue Final Regulations regarding Like-kind Exchanges of Real Property | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 23, 2020)
WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange. The 2017 Tax Cuts and Jobs Act (TCJA) limited like-kind exchange treatment to exchanges of real property. As of January 1, 2018, exchanges of personal or intangible property such as vehicles, artwork, collectibles, patents, and other intellectual property generally do not qualify for nonrecognition of gain as like-kind exchanges. Also, like-kind exchange treatment applies only to exchange...11-24-2020, 01:55 PM -
U.S. Internal Revenue Service announces Procurement Research Partnership to improve Contracting Processes | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 23, 2020) WASHINGTON — The Internal Revenue Service's Office of the Chief Procurement Officer today announced a research partnership with Data and Analytic Solutions, a small business located in Fairfax, Virginia. The partnership also includes a group of academic researchers with a goal to use data science to improve IRS procurement operations. The effort will bring together a multi-disciplinary team comprised of procurement practitioners as well as university professors and students with procurement and machine learning experience. Machine learning is a form of artificial intelligence that allows computers to become more accurate at predicting outcomes without being explicitly programmed. "As with many agencies, we have a wealth of data available to us to u...11-23-2020, 09:31 PM -
IRS says Register by Nov. 21 to get an Economic Impact Payment; same Deadline for Federal Beneficiaries to get missed $500 per Child Payments | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 19, 2020)
WASHINGTON — The Internal Revenue Service today reminded people who don't normally file tax returns that they have until November 21 at 3 p.m. Eastern time to register for an Economic Impact Payment. They also may be eligible to get to a $1,200 payment for their spouse and $500 for each qualifying child.
The extended November 21 deadline also gives more time to federal beneficiaries who already received an EIP but didn't register to receive supplemental $500 payments for qualifying children. Those eligible to provide this information include people with qualifying children who receive Social Security retirement, survivor or disability benefits, Supplemental Security Income (SSI), Railroad...11-21-2020, 04:01 AM -
Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan | site |
(Information contained in U.S. Department of the Treasury press release: November 18, 2020) WASHINGTON – The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance today clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results in neither a tax benefit nor tax harm since the taxpayer has not paid anything out of pocket. If a business reasonably believes that a PPP loan will be forgiven in the future, expenses related to the loan are not deductible, whether the business has filed for forgiveness or not. Therefore, we encourage businesses to file for forgiveness as soon as possible. In the case where a PPP loan was expe...11-19-2020, 11:26 PM -
U.S. Internal Revenue Service says Nov. 21 deadline nears to Register online for Economic Impact Payment | site |
IRS says some people can claim special credit next tax filing season
(November 17, 2020) - - On November 17, 2020 the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today reminded anyone who doesn't normally file a tax return that they have until 3 p.m. EST this Saturday, November 21, to register with the IRS for an Economic Impact Payment (EIP).
The only way remaining to get a payment in 2020 is to register using the Non-Filers: Enter Info Here tool on IRS.gov before the Saturday deadline. The only people who should register are those who don't typically file a tax return, are not required to do so and have not yet registered, or for certain benefit recipients who got an EIP for themselves but need to provide information about a non-benef...11-19-2020, 06:56 AM -
U.S. Internal Revenue Service says Get Ready for Taxes: Get ready now to File 2020 Federal Income Tax Returns | site |
(November 17, 2020) - - On November 17, 2020 the U.S. Internal Revenue Service (IRS) published the following information:
Washington - - The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help them file their federal tax returns timely and accurately in 2021, including special steps related to Economic Impact Payments (EIP).
This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines steps taxpayers can take now to prepare for the 2021 tax return filing season ahead.
Steps taxpayers can take now to make tax filing easier in 2021
Taxpayers should gather Forms W-2, Wage and Tax Statement, Forms 1099-MISC, Miscellaneous Income, and other income documents...11-19-2020, 05:07 AM -
IRS Criminal Investigation releases Fiscal Year 2020 Annual Report; identifies $2.3 Billion in Tax Fraud | site |
(November 16, 2020) - - Today the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today released the Criminal Investigation Division's annual report, highlighting the agency's successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement was the identification of over $10 billion in tax fraud and other financial crimes. "The special agents and professional staff who make up Criminal Investigation continue to perform at an incredibly high-level year after year," said IRS Commissioner Chuck Rettig. "Even in the face of a global pandemic, the CI workforce initiated nearly 1,600 investigations and identified $2.3 billion in tax fraud schemes. This is no small feat during a challenging year, and their w...11-16-2020, 03:10 PM -
U.S. Internal Revenue Service to Mask Key Business Transcript details; Protect Taxpayers from Identity Theft | site |
(November 13, 2020) - - Today the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON – Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting Dec. 13 it will begin masking sensitive data on business tax transcripts. The announcement provides 30 days for stakeholders to make any adjustments. The IRS began informing tax professionals of this change during the summer Nationwide Tax Forums. The agencypreviously masked sensitive data on individual tax transcripts two years ago. A tax transcript is a summary of a tax return. Transcripts are often used by tax professionals to prepare prior year tax returns or represent the client before the IRS. Lenders and others use tax transcripts for income verification purposes....11-13-2020, 03:21 PM -
IRS reminder to Non-filers: Nov. 10 is ‘National EIP Registration Day;’ Community Partners can help People sign up for Economic Impact Payment | site |
(November 9, 2020) - - On November 9, 2020 the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON – The Internal Revenue Service today urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, Nov. 10. National EIP Registration Day is part of the agency’s further concerted push with partners across the country to make sure every eligible American has registered before the Nov. 21 deadline to receive their Economic Impact Payment this year. National EIP Registration Day will take place just a few days ahead of the Nov. 21 deadline for registering online to receive an Economic Impact Payment. This special event will feature support from IRS partner groups...11-10-2020, 10:33 AM -
IRS provides certainty regarding the Deductibility of Payments by Partnerships and S Corporations for State and Local Income Taxes | site |
(November 9, 2020) - - Today the U.S. Internal Revenue Service published the following information:
WASHINGTON — The Internal Revenue Service (IRS) today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. Specifically, the proposed regulations will clarify that State and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment, and therefore are not subject to the State and local tax deduction limitation for partners and shareholders who itemize deductions.
The notice describing the forthcoming proposed regulations applies to these types of income taxes starting today, and...11-09-2020, 06:23 PM -
U.S. Internal Revenue Service provides Tax Inflation Adjustments for Tax Year 2021 | site |
(October 26, 2020) - - On October 26, 2020 the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments.
Highlights of changes in Revenue Procedure 2020-45
The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file a tax return within 60 days of the due date. Beginning with returns due after Dec. 31, 2019, the new additional tax is $435 or 100 percent of the amount of tax due, whichever is less, an increase from $330. The $435 additional tax will be adjusted for inflation.
The tax year...11-07-2020, 04:14 PM -
IRS says many College Students may still Qualify for an Economic Impact Payment; Review the Guidelines and Register by Nov. 21 at IRS.gov| site |
(November 5, 2020) - - Today, November 5, 2020, the U.S. Internal Revenue Service published the following information:
WASHINGTON — The Internal Revenue Service (IRS) today urged any eligible self-supporting college student who doesn't need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year.
In advance of the National EIP Registration Day on November 10 and highlighted in "A Closer Look," the IRS is reminding people who don't normally file a tax return they may be able to register for an Economic Impact Payment with a quick visit to the Non-Filers tool on IRS.gov. In particular, the IRS wants to remind self-supporting students with little or no income that they may be eligible for payments of $1,200 or more. "The IRS is work...11-05-2020, 10:12 PM -
IRS makes it easier to set up Payment Agreements; offers other Relief to Taxpayers Struggling with Tax Debts | site |
(November 2, 2020) - - Today, November 2, 2020, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding taxpayer options for making payments and alternatives to resolve balances owed. "The IRS understands that many taxpayers face challenges, and we're working hard to help people facing issues paying their tax bills," said IRS Commissioner Chuck Rettig. "Following up on our People First Initiative earlier this year, this next phase of our efforts will help with further taxp...11-05-2020, 09:26 AM -
IRS: People with Foreign Accounts reminded of the Extension to File 2019 FBAR by Oct. 31, Dec. 31 if Impacted by certain Natural Disasters | site |
(October 28, 2020) - - Today, October 28, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service reminds U.S. citizens, entities and resident aliens with a foreign bank or financial account that they have until October 31, 2020, to file their 2019 Report of Foreign Bank and Financial Accounts (FBAR).
The IRS coordinated the extension from the usual October 15 deadline with the Financial Crimes Enforcement Network (FinCEN) for this year only to filers for 2019 calendar year FBARs. FBAR filers impacted by the California Wildfires, the Iowa Derecho, Hurricane Laura, the Oregon Wildfires and Hurricane Sally continue to have until December 31, 2020, to file their FBARs. This requirement applies to, among others, U.S. citize...10-30-2020, 07:38 PM -
IRS says Circular 230, Publication 947 available in Spanish for Tax Pros for the First Time| site |
(October 27, 2020) - - Today, October 27, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — As part of an ongoing initiative to provide information and assistance to underserved communities more effectively, the Internal Revenue Service announced today that it is making two key publications designed for tax professionals available in Spanish.
A Spanish-language version of Publication 947, Practice Before the IRS and Power of Attorney, is now available. A Spanish version of Circular No. 230, Regulations Governing Practice before the Internal Revenue Service, will soon be posted to IRS.gov. Making these two publications available in Spanish helps the IRS reach its goal of serving all taxpayers, no matter where they live, their background, or what language they speak. "Spanish-speaking tax pros ha...10-27-2020, 07:10 PM -
To help Non-filers, IRS sets Nov. 10 as ‘National EIP Registration Day;’ Register at IRS.gov for Economic Impact Payment | site |
(October 23, 2020) - - Today, October 23, 2020, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — The Internal Revenue Service today set November 10 as "National EIP Registration Day," as the agency and partners across the country launch a final push to encourage everyone who doesn't normally file a tax return to register to receive an Economic Impact Payment. "National EIP Registration Day" will take place just a few days ahead of the extended November 21 registration deadline. This special event will feature support from IRS partner groups inside and outside of the tax community, including those that work with low-income and underserved communities. These groups will help spread the word about the new November 21 deadline and, in some cases, provide special support for people who still ne...10-23-2020, 08:38 PM -
U.S. Internal Revenue Service provides Tax Relief for Victims of September Wildfires in California; Oct. 15 Deadline, other Dates Extended to Jan. 15 | site |
(October 19, 2020) - - Today, October 19, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — Victims of the California wildfires that began on September 4 now have until January 15, 2021, 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 assistance. Currently this includes Fresno, Los Angeles, Madera, Mendocino, San Bernardino, San Diego and Siskiyou counties in California, but taxpayers in localities added later to the disaster area will automatically receive the same filing and payment relief. The current list of eligible...10-21-2020, 09:28 PM -
U.S. Internal Revenue Service says Online Seminars from 2020 IRS Nationwide Tax Forums now Available | site |
Tax pros: 18 new self-study seminars available for continuing education credit
(October 13, 2020) - - Today the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today announced 18 new seminars from the 2020 Nationwide Tax Forums are now available on IRS Nationwide Tax Forums Online. The cost is $29 per seminar.
These self-study seminars provide information to participants using interactive videos, PowerPoint slides and audio transcripts.
These and all other previously recorded sessions from prior IRS Nationwide Tax Forums will be available for $29.
2020 Nationwide Tax Forums Online course listing
The following is the comprehensive list of the new 2020 courses available:
...10-13-2020, 01:31 PM -
IRS Reminder that October 15 Deadline nears for Taxpayers who Requested Tax Filing Extensions| site |
(October 7, 2020) - - Today, October 7, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file their 2019 tax return is near. Taxpayers should file their tax returns on or before the October 15 deadline. For those who still owe, pay as soon as possible to reduce any penalties and interest.
Convenient electronic filing options, including IRS Free File, are still available. Taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments. 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 ser...10-08-2020, 10:14 PM -
IRS Free File marks Record Increase; Available through Oct. 15| site |
(October 6, 2020) - - Today, October 6, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service announced today that Free File, the IRS-private sector partnership that offers free tax preparation products, scored a record percentage increase in new users as taxpayers turned to free name-brand providers in 2020. IRS Free File online products marked a 50% increase this year as more than 4.1 million taxpayers used one of the free online partner products. Last year, more than 2.7 million taxpayers used Free File. Free File remains available through October 15 for those taxpayers who still need to file their 2019 return. "The IRS has worked with our partners to make important improvements to the Free File program this year, and we are encouraged by the strong increase in usage," said IRS Commissioner Chuck Rettig....10-08-2020, 12:51 AM -
IRS extends Economic Impact Payment Deadline to Nov. 21 to help Non-filers | site |
(October 5, 2020) - - Today, October 5, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. This new date will provide an additional five weeks beyond the original deadline.
The IRS urges people who don't typically file a tax return – and haven't received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21. "We took this step to provide more time for those who have not yet received a payment to register to get their money, including those in low-income and underserved communities," said IRS Commissioner Chuck Rettig. "The IRS is deeply involved in processi...10-08-2020, 12:10 AM -
IRS provides Tax Relief for Victims of Hurricane Sally | site |
Oct. 15 deadline, other dates extended to Jan. 15
(September 24, 2020) - - Today, September 24, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — Victims of Hurricane Sally that began on September 14 now have until January 15, 2021 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 assistance. Currently this includes Baldwin, Escambia and Mobile counties in Alabama, but taxpayers in localities qualifying for individual assistance added later to the disaster area, elsewhere in the state and in neighboring states, will automatically receive the same filing and payment relief. The current list of eligible localities is always...10-05-2020, 02:09 AM -
...IRS releases State-by-State breakdown of nearly 9 Million Non-filers who will be Mailed Letters about Economic Impact Payments | site |
(September 17, 2020) - - Today, September 17, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today released a state-by-state breakdown of the roughly nine million people receiving a special mailing this month encouraging them to see if they're eligible to claim an Economic Impact Payment.
The IRS will mail the letters to people who typically aren't required to file federal income tax returns but may qualify for an Economic Impact Payment. The letter urges recipients to visit the special Non-Filers: Enter Payment Info Here tool on IRS.gov before the October 15 deadline to register for an Economic Impact Payment. "The IRS continues to work hard to reach people eligible for these payments," said IRS Commissioner Chuck Retti09-21-2020, 01:24 PM -
IRS says Deadline to Return Distributions to Retirement Accounts is Aug. 31 | site |
(August 24, 2020) - - Today, August 24, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes.
The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for IRAs and retirement plans, including for beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020. Roth IRAs don't require withdrawals until after the death of the owner.
Individuals who took RMDs in 2020, including those who turned 70 ½ during 2019, have...08-31-2020, 07:29 AM -
IRS takes New Steps to Ensure People with Children Receive $500 Economic Impact Payments | site |
(August 14, 2020) - - Today, August 14, 2020, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. As part of that effort, the Internal Revenue Service announced today it will reopen the registration period for federal beneficiaries who didn't receive $500 per child payments earlier this year.
The IRS urges certain federal benefit recipients to use the IRS.gov Non-Filers tool starting August 15 through September 30 to enter information on their qualifying children to receive the supplemental $500 payments.
Those eligible to provide this information include people with qualifying children who receive Social Security...08-31-2020, 07:00 AM -
IRS says 159 million Economic Impact Payments Processed| site |
IRS says Low-income people and others who aren’t required to file tax returns can quickly register for payment with IRS Non-Filers tool
(June 3, 2020) - - Today (June 3, 2020), the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don't usually file tax returns to register for a payment by October 15.
Millions of low-income people and others who aren't required to file a tax return may be eligible for an Economic Impact Payment and can easily register for a payment by using the free Non-Filers tool, available only on IRS.gov. "IRS employees worked around the clock to deliver the Economic Impact Payments and new tools to help taxpayers in record time," said IRS Commissioner Chuck Rettig. "Even with ...06-04-2020, 11:55 PM -
IRS Nationwide Tax Forums go Virtual in 2020 | site |
Tax pros can choose from up to 30 webinars beginning in July
(May 21, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — The Internal Revenue Service today announced the 2020 IRS Nationwide Tax Forums will be held virtually in 2020 with a series of live-streamed webinars beginning this July. "Given restrictions on large gatherings and difficulties with travel, we've made the decision to present the IRS Nationwide Tax Forums in a virtual format this year," IRS Commissioner Chuck Rettig said. "While we're unable to meet in person, tax professionals will still be able to choose from a wide variety of virtual seminars on tax law.Many will be able to fully satisfy their annual continuing education requirements by registering and attending." Held each summer for the past 30 years, the IRS Nationwide Tax Forums are the IRS's marquee ou...05-25-2020, 09:58 PM -
Treasury, IRS release Latest State-by-State Economic Impact Payment Figures for May 22, 2020 | site |
(May 22, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments reflecting the opening weeks of the program. "Economic Impact Payments have continued going out at a rapid rate to Americans across the country," said IRS Commissioner Chuck Rettig. "We remind people to visit IRS.gov for the latest information, including answers to the most common questions we see surrounding the payments. We also continue to urge those who don't normally have a filing requirement, including those with little or no income, that they can quickly register for the payments on IRS.gov." Millions of people who do not typically file a tax return are eligible to receive these payments. Payments are automa...05-23-2020, 01:11 AM -
IRS adds Phone Operators to answer Economic Impact Payment Questions | site |
(May 18, 2020) - - The U.S. Internal Revenue Service (IRS) published (today) the following information: WASHINGTON — Today, the Internal Revenue Service is starting to add 3,500 telephone representatives to answer some of the most common questions about Economic Impact Payments. IRS telephone assistance and other services will remain limited, and answers for most of the common questions related to Economic Impact Payments are available on IRS.gov. The IRS anticipates bringing back additional assistors as state and local advisories permit. Answers for most Economic Impact Payment questions are available on the automated message for people who call the phone number provided in the letter (Notice 1444). Those who need additional assistance at the conclusion of the message will have the option of talking to a telephone representative....05-22-2020, 02:28 AM -
Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak | site |
(March 21, 2020) - - Today (March 21, 2020), the U.S. Department of the Treasury published the following information: Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) yesterday announced that the tax filings and payments for all federal income taxes (including self-employment tax) due on April 15, 2020, regardless of amount, will now be due on July 15, 2020. “At President Trump’s direction, we are moving Tax Day from April 15 to July 15,” said Secretary Steven T. Mnuchin. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties. I encourage all taxpayers who may have tax refunds to file now to receive those funds as quickly as possible.” Taxpayers are not required t...03-23-2020, 06:32 AM -
Tax Day now July 15: Treasury, IRS Extend Filing Deadline and Federal Tax Payments Regardless of Amount Owed | site |
(March 21, 2020) - - In a press release dated March 21, 2020 the U.S. Internal Revenue Service provided the following information: WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file be...03-23-2020, 04:13 AM -
Treasury, IRS and Labor announce Plan to implement Coronavirus-related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to swiftly Recover the Cost of providing Coronavirus-related Leave | site |
(March 20, 2020) - - In a press release dated March 20, 2020 the U.S. Internal Revenue Service (IRS) provided the following information:
WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020. The Act will help the United States combat and ...03-23-2020, 03:38 AM -
IRS announces Waivers for Offer in Compromise Applications| site |
(March 12, 2020) - - Today (March 12, 2020), the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service today announced the release of final regulations that increase the Offer in Compromise application fee to $205 and provide an additional way for the IRS to waive the Offer in Compromise application fee for low-income taxpayers, based on their adjusted gross income (AGI).
An Offer in Compromise (OIC) is an agreement between a taxpayer and the IRS to settle a tax debt for less than the full amount owed. Generally, it may be an option for taxpayers who can't pay their full tax debt, or if doing so would create a financial hardship. The IRS considers the taxpayer's overall financial circumstances when considering an OIC in an effort to administratively resolve the amount due. Applicants who meet the definition ...03-17-2020, 07:59 AM -
U.S. Internal Revenue Service says Interest Rates remain the Same for the Second Quarter of 2020| site |
(February 28, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON – The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2020. The rates will be:- five (5) percent for overpayments [four (4) percent in the case of a corporation];
- two and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000;
- five (5) percent for underpayments; and
- seven (7) percent for large corporate underpayments.
02-28-2020, 11:23 PM