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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United States’ Notification of Termination of 1979 Tax Convention with Hungary
United States’ Notification of Termination of 1979 Tax Convention with Hungary | site |
Information contained in U.S. Department of the Treasury press release dated: July 15, 2022 Washington - - The U.S. Department of the Treasury today announced that on July 8, 2022, the United States notified Hungary of its termination of the Convention between the Government of the United States of America and the Government of the Hungarian People’s Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, in force since 1979 (the “Convention”). In accordance with the Convention’s provisions on termination, termination will be effective on January 8, 2023. However, as specified in the Convention, with respect to taxes withheld at source, the Convention shall cease to have effect on January 1, 2024. In respect of other taxes, the Convention shall cease to have effect wi... -
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... -
Florida Governor Ron DeSantis Signs Largest Tax Relief Package in Florida’s History
Florida Governor Ron DeSantis Signs Largest Tax Relief Package in Florida’s History | site |
Information contained in Office of the Governor of Florida press release dated: May 6, 2022
OCALA, Fla. - - Today, Governor Ron DeSantis signed House Bill 7071 which provides more than $1.2 billion of tax relief for Floridians. The bill provides for ten sales tax holidays for a variety of items commonly purchased by Florida families, including fuel, diapers, disaster supplies and, tools. A one-pager on the bill can be found here. “Florida’s economy has consistently outpaced the nation, but we are still fighting against inflationary policies imposed on us by the Biden administration,” said Governor Ron DeSantis. “In Florida, we are going to support our residents and help them afford the goods that they need. Florida has been fiscally responsible, so we are in a good position to provide meaningful relief for families, right now.” “The Florid... -
For National Small Business Week, plan now to take Advantage of Tax Benefits for 2022
For National Small Business Week, plan now to take Advantage of Tax Benefits for 2022 | site |
Enhanced deduction for business meals, home office deduction and more
Information contained in U.S. Internal Revenue Service (IRS) press release dated: May 3, 2022
Washington - - The Internal Revenue Service today urged business taxpayers to begin planning now to take advantage of the enhanced 100% deduction for business meals and other tax benefits available to them when they file their 2022 federal income tax return.
During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the theme for this year's celebration: "Building a Better America through Entrepreneurship." With next year's filing deadline nearly a year away, any entrepreneur still has time to identify possible tax benefits, take action to qualify for them and then claim them when they file in 2023. ... -
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 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 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
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
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IRS says it has 1.5 Billion Dollars in Refunds for People who have not Filed a 2018 Federal Income Tax Return; April deadline approaches
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... -
Starting Oct. 28, new 67 Dollars User Fee applies to Estate Tax Closing Letters
Starting Oct. 28, new $67 User Fee applies to Estate Tax Closing Letters | site |
IRS reminds executors of free transcript option
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: September 27, 2021)
Washington - - The Internal Revenue Service announced today that starting Oct. 28, a new $67 user fee will apply to any estate that requests a closing letter for its federal estate tax return.
The new user fee was authorized under final regulations, TD 9957, available today in the Federal Register. Closing letter requests must be made using Pay.gov. The IRS will provide further procedural details before the user fee goes into effect. By law, federal agencies are required to charge a user fee to cover the cost of providing certain services to the public that confer a special benefit to the recipient. Moreover, agencies must review these fees every two years to determine whether the... -
IRS announces 2022 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants
U.S. Internal Revenue Service announces 2022 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: October 12, 2021) Washington - - The Internal Revenue Service recently awarded over $41 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation. This year, the IRS awarded grants to 34 TCE and 300 VITA applicants. The IRS received 379 applications requesting over $70 million. The TCE program, established in 1978, provides free tax counseling and federal return preparation to individuals who are age 60 or older. Volunteers receive training and technical assistance to provide assistance at community locations across the nation. The VITA program, created in 1969, assists underserved communities, such as low- and moder... -
Oct. 15 Deadline approaches for Taxpayers who Requested Extensions to File 2020 Tax Returns
Oct. 15 Deadline approaches for Taxpayers who Requested Extensions to File 2020 Tax Returns | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: September 16, 2021)
Washington - - The Internal Revenue Service today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available.
Although October 15 is the last day for most people to file, some taxpayers may have more time. They include:- Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
- Taxpayers in federally declared disaster areas who already had valid extensions. For details, see
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IRS says Tax Relief now available to Victims of Hurricane Ida
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... -
IRS Security Summit warns Tax Pros to watch for tell-tale Signs of Identity Theft
U.S. Internal Revenue Service Security Summit warns Tax Pros to watch for tell-tale Signs of Identity Theft | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: August 17, 2021)
Washington - - With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients. The IRS, state tax agencies and the tax industry – working together as the Security Summit – reminded tax professionals that they should contact the IRS immediately when there's an identity theft issue while also contacting insurance or cybersecurity experts to assist them with determining the cause and extent of the loss. "There are tell-tale signs of identity theft that tax pros can easily miss," said IRS Commissioner Chuck Rettig. "Identity... -
Treasury and IRS Disburse Second Month of Advance Child Tax Credit Payments
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...
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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 -
United States’ Notification of Termination of 1979 Tax Convention with Hungary | site |
Information contained in U.S. Department of the Treasury press release dated: July 15, 2022 Washington - - The U.S. Department of the Treasury today announced that on July 8, 2022, the United States notified Hungary of its termination of the Convention between the Government of the United States of America and the Government of the Hungarian People’s Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, in force since 1979 (the “Convention”). In accordance with the Convention’s provisions on termination, termination will be effective on January 8, 2023. However, as specified in the Convention, with respect to taxes withheld at source, the Convention shall cease to have effect on January 1, 2024. In respect of other taxes, the Convention shall cease to have effect wi...07-19-2022, 09:57 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 -
Florida Governor Ron DeSantis Signs Largest Tax Relief Package in Florida’s History | site |
Information contained in Office of the Governor of Florida press release dated: May 6, 2022
OCALA, Fla. - - Today, Governor Ron DeSantis signed House Bill 7071 which provides more than $1.2 billion of tax relief for Floridians. The bill provides for ten sales tax holidays for a variety of items commonly purchased by Florida families, including fuel, diapers, disaster supplies and, tools. A one-pager on the bill can be found here. “Florida’s economy has consistently outpaced the nation, but we are still fighting against inflationary policies imposed on us by the Biden administration,” said Governor Ron DeSantis. “In Florida, we are going to support our residents and help them afford the goods that they need. Florida has been fiscally responsible, so we are in a good position to provide meaningful relief for families, right now.” “The Florid...05-07-2022, 09:52 PM -
For National Small Business Week, plan now to take Advantage of Tax Benefits for 2022 | site |
Enhanced deduction for business meals, home office deduction and more
Information contained in U.S. Internal Revenue Service (IRS) press release dated: May 3, 2022
Washington - - The Internal Revenue Service today urged business taxpayers to begin planning now to take advantage of the enhanced 100% deduction for business meals and other tax benefits available to them when they file their 2022 federal income tax return.
During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the theme for this year's celebration: "Building a Better America through Entrepreneurship." With next year's filing deadline nearly a year away, any entrepreneur still has time to identify possible tax benefits, take action to qualify for them and then claim them when they file in 2023. ...05-06-2022, 04:20 AM -
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 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 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 -
Starting Oct. 28, new $67 User Fee applies to Estate Tax Closing Letters | site |
IRS reminds executors of free transcript option
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: September 27, 2021)
Washington - - The Internal Revenue Service announced today that starting Oct. 28, a new $67 user fee will apply to any estate that requests a closing letter for its federal estate tax return.
The new user fee was authorized under final regulations, TD 9957, available today in the Federal Register. Closing letter requests must be made using Pay.gov. The IRS will provide further procedural details before the user fee goes into effect. By law, federal agencies are required to charge a user fee to cover the cost of providing certain services to the public that confer a special benefit to the recipient. Moreover, agencies must review these fees every two years to determine whether the...10-13-2021, 04:34 PM -
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 -
Oct. 15 Deadline approaches for Taxpayers who Requested Extensions to File 2020 Tax Returns | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: September 16, 2021)
Washington - - The Internal Revenue Service today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available.
Although October 15 is the last day for most people to file, some taxpayers may have more time. They include:- Members of the military and others serving in a combat zone. They typically have 180 days after they leave the combat zone to file returns and pay any taxes due.
- Taxpayers in federally declared disaster areas who already had valid extensions. For details, see
10-11-2021, 08:53 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 -
U.S. Internal Revenue Service Security Summit warns Tax Pros to watch for tell-tale Signs of Identity Theft | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: August 17, 2021)
Washington - - With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients. The IRS, state tax agencies and the tax industry – working together as the Security Summit – reminded tax professionals that they should contact the IRS immediately when there's an identity theft issue while also contacting insurance or cybersecurity experts to assist them with determining the cause and extent of the loss. "There are tell-tale signs of identity theft that tax pros can easily miss," said IRS Commissioner Chuck Rettig. "Identity...08-31-2021, 10:25 PM -
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 -
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 -
Centers for Medicare and Medicaid Services says Four in Ten New Consumers Spend $10 or Less Per Month for HealthCare.Gov Coverage Following Implementation of American Rescue Plan Tax Credits | site | (Information contained in Centers for Medicare and Medicaid Services press release dated: June 14, 2021) Today, the Centers for Medicare & Medicaid Services (CMS) released a new report that shows that more than 1 million new and returning consumers have health coverage through the Health Insurance Marketplace that costs $10 or less per month after advance payments of premium tax credits (APTC) following the April 1 implementation of the American Rescue Plan’s (ARP) expanded APTC. Of the 1,034,624 consumers who selected a Marketplace plan with premiums of $10 or less per month, after APTC, 687,275 were returning consumers and 347,349 were new consumers. This means 4 in 10 (43%) new consumers and 3 in 10 (30%) returning consumers and more than one t...06-15-2021, 11:08 PM
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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 -
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 -
Facing a Surprise Tax Bill? IRS says be sure to still File by May 17 | site |
IRS says it's easy for most people to set up an online payment agreement with IRS
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: May 14, 2021)
Washington - - The Internal Revenue Service today reminded taxpayers who owe 2020 taxes that there are different ways to pay through IRS.gov, including payment options for many people who can't pay in full.
File by May 17
The most important thing everyone with a tax bill should do is file a return by the May 17 due date, even if they can't pay in full, or request a six-month extension to avoid higher penalties for failing to file on time. Though automatic tax-filing extensions are available to anyone who wants one, these extensions don't change the payment deadline. It is not an extension to pay. Visit IRS.gov/extensions for details. Usually anyone who ...05-14-2021, 02:06 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 -
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 -
Tax Time Guide: Make IRS.gov first Stop for Tax Help | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: March 4, 2021)
Washington - - The Internal Revenue Service reminds taxpayers that its website, IRS.gov, continues to be the first and best place for people seeking information and assistance on their federal taxes. It is available 24 hours a day from the comfort of home, on a desktop, or from just about anywhere with a mobile device.
The array of online tools and resources available at IRS.gov range from tax preparation and refund tracking to research tools like the Interactive Tax Assistant and answers for Frequently Asked Questions on many subjects.
View tax account online
Taxpayers can use their online account to securely see important information when preparing to file their tax return or following up on balances or notices. This includes:- Adjusted
03-08-2021, 10:02 PM -
Tax Time Guide: How to do Taxes for Free and get Refunds Fast | site |
(Information contained in U.S. Internal Revenue Service [IRS] news release dated: February 23, 2021)
Washington - - - During this tax season when many people are trying to stay safe at home, the Internal Revenue Service reminds taxpayers about ways to do their taxes for free online or with help from volunteers.
Free File is easy, fast, safe and secure
Taxpayers who want to prepare and file their tax returns electronically can use IRS Free File. IRS Free File offers brand-name tax software for taxpayers with an income of $72,000 or less in 2020. Taxpayers who earned more can use Free File Fillable Forms, the electronic version of IRS paper forms. Taxpayers can get started at IRS.gov/freefile . IRS Free File also lets taxpayers get an automatic extension of time to file if they need it. Free File is also a way to get a refund fast. Filin...03-05-2021, 08:16 PM -
Victims of Texas Winter Storms get Deadline Extensions and Other Tax Relief | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release dated: February 22, 2021)
Washington - - Victims of this month's winter storms in Texas will have until June 15, 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 the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations 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. The tax relief postpones various tax filing and payment deadlines that occurred starting on February...02-25-2021, 02:38 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 -
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 -
National Tax Security Awareness Week, Day 3: IRS expands Identity Protection PIN Opt-In Program to Taxpayers Nationwide | site |
(Information contained in U.S. Internal Revenue Service ([IRS] press release dated: December 2, 2020) Washington - - As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities. The Summit partners, including state tax agencies, the nation's tax industry and the IRS, marked the third day of the National Tax Security Awareness Week by urging taxpayers who want the proactive protection against identity theft to opt into the Identity Protection PIN program in 2021. The IP PIN is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. An IP PIN helps the IRS verify a taxpa...12-04-2020, 04:01 AM -
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 -
U.S. Internal Revenue Service says Get Ready for Taxes: Steps to take Now to make Tax Filing easier in 2021 | site |
(Information contained in U.S. Internal Revenue Service [IRS] press release: November 24, 2020)
Washington – The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021.
This is the second 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. 2020 has been a busy year, with a lot of changes. To make sure taxpayers don't miss out on tax benefits or make mistakes, they can take a few simple steps now to make filing their taxes easier in 2021. An important first step to getting taxes ready is to gather all tax records. Having records organized makes preparing a tax return easier. It...11-24-2020, 05:22 PM -
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 -
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 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 -
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 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 -
Tenth Circuit Upholds FDIC Ownership of Tax Refunds in Cases of Failed Banks| site |
(May 27, 2020) - - Today (May 27, 2020), the Federal Deposit Insurance Corporation (FDIC) published the following information: WASHINGTON -- In a case remanded by the U.S. Supreme Court, the U.S. Court of Appeals for the Tenth Circuit yesterday issued a favorable decision holding tax refunds generated by a failed bank belonged to the FDIC as receiver rather than the bankruptcy trustee for the failed bank's parent company. The dispute arose from the 2011 failure of United Western Bank in Denver, Colorado. Shortly after the failure, the Bank's parent company, United Western Bancorp, Inc., filed for bankruptcy. Both the FDIC as receiver for the Bank and the parent company's bankruptcy trustee, Simon Rodriquez, claimed ownership of the $4.1 million tax refund. The bankruptcy trustee filed suit in bankruptcy court and prevailed. The FDIC as receiver appealed and, after the bankrupt...05-29-2020, 01:25 AM -
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 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 lists some popular Tax Benefits renewed for 2019 - - IRS Publication 17 helps with 2019 Taxes| site |
(February 26, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON ― The Internal Revenue Service reminds taxpayers that it is processing tax returns claiming benefits extended or changed by recent legislation. Most taxpayers can file when they are ready – and as they normally would – if they are eligible for one or more of these benefits and claim them on their 2019 federal tax return.
Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2019 federal income tax returns by consulting a free, comprehensive tax guide available on IRS.gov. Publication 17, Your Federal Income Tax, features an in-depth look at on tax changes for 2019 including recent legislative changes and covers the general rules for filing a federal income tax return. It supplements...02-27-2020, 09:14 PM -
Newly-revised IRS Publication explains Tax Benefits for Members of the Military| site |
(February 24, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service has released its newly-revised tax guide, designed to help members of the military understand the many special tax benefits available to them under the law.
Publication 3, Armed Forces' Tax Guide, now posted on IRS.gov, is packed with useful filing tips for any member of the military, including reservists and the National Guard, regardless of whether they are stationed in the U.S. or abroad. Among other things, this free publication describes the provision allowing armed forces reservists to deduct their reservist-related travel expenses, regardless of whether they itemize their deductions. It also describes the moving expense deduction still available to active-duty members of the military in connecti...02-25-2020, 02:47 AM -
IRS says J5 Tax Chiefs are Closing the Net on Global Tax Evasion| site |
(February 19, 2020) - - Today (February 19, 2020), the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — Leaders from five international tax organizations came together in Sydney, Australia, this week to review the J5's progress in their fight against transnational tax crime and set priorities for the year ahead. The Joint Chiefs of Global Tax Enforcement (J5) was formed in 2018 after a call to arms from the OECD Taskforce on Tax Crime and has been working together to gather information, share intelligence and conduct coordinated operations, making significant progress in each country's fight against transnational tax crime. The J5 includes the Australian Taxation Office (ATO), Her Majesty's Revenue and Customs (HMRC) from the UK, Internal Revenue Service (IRS) Criminal Investigations from the US, the Canadian Revenue Agency (CRA) and the Dutch ...02-21-2020, 10:46 PM -
U.S. Internal Revenue Service and the Department of the Treasury issue Proposed Regulations updating Income Tax Withholding Rules| site |
(February 11, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation.
In general, the proposed regulations, available now in the Federal Register, are designed to accommodate the redesigned Form W-4, Employee's Withholding Certificate, to be used starting in 2020, and the related tables and computational procedures in Publication 15-T, Federal Income Tax Withholding Methods. The proposed regulations and related guidance do not require employees to furnish a new Form W-4 solely because of the redesign of the Form...02-11-2020, 11:46 PM -
IRS Kicks off 2020 Tax Filing Season with Returns due April 15; Help Available on IRS.gov for Fastest Service| site |
(January 27, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON ― The Internal Revenue Service successfully opened the 2020 tax filing season today as the agency begins accepting and processing federal tax returns for tax year 2019. The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020. More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the April 15 tax deadline. "The IRS workforce has worked for nearly a year to prepare for the opening of tax season," said IRS Commissioner Chuck Rettig. "Our dedicated employees are committed to help taxpayers, process tax returns and serve the nation − not just through the April 15 tax deadline but throughout the year." ...01-27-2020, 09:41 PM -
Global Tax Chiefs undertake Unprecedented Multi-country Day of Action to Tackle International Tax Evasion| site |
(January 23, 2020) - - Today (January 23, 2020), the U.S. Internal Revenue Service (IRS) published the following information: WASHINGTON — A globally coordinated day of action to put a stop to the suspected facilitation of offshore tax evasion has been undertaken this week across the United Kingdom (UK), United States (US), Canada, Australia and the Netherlands. The action occurred as part of a series of investigations in multiple countries into an international financial institution located in Central America, whose products and services are believed to be facilitating money laundering and tax evasion for customers across the globe. It is believed that through this institution a number of clients may be using a sophisticated system to conceal and transfer wealth anonymously to evade their tax obligations and launder the proceeds of crime. ...01-25-2020, 12:02 AM -
U.S. Internal Revenue Service says Direct Deposit is Fastest Way to Receive Federal Tax Refund | site |
(January 9, 2020) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — With tax season beginning soon, the Internal Revenue Service reminds taxpayers that choosing to have their tax refund directly deposited into their checking or savings account is the fastest way to get their money.
It's simple, safe and secure. Taxpayers can also get their refund deposited into one, two or three different accounts, if desired.
Eight out of 10 taxpayers get their refunds by using direct deposit. The IRS uses the same electronic transfer system to deposit tax refunds that is used by other federal agencies to deposit nearly 98% of all Social Security and Veterans Affairs benefits into millions of accounts. Direct deposit also avoids the possibility that a refund check could be lost or sto...01-10-2020, 02:11 AM -
IRS Information on Get Ready for Taxes: What to do Before the Tax Year ends December 31| site |
(December 16, 2019) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON — The Internal Revenue Service reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead.
Charitable Contributions
For most taxpayers, December 31 is the last day to take actions that will impact their 2019 tax return. For example, those who plan to itemize deductions should know that charitable contributions are deductible in the year made. Donations charged to a credit card before the end of 2019 count for the 2019 tax year, even if the bill isn't paid until 2020. Checks to a charity count for 2019 if they are mailed by the last day of the year.
Retirement Plans
Taxpayers who are over age 70 ½ are generally required to take distributions...12-18-2019, 04:39 AM -
IRS announces 2020 Tax Counseling for the Elderly Grants | site |
(November 22, 2019) - - Today, the U.S. Internal Revenue Service published the following information:
WASHINGTON — The Internal Revenue Service recently awarded more than $9.8 million in Tax Counseling for the Elderly (TCE) grants to organizations that provide free federal tax return preparation.
This year, the IRS awarded grants to 27 TCE applicants from across the nation. The TCE grants cover one year. The IRS received 37 applications requesting $11.7 million. The TCE program, established in 1978, provides tax counseling and return preparation nationwide to people who are 60 or older. Volunteers receive training and technical assistance. The IRS forms partnerships with a wide variety of organizations across the country to develop TCE programs. Community partners include non-profit agencies, faith-based organizations and community centers. The IRS provides tax law tr...11-23-2019, 11:41 PM -
IRS says Get Ready for Taxes - - Get ready Today to File 2019 Federal Income Tax Returns| site |
(October 31, 2019) - - Today, the U.S. Internal Revenue Service (IRS) published the following information:
WASHINGTON – The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return.
This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. To that end, a special page, newly updated and available on IRS.gov, outlines things taxpayers can do now to prepare for the 2020 tax season ahead.
Adjust withholding; Make estimated or additional tax payments
The IRS urges everyone to use the Tax Withholding Estimator to perform a paycheck or pension income checkup. This is even more important for those who received a smaller refund than expected or owed an unexpected tax bill last year. It's...11-01-2019, 10:03 PM -
U.S. Department of the Treasury Announces Guidance on One-Time Repatriation Tax on Foreign Earnings
Washington, DC - - (August 1, 2018) - - The United States Department of the Treasury today announced the release of proposed regulations relating to the section 965 transition tax, on U.S. multinational companies’ overseas income, which is being repatriated under section 965 of the Tax Cuts and Jobs Act. The proposed guidance affects U.S. shareholders with direct or indirect ownership in certain specified foreign corporations, as defined in the new tax code provision. “The Tax Cuts and Jobs Act creates a historic opportunity for American companies to bring capital back home from overseas to invest in our domestic economy and create jobs for hardworking Americans,” said Secretary Steven T. Mnuchin. “Our administration’s policies are focused on creating a more competitive system for ...08-02-2018, 02:29 PM -
U.S. Department of the Treasury and The Office of Management and Budget Update Tax Regulatory Review Process
Washington, DC - - (April 12, 2018) - - The U.S. Department of the Treasury and the Office of Management of Budget (OMB) today released a Memorandum of Agreement (MOA) creating a new framework for the review of tax regulations. The modernized framework meets the twin objectives of increasing the economic analysis and review of tax rules while preserving timely tax guidance for taxpayers. “We are very pleased with the agreement announced today, which is an important step in advancing President Trump’s tax and regulatory reform agenda,” said Treasury Secretary Steven T. Mnuchin. “This updated review framework will increase scrutiny of regulations most likely to impose new costs, while preserving Treasury’s ability to ensure taxpayers receive timely, clear rules and g...04-12-2018, 05:21 PM -
IRS Tax Time Guide says Contribute to an IRA by April 17 and claim it for 2017
Washington, DC - - (March 20, 2018) - - The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by April 17, 2018.
This is the sixth in a series of nine IRS news releases called the Tax Time Guide, designed to help taxpayers navigate common tax issues. This year’s tax-filing deadline is April 17. An IRA is designed to enable employees and the self-employed to save for retirement. Most taxpayers who work are eligible to start a traditional or Roth IRA or add money to an existing account. Contributions to a traditional IRA are often tax deductible, but dis...03-22-2018, 11:18 AM -
Big Banks Benefit from Tax Bill, Aggressively Offshore American Jobs
New Communications Workers of America Report Details Bank Offshoring Practices; Senator Sherrod Brown Offers Solutions on Press Call with Affected Workers
March 9, 2018
Washington, DC - - (March 6, 2018) - - The banking industry is among the biggest beneficiaries from the Republican tax bill passed in December 2017. Yet many U.S. banks have been aggressively offshoring U.S. jobs, especially in the call center and customer service industry, to low-wage countries. Despite these offshoring practices, and their financial windfall from the tax bill, there is no movement from the big banks to return jobs from overseas. In fact, leading analysts believe that the tax bill will encourage the additional offshoring of American jobs. On a press call held today, Senator Sherrod Bro...03-09-2018, 08:39 AM -
March 1 Tax Deadline Nears for Many Farmers and Fishermen - - - IRS Direct Pay Offers an Easy Way to Pay Taxes
March 1, 2017
Washington, DC - - (February 24, 2017) - - The Internal Revenue Service is reminding farmers and fishermen about Wednesday’s deadline to take advantage of special rules that can allow them to forgo making quarterly estimated tax payments.
Taxpayers with income from farming or fishing have until Wednesday, March 1 to file their 2016 Form 1040 and pay the tax due to avoid making estimated tax payments. This rule generally applies if farming or fishing income was at least two-thirds of the total gross income in either the current or the preceding tax year.
Since 2014, IRS Direct Pay has offered individual taxpayers an easy way to quickly pay the tax amount due or make quarterly estimated tax payments directly from checking or savings accounts without any fees or pre-registration. IRS Dire...03-01-2017, 02:05 PM -
U.S. Internal Revenue Service Reminds International Taxpayers of Tax Obligations; Clarifies Rules for Tax Withholding Agents
March 1, 2017
Washington, DC - - (February 23, 2017) - - The Internal Revenue Service today reminded non-U.S. citizens who may have taxable income, such as international students and scholars who may be working or receiving scholarship funds, that they may have special requirements to file a U.S. tax return.
The IRS also reminded withholding agents -- such as payroll professionals or universities -- that accurately filed Forms 1042-S help speed any refunds due to their non-U.S. citizen taxpayers. Errors on forms or returns could result in some refunds being delayed.
What Non-U.S. Citizen Taxpayers Must Do The Internal Revenue Code generally requires non-U.S. citizens, whom the code defines as either resident or non-resident aliens, who are engaged in a trade or business within the ...03-01-2017, 01:53 PM -
Security Summit Alert: Tax Professionals Warned of New Scam to “Unlock” Their Tax Software Accounts
February 18, 2017
Washington, DC - - (February 17, 2017) - - The Internal Revenue Service, state tax agencies and the tax industry today warned tax professionals to be alert to a new phishing email scam impersonating software providers. The scam email comes with the subject line, “Access Locked.” It tells recipients that access to their tax prep software accounts has been “suspended due to errors in your security details.” The scam email asks the tax professional to address the issue by using an “unlock” link provided in the email. However, the link will take the tax professional to a fake web page, where they are asked to enter their user name and password. Instead of unlocking accounts, the tax professionals actually are inadvertently providing their information to cybercriminals who use the stolen cred...02-18-2017, 07:53 PM -
Phishing Schemes Lead the IRS “Dirty Dozen” List of Tax Scams for 2017
Phishing Schemes Remain Tax-Time Threat
February 1, 2017
Washington, DC - - (February 1, 2017) - - The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2017 filing season.
The IRS saw a big spike in phishing and malware incidents during the 2016 tax season. New and evolving phishing schemes have already been seen this month as scam artists work to confuse taxpayers during filing season. The IRS has already seen email schemes in recent weeks targeting tax professionals, payroll professionals, human resources personnel, schools as well as average taxpayers.
In these email schemes, criminals pose as a person...02-01-2017, 09:11 PM -
Earned Income Tax Credit - - EITC - - Awareness Day: Workers May Qualify for Significant Tax BenefitEarned Income Tax Credit - - EITC - - Awareness Day: Workers May Qualify for Significant Tax Benefit
January 28, 2017
Washington, DC - - (January 27, 2017) - - The Internal Revenue Service today joined partners across the country to promote the Earned Income Tax Credit on the 11th annual EITC Awareness Day. This campaign, which started 11 years ago, is a nationwide effort to alert millions of low- and moderate-income workers who may be missing out on this significant tax credit.
Millions of taxpayers who earned $53,505 or less last year may qualify for EITC for the first time in 2017, making awareness critical. Local officials and community organizations nationwide are holding events on EITC Awareness Day highlighting this key benefit.
“The EITC is an important anti-poverty tax credit that helps millions of people every year,” said IRS Commissioner John Koskinen. “Even though four...01-28-2017, 02:04 AM -
Federal Trade Commission Hosts Tax Identity Theft Awareness Week January 30 to February 3
Webinars, Social Media Events focus on helping consumers reduce their risk
January 26, 2017
Washington, DC - - (January 25, 2017) - - The Federal Trade Commission will mark Tax Identity Theft Week, January 30 - February 3, with a series of events to alert consumers and businesses to ways they can minimize their risk of tax identity theft, and recover if it happens.
What is tax identity theft? It’s when a scammer files a fraudulent tax return using someone else’s Social Security number (SSN) and steals the victim’s refund. Employment-related tax identity theft occurs when someone uses another person’s SSN to earn wages that are then reported as the victim’s income.
This year’s Tax Identity Theft Awareness Week will feature special events for consumers, tax professionals, small businesses and veterans....01-26-2017, 05:26 PM -
IRS, States and Tax Industry Renew Alert about Form W-2 Scam Targeting Payroll, Human Resource Departments
January 25, 2017
Washington, DC - - (January 25, 2017) - - The Internal Revenue Service, state tax agencies and the tax industry today renewed their warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments.
This week, the IRS already has received new notifications that the email scam is making its way across the nation for a second time. The IRS urges company payroll officials to double check any executive-level or unusual requests for lists of Forms W-2 or Social Security number.
The W-2 scam first appeared last year. Cybercriminals tricked payroll and human resource officials into disclosing employee names, SSNs and income information. The thieves then attempted to file fraudulent tax returns for tax refunds....01-25-2017, 09:06 PM -
2017 Tax Filing Season Opens Today
January 24, 2017
Washington, DC - - (January 23, 2017) - - The Internal Revenue Service said today that it successfully started accepting and processing 2016 federal individual income tax returns on schedule. More than 153 million returns are expected to be filed this year.
People have until Tuesday, April 18, 2017 to file their 2016 returns and pay any taxes due. The deadline is later this year due to several factors. The usual April 15 deadline falls on Saturday this year, which would normally give taxpayers until at least the following Monday. However, Emancipation Day, a D.C. holiday, is observed on Monday, April 17, giving taxpayers nationwide an additional day to file. By law, D.C. holidays impact tax deadlines for everyone in the same way federal holidays do. Taxpayers requesting an extension will have until Monday, Oct. 16, 2017 to file.
"Following months...01-24-2017, 08:28 AM -
Who Will Prepare Your Tax Return?
January 17, 2017
Washington, DC - - (January 12, 2017) - - As the start of tax filing season approaches, the Internal Revenue Service is reminding taxpayers to start thinking about who will prepare their 2016 federal tax return. The IRS will begin processing tax returns on Monday, January 23. Many software companies and tax professionals will accept and submit tax returns before the IRS systems open on January 23.
In 2016, more than 131 million individual and family tax returns were e-filed, the most accurate, safest and easiest way to file. The rest of the returns received by the IRS, numbering over 19 million, were either prepared on a computer and printed or prepared by hand then mailed.
The IRS stresses that no matter who prepares it, by signing the return, the taxpayer becomes legally responsible for the accuracy of all information included.
Free Tax...01-17-2017, 05:16 AM -
U.S. Internal Revenue Service Security Summit Alert: New Two-Stage E-mail Scheme Targets Tax Professionals
January 16, 2017
Washington, DC - - (January 11, 2017) - - The Internal Revenue Service, state tax agencies and tax industry leaders today warned tax professionals to be alert to an email scam from cybercriminals posing as clients soliciting their services.
A new variation of this phishing scheme is targeting accounting and tax preparation firms nationwide. The scheme's objective is to collect sensitive information that will allow fraudsters to prepare fraudulent tax returns.
These latest phishing emails come in typically two stages. The first email is the solicitation, which asks tax professionals questions such as "I need a preparer to file my taxes." If the tax professional responds, the cybercriminal sends a second email. This second email typically has either an embedded web address...01-16-2017, 01:55 AM