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WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts. Through IRS Individual Account, taxpayers can securely access their tax information and complete common tasks online, including: View the latest submission status of […]
Tens of millions of taxpayers may be entitled to refunds or abatements of penalties and interest that the IRS assessed during the nearly 3.5-year COVID-19 federal disaster period. However, this relief will not happen automatically. To protect their rights, most taxpayers must file a claim for refund – generally on or before July 10, 2026. […]
If your child earns interest from a custodial account or savings bonds, the tax treatment depends on the amount. Under the most recently published IRS figures, a child’s first $1,350 of unearned income (interest, dividends, and capital gains combined) is untaxed, the next $1,350 is taxed at the child’s own rate, and anything above $2,700 […]
There are options available to taxpayers if they can’t pay their tax debt in full or if doing so would cause financial hardship. One of them is called an offer in compromise. Factors such as income, expenses, asset equity and ability to pay are considered when a taxpayer applies for this option. What’s an offer […]
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsproviding guidance regarding the contribution pilot program for Trump Accounts, which are a new type of traditional individual retirement account for eligible minors. Trump Accounts and the Trump Account Contribution Pilot Program were established under the Working Families Tax Cuts […]
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued temporary regulations and the accompanying notice of proposed rulemaking on a new method for recovering federal excise tax paid on dyed fuel established under the One, Big, Beautiful Bill. These temporary regulations provide the procedures by which a taxpayer may recover federal excise taxes paid […]
IRS Schedule 1-A, Additional Deductions PDF was created to calculate and claim four new tax deductions enacted under the One, Big, Beautiful Bill. This schedule consolidates the new tax deductions in one place so taxpayers can determine their total additional deductions and reduce taxable income appropriately. Taxpayers attach Schedule 1-A to their Form 1040, 1040-SR, […]
WASHINGTON — As the end of filing season approaches, the Internal Revenue Service reminds taxpayers they can get an extension to file their federal income tax return until Oct. 15, 2026, but they must request the extension by April 15, 2026, in order to avoid penalties. An extension provides extra time to file, not additional time […]
WASHINGTON — The Internal Revenue Service today announced a new online tool to help taxpayers understand and resolve tax debt. The Tax Debt Help tool provides individuals and businesses with a simple, accessible way to explore payment options and identify next steps based on their situation. The tool is part of the IRS’s broader effort to […]
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