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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 […]
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations that would provide rules and definitions related to the new excise tax imposed on certain remittance transfers, also referred to as the remittance transfer tax, under the One, Big, Beautiful Bill. Beginning Jan. 1, 2026, a 1% remittance transfer tax […]
These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Accordingly, these FAQs may not address any particular taxpayer’s specific facts and circumstances, and they may be updated or modified upon further review. Because these FAQs have not been published in the Internal Revenue Bulletin, they will […]
WASHINGTON — Taxpayers who owe taxes or have not yet filed can benefit from acting early. Taking the steps outlined below can help limit penalties and interest, prevent delays, and make it easier to resolve tax issues. This Tax Time Guide focuses on what to do now. Step 1: Prepare to file your return Before […]
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