Entries by admin-wxc

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Steps taxpayers can take now to resolve tax issues and stay on track

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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Time is running out to claim $1.2 billion in refunds for tax year 2022

WASHINGTON ― The Internal Revenue Service today announced that over 1.3 million people across the nation have unclaimed refunds for tax year 2022 and face an April 15 deadline to submit their tax returns. The IRS estimates that approximately $1.2 billion in refunds remains unclaimed for taxpayers who have not filed their Form 1040 Federal […]

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IRS issue proposed regulations on how to open initial Trump Accounts

WASHINGTON —The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsproviding general requirements for Trump Accounts, certain definitions relating to Trump Accounts, election rules to open an initial Trump Account by an authorized individual for an eligible individual, and rules for who is the responsible party for the initial Trump Account […]

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Create an IRS Individual Online Account today for security and convenience

WASHINGTON — The Internal Revenue Service encourages all taxpayers to create an IRS Individual Online Account to access their tax account information securely online and to help protect against identity theft and fraud. The IRS Individual Online Account is available to anyone who can verify their identity. Tax professionals can support this effort by encouraging […]

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IRS launches new web page to streamline tax fraud and scam reporting

WASHINGTON — The Internal Revenue Service today announced the launch of a new web page that allows taxpayers to confidentially report suspected tax fraud, scams, evasion, or other tax-related illegal activities, as well as internal-facing improvements that will enhance how referrals are used to stop illegal activity. “Improvements to the IRS fraud reporting system make […]

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Questions and answers about qualified overtime compensation

This Fact Sheet provides answers to frequently asked questions (FAQs) about the new deduction for qualified overtime compensation, such as who may be eligible to claim the deduction, including federal employees, and where to find supplemental information on eligibility and other rules. These FAQs are being issued to provide general information to taxpayers and tax […]

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IRS issue guidance on special depreciation allowance

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided interim guidance for taxpayers regarding the special depreciation allowance for qualified production property enacted under the One, Big, Beautiful Bill. Notice 2026-16 PDF announces that Treasury and the IRS will issue proposed regulations on a new provision of the law allowing […]

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Important Tax Notice for W-2 Employees

Changes to Taxes on Overtime If you received a W-2 for tax year 2025 and worked overtime, an additional review may be required. Under the new tax laws, part of the One Big Beautiful Bill, overtime pay is not taxable up to $12,500. Important to know: Only the premium portion of overtime pay qualifies. This […]