Entries by admin-wxc

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IRS issue proposed regulations on the new remittance transfer tax

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 […]

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IRS updates frequently asked questions about educational assistance programs

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 […]

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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 […]