IRS releases final guidance on transfers of certain credits
WASHINGTON — The Department of Treasury and Internal Revenue Service issued final regulations today describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations.
The…
IRS issues renewed warning on Employee Retention Credit claims
WASHINGTON -- The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.
The…
Tax Time Guide: IRS provides easy access to tax refund status
WASHINGTON — The Internal Revenue Service reminds taxpayers that the Where's My Refund? tool on IRS.gov is the most convenient way to check the status of 2022, 2021 and 2020 tax refunds. IRS2Go, the mobile app, offers another way for users…
Tax Time Guide: Things to consider when filing a 2022 tax return
WASHINGTON — With the 2023 tax filing season in full swing, the Internal Revenue Service reminds taxpayers to gather their necessary information and visit IRS.gov for updated resources and tools to help with their 2022 tax…
Taxpayers can now upload more documents to IRS
WASHINGTON — The Internal Revenue Service announced today that taxpayers who receive certain notices requiring them to send information to the IRS now have the option of submitting their documentation online through IRS.gov.
This…
2021 tax extension filers, don’t overlook these important tax benefits
WASHINGTON — The Internal Revenue Service reminds taxpayers who've yet to file their 2021 federal income tax return to make sure they take advantage of the deductions and credits for which they're entitled and to file electronically as soon…
New IRS Strategic Plan: Agency issues five-year plan
WASHINGTON — The Internal Revenue Service today released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration.
The IRS Strategic Plan FY2022-2026 will serve as a roadmap to help guide…
New Tax Twists and Turns for Moving Expense Deductions
Can you deduct the cost of moving expenses on your personal tax return? Probably not. Under the Tax Cuts and Jobs Act (TCJ), the deduction for job-related moving expenses has been suspended for 2018 through 2025, except for certain military…
IRS announces 401(k) limit increases to $20,500
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding…