IRS releases final guidance for certain clean vehicle credits
WASHINGTON — The Internal Revenue Service issued final regulations today for the new and previously owned clean vehicle credits.
The final regulations provide rules regarding the critical mineral and battery components requirements for…
Pilot closes after 140,000 taxpayers successfully use direct e-filing system
WASHINGTON — The Internal Revenue Service announced the closure of the Direct File pilot with several hundred thousand taxpayers across 12 states signing up for Direct File accounts, and 140,803 taxpayers filing their federal tax returns using…
Time running out to claim $1 billion in refunds for tax year 2020
WASHINGTON ― The Internal Revenue Service announced today that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 but face a May 17 deadline to submit their tax returns.
The IRS estimates more than $1 billion…
Tax Time Guide 2024: What to know before completing a tax return
WASHINGTON — During the busiest time of the tax filing season, the Internal Revenue Service kicked off its 2024 Tax Time Guide series to help remind taxpayers of key items they’ll need to file a 2023 tax return.
As part of its four-part,…
Taxpayers should continue to report all cryptocurrency
WASHINGTON — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their…
Jan. 16 due date for final 2023 quarterly estimated tax payments
WASHINGTON — The Internal Revenue Service today reminded taxpayers who didn't pay enough tax in 2023 to make a fourth quarter tax payment on or before Jan. 16 to avoid a possible penalty or tax bill when filing in 2024.
Taxes are normally…
IRS: 2024 Flexible Spending Arrangement contribution limit rises by $150
WASHINGTON — During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans…
IRS expands work on aggressive Employee Retention Credit claims
WASHINGTON — As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims.…
IRS encourages employers to electronically file payroll tax returns
WASHINGTON — The Internal Revenue Service today reminded employers that the best way to file their next quarterly payroll tax return by the Oct. 31, 2023, due date is electronically.
While paper filing is available, the IRS strongly encourages…