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Tax returns filed in 2021 to be completed in June

WASHINGTON — Following intensive work during the past several months, the Internal Revenue Service announced today that processing on a key group of individual tax returns filed during 2021 will be completed by the end of this week. Due…
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Taxpayers now have more options to correct, amend returns electronically

WASHINGTON — The Internal Revenue Service announced today that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment…
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Don’t wait to file: IRS encourages taxpayers with filing extensions

WASHINGTON — The Internal Revenue Service is encouraging taxpayers who have yet to file their 2021 tax return – including those who requested an extension of time – to file a complete and accurate return electronically as early as possible…
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IRS updates feature on Where’s My Refund?

The Internal Revenue Service made an important enhancement to the Where's My Refund? online tool this week, introducing a new feature that allows taxpayers to check the status of their current tax year and two previous years' refunds. Taxpayers…
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IRS interest rates increase for the third quarter of 2022

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning July 1, 2022. The rates will be: 5% for overpayments (4% in the case of a corporation). 2.5% for the portion…
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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…
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Taxpayers who owe and missed the April 18

WASHINGTON — The Internal Revenue Service encourages taxpayers who missed Monday's April 18 tax-filing deadline to file as soon as possible. While taxpayers due a refund receive no penalty for filing late, those who owe and missed the deadline…
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IRS reminds penalty relief related to Employee Retention Credit

WASHINGTON — The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified…
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Extensions of time to file tax returns; some taxpayers instantly qualify

WASHINGTON — Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file a return. Not everyone has to ask for more time, however. Disaster victims, taxpayers serving in combat zones and those living abroad automatically…