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COVID tax relief: IRS provides broad-based penalty relief

WASHINGTON — To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36PDF, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The…
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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…
WXC Corporation Doral Miami
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2021 tax extension filers don’t need to wait until October 17

WASHINGTON — The Internal Revenue Service is reminding the estimated 19 million taxpayers who requested an extension to file their 2021 tax return that they don't have to wait until mid-October to file. If a taxpayer has all the necessary…
WXC Corporation Doral Miami
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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…
WXC Corporation Doral Miami
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Families Expected to Spend Average of $864 on Back-to-School Supplies

As inflation continues to rise, one-third of consumers (38%) said they are cutting back in other spending areas to cover the cost of items for the upcoming school year, according to the annual survey released today by the National Retail…
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Salaries Could Rise Average of 4.1% in 2023

Salary budgets for U.S. employees are projected to increase in 2023, mainly influenced by a labor market with more open jobs than people to fill them. Leading global advisory, broking and solutions company WTW’s Salary Budget Planning…
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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…