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IRS launches paperless processing initiative

Taxpayers will have the option to go paperless for IRS correspondence by 2024 filing season, IRS to achieve paperless processing for all tax returns by filing season 2025 FS-2023-18, Aug. 2023 IRS paperless processing initiative will eliminate…
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Businesses must report of Cash Payments Over $10,000, beginning January 1, 2024

WASHINGTON —The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement…
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Interest rates increase for the fourth quarter 2023

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Oct.1, 2023. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.…
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Florida E-Verify Requirement Effective July 1, 2023

Starting July 1, 2023, Florida now requires that employers verify their new employee’s employment eligibility using E-Verify in addition to the Federal Form I-9. This new requirement applies only to employers where the new employee will be…
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IRS ends unannounced officer visits to taxpayers

WASHINGTON — As part of a larger transformation effort, the Internal Revenue Service today announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance…
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The Tax Payoff for Life Insurance

No one is saying that permanent whole life insurance is the greatest invention since the wheel was created. But this estate planning concept—which has seemingly been around since the dawning of time—does offer significant financial and…
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Tax Issues When Selling a House After a Divorce

What are the tax consequences regarding a home sale if you and your spouse split up or divorce? The home sale exclusion remains one of the biggest and best tax breaks on the books. If a married couple filing jointly qualifies, they can…
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Special options available to help taxpayers who missed the April deadline

WASHINGTON — The Internal Revenue Service today encouraged taxpayers who owe unpaid taxes and missed the April 18 tax deadline to file their 2022 federal income tax return and pay any tax due by Wednesday, June 14, to avoid a larger late-filing…
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Time is running out for refunds

WASHINGTON ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline. The IRS estimates almost $1.5 billion…