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IRS reports significant increase in texting scams; warns taxpayers to remain vigilant

WASHINGTON — The Internal Revenue Service today warned taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information. So far in 2022, the IRS has identified and reported thousands of fraudulent…
WXC Corporation Doral Miami
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IRS advises that improperly forgiven Paycheck Protection Program loans are taxable

WASHINGTON — The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan)PDF. The guidance confirms that, when a taxpayer's loan is forgiven based upon misrepresentations…
WXC Corporation Doral Miami
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IRS updates Information on tax credit helping businesses to hire certain categories of workers

WASHINGTON — The IRS today updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market,…
WXC Corporation Miami Doral
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Maximum educator expense deduction rises to $300 in 2022

WASHINGTON — As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they'll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return…
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IRS announces interest rate increases for the fourth quarter of 2022

WASHINGTON — The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded…
WXC Corporation Miami Doral
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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…
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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…