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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…
WXC Corporation Doral Miami
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Housing Market Remains Competitive Despite Increase in Mortgage Rates

The housing market is as competitive as ever, according to the latest Zillow Real Estate Market Report. Buyer demand has been strong enough to keep the market moving at a record pace, even after a massive spike in mortgage rates. Year-over-year…
WXC Corporation Miami Doral
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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…
WXC Corporation Miami Doral
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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…
WXC Corporation Miami Doral
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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…
WXC Corporation Miami Doral
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Imports Set New Record at U.S. Ports

Imports at the nation’s major retail container ports set a new record this spring and are expected to see near-record volume this month as retailers bring in merchandise ahead of rising costs and further supply chain issues, according to the…
WXC Corporation Miami Doral
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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…
WXC Corporation Miami Doral
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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…