IRS News

IRS TO ISSUE 12 MILLION REFUNDS IRS to issue 12 million refunds. In IRS Notice IR-2023-02, the IRS stated that is completing the corrections of 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 20... Read More

PUBLICLY TRADED PARTNERSHIP TAX RELIEF Publicly traded partnership tax relief. In IRS Notice 2023-8, they announced that they intend to propose regulations which would give some relief to brokers who are required to withhold on the transfer of a... Read More

IRS Commissioners final message. Outgoing irs.govIRS Commissioner Charles Rettig gave an inspiring message to those gathered to hear his speech. He oversaw an IRS that was depleted of the resources they needed to perform a job that was made mor... Read More

START GETTING YOUR 2022 INCOME TAXES READY Start getting your 2022 income taxes ready. The IRS is encouraging all taxpayers to prepare ahead of time for the tax filing season. A little preparation ahead of time can prevent panic when the tax due... Read More

IRS ALREADY ADDING MORE PERSONNEL IRS already adding more personnel. In IRS bulletin IR-2022-191, the Internal Revenue Service stated that significant progress was being made in preparation for the 2023 tax filing season, as the IRS has now hire... Read More

IRS urges families and businesses to be aware. The IRS and the Security Summit partners, which include the information sharing network and work on Cyber Security, between the IRS, Treasury Department, private industry, the tax software industry... Read More

IRS reminder about the new 1099 tax rules. With increasing budget deficits, and additional spending due to the Covid outbreak, Congress and the Biden Administration have been looking for additional sources of revenue. That is why with the passa... Read More

IRS deadlines for disaster area filing. The IRS in notice 2022-36, has listed out different deadlines for multiple disaster areas, and many of the deadlines are different, so check the specific area and deadline to make sure you don't use a wro... Read More

IRS adding more personnel. After years of under funding, prompted by the Covid pandemic and need for additional revenue, Congress finally passed a bill that included a whopping $86 billion for the IRS, so they can upgrade the oldest computer sy... Read More

Farmers and ranchers get tax relief. The IRS issued a memorandum, IR-2022-166, that spells out the relief that farmers and ranchers in 44 states facing severe drought, will obtain. Under the Internal Revenue Code, anything outside of your contr... Read More