IRS News

IRS mostly correct on rebate credits. The IRS correctly calculated taxpayers eligibility for a recovery rebate credit in the 2021 filing season 99.3% of the time, the Treasury Inspector General for Tax Administration (TOGTA) reported. However, ... Read More

IRS provides guidance for Puerto Rico. In IRS bulletin IR-2022-105, the Internal Revenue Service provided guidance for certain individuals in Puerto Rico on how to file and claim the Child Tax Credit payments that they are entitled to receive un... Read More

IRS to amend gift and estate tax exclusion. The issued proposed regulations that would provide an exception to the anti-clawback special rule that preserves the benefits of the temporarily higher gift and estate basic exclusion amount. The reg... Read More

Who must pay estimated taxes IRS. The IRS put out bulletin IR-2022-101, in an effort to help the public better understand who needs to pay estimated taxes, how to pay them, and when to pay them. Additional information beyond what is here, is av... Read More

Tax Professionals make suggestions to IRS. After what may have been the most grueling and difficult IRS tax filing ever, Tax Professionals Nationwide have been heard about the difficulties of the filing season and what needs to be done to fix i... Read More

IRS on identity theft protection. At the IRS Website, IRS.GOV, you may find helpful information on how to address Identity Theft and what to do to protect yourself. Tax related identity theft occurs when someone uses a taxpayer's stolen Social ... Read More

Protect identity PIN from the IRS. IN bulletin IR-2022-78, the IRS reminded taxpayers, especially those who were victims of identity theft--of an important step they should take to protect themselves from tax fraud. Some identity thieves us tax... Read More

IRS dispels myths about tax refunds. In IRS Publication IR-2022-80, dated April 12, 2022, the IRS put out this publication in an attempt to cut down on the number of phone calls it gets about "Where is my tax refund ?", which can put a tax on t... Read More

IRS preparing to barcode tax returns. Due to the backlog of unfiled tax returns, which is a byproduct of not just the Covid lockdown at the IRS, but the fact the agency has not been given enough funding the last few years, which is now being re... Read More

IRS issued 70 million tax refunds. With the the April 18th, 2022, tax deadline for most taxpayers now past, the IRS issued a statement saying it has already issued over 70 million tax refunds from filing of tax returns this year. That is from a... Read More