IRS Updates

  • Separation and Divorce Tax Issues to Consider

    Singer Neil Sadaka was right: breaking up is hard to do. For clients in the process of ending their marriage, there is more to consider than a simple separation of assets. Whether legally separating or divorcing, they could be facing big changes in their individual tax situations—and the Internal Revenue Service recently highlighted information that…

  • 2022 Mileage Rates Increasing

    Due to rising gasoline prices, the Internal Revenue Service has taken the rare step of increasing its optional standard mileage rates for the last six months of the 2022 tax year. These rates are significant since taxpayers use them to calculate the deductible costs of operating a vehicle for business purposes.   Typically, the IRS…

  • IRS Highlights Work Opportunity Tax Credit

    It’s a tight job market out there, and many employers are struggling to recruit and retain qualified employees to maintain operations. While tax pros can’t provide employees for their clients’ businesses, they can explain tax benefits like the Work Opportunity Tax Credit (WOTC). This credit is designed to reward employers who hire long-term unemployment recipients…

  • IRS Offers Helpful Info for Starting a Business

    It’s National Small Business Week, and this year’s theme is “Building a Better America Through Entrepreneurship.” Fittingly, the Internal Revenue Service is observing the occasion by providing free, tax-related resources to entrepreneurs entering the big world of small business.  Whether you currently serve business clients or want to start attracting entrepreneurs to your practice, this…

  • IRS Sending Notices to Address Withholding Errors

    The Internal Revenue Service is giving some filers a firm but friendly tap on the shoulder, letting them know some of the forms they’ve filed don’t match up with the agency’s records. Financial institutions, businesses or even regular individual taxpayers could see a notice in the mail. The notices, CP2100 or CP2100A, go out twice…

  • IRS Updates 2021 RRC FAQs

    The Internal Revenue Service is continuing in its effort to give taxpayers the very latest information right up to the end of tax season, by updating its frequently asked questions (FAQs) for the 2021 Rebate Recovery Credit a second time this year. The updated portions are spelled out in Fact Sheet FS-2022-27 on the IRS…

  • 2020 Recovery Rebate Credit FAQs Updated Again

    The Internal Revenue Service wants taxpayers to know it has revised some of the frequently asked questions (FAQs) surrounding the Recovery Rebate Credit for a second time. The newly updated information is contained in Topic E of Fact Sheet 2022-26, and covers Receiving the Credit on a 2020 tax return. The IRS has modified Questions…

  • IRS Issues Reminder for Q1 Estimated Tax Payment Deadline

    For millions of American taxpayers, all that stands between them and a big tax bill when they file are estimated tax payments. By putting away funds every quarter for their income taxes throughout the tax year, self-employed taxpayers, retirees and investors, in addition to businesses, corporations and others, help to ensure they have the means…

  • FBAR Deadline is April 15

    Those who own or control financial or bank accounts that are in a foreign country have some reporting to do, and soon. They have to file an annual Report of Foreign Bank and Financial Accounts—also known as the FBAR—on or before April 15. Taxpayers who miss the April deadline will get an automatic extension, pushing…

  • IRS Updates FAQs on Third-Round Economic Impact Payments

    The Internal Revenue Service is going the extra mile to ensure taxpayers have the newest information on the third-round Economic Impact Payment. The agency’s frequently asked questions on the third-round payment have been updated with new dates and other information so taxpayers can make better decisions. The new FAQs are published in the IRS Fact…