IRS Updates

  • IRS Updates FAQs on 2020 Unemployment Compensation Exclusion

    The Internal Revenue Service has issued a new set of frequently asked questions (FAQs) covering the unemployment compensation exclusion for the 2020 tax year. One question/answer is brand new brand new and another nine answers have been newly updated, reflecting new dates or new information available. The updates are laid out in Fact Sheet FS-2022-21,…

  • More IRS Content Now Available in Spanish and Other Formats

    The Internal Revenue Service continues to ensure its forms, letters, and other publications are available to the widest number of taxpayers. The agency is now providing many forms and publications not only in Spanish, but in Braille, text, audio, and large print for Spanish speakers. The IRS Alternative Media Center, also known as the AMC,…

  • IRS to Use Voice and Chat Bots

    The Internal Revenue Service is relying on technology to help it keep up with its growing need for taxpayer support. The agency has begun using voice and chat bots on a pair of specialized telephone assistance lines and on its website.  These new features are expected to help taxpayers get answers to simple payment or…

  • IRS Establishes Taxpayer Experience Office

    The Internal Revenue Service has inaugurated its new Taxpayer Experience Office and plans are already in the works to expand this new long-term effort to improve service to America’s taxpayers. IRS Commissioner Chuck Retting sees the startup of the Taxpayer Experience Office as vital for the future of his agency. “As the IRS continues taking…

  • IRS Highlights Gig Economy, Virtual Currency, and Foreign Source Income

    IRS Highlights Gig Economy, Virtual Currency, and Foreign Source Income Some new sources of income sometimes go where tax law hasn’t gone before. This leads to income slipping through the cracks for a while until the law catches up. The IRS wants taxpayers to know that in the areas of gig economy income, virtual currency…

  • IRS Opens Registration for Tax Forums

    Tax season may be far from over in 2022, but it’s not too early to make plans to attend this year’s IRS Nationwide Tax Forums, starting in July. The event is seen throughout the income tax industry as the marquee outreach event for tax professionals, state and federal tax agencies and tax industry leaders. Historically,…

  • Premium Tax Credit FAQs Updated

    The Internal Revenue Service has published a new set of frequently asked questions on the Premium Tax Credit, giving taxpayers the latest and best information on how—and why—to claim the credit. Start with the basics The Premium Tax Credit is aimed at low- or moderate-income taxpayers and families who may not be able to afford…

  • IRS Announces Increase in Interest Rates

    Judging from the likes of food, gasoline and other staples, it should come as no surprise that the Internal Revenue Service is revising its interest rates, starting in the second quarter of this year. The Internal Revenue Code dictates that interest rates are to be determined quarterly, and beginning next quarter, those rates are going…

  • IRS Offers Guidance for Parents Who Share Custody

    A lot has been said and written recently about the various credits put forth to counter the economic effects of the pandemic and how they affect parents’ tax liabilities. But what about those taxpayers whose tax picture is, one could say, a bit more fluid? The Internal Revenue Service acknowledges some parents have legal agreements…

  • Farmers, Fishers Face March 1 Tax Deadline

    The Internal Revenue Service doesn’t want the March 1 tax deadline for farmers and fishermen to be “the one that got away.” Those taxpayers have to pay their entire tax bill from their respective businesses by that time if they didn’t make estimated tax payments. The March 1 deadline payment date is a special rule,…