Tax News

  • Change Coming for PTIN User Fees?

    Paid tax return professionals may soon have to pay $21 to apply for a PTIN. In the “Don’t have a PTIN and need to obtain one?” section of the “PTIN Requirements for Tax Return Preparers” page on IRS.gov, there is a key phrase that may be about to change: “There is no fee to obtain…

  • IRS Announces Suspension of CAF Service

    The Internal Revenue Service last week announced yet another service that will be temporarily closed due to social-distancing measures the agency has put in place to protect employees from the COVID-19 outbreak. In addition to the growing list that includes the Income Verification Express Service (IVES), IRS National Distribution Center, live phone support, and paper-tax-return…

  • “Get My Payment” Goes Live on IRS.gov

    Last week saw the IRS announce two new online resources for Economic Impact Payments (EIPs): the Non-Filers: Enter Payment Info Here and Get My Payment tools. On Wednesday, April 15, Get My Payment went online, providing EIP recipients a convenient way to set up direct deposit for and track the status of their payment. Why…

  • IRS Announces Online EIP Registration Tool for Non-Filers

    The IRS unveiled a new online tool to help non-filers register to receive an Economic Impact Payment (EIP): the “Non-Filers: Enter Payment Info Here” feature on IRS.gov. This new resource was quickly developed to help more qualifying Americans receive their payment, since the Treasury will begin sending EIPs next week. While the IRS has repeatedly…

  • IRS Explains the Coronavirus Stimulus Scam

    Last Saturday, Taxing Subjects spotlighted a phishing scam that emerged after legislators passed the CARES Act, which distributes economic impact payments to help recover from financial hardships caused by COVID-19. Today, the IRS outlined common tactics used by these scammers, as well as briefly explaining the economic impact payment process. What is the ‘coronavirus stimulus…

  • Working from Home – And State Taxes

    One of the ways American business changed with the coronavirus is that thousands—if not millions—of employees are now working from home. The good news is that they’re getting the job done while practicing social distancing. The bad news may be that both workers and employers might be a little closer to state and local tax…

  • IRS Employees Told to Work from Home

    The coronavirus pandemic has pushed the IRS to order its workforce to work from home. The IRS issued an email announcing the shift, and Accounting Today magazine obtained a copy of the email. “As a result of recent OPM [U.S. Office of Personnel Management] guidance, starting Monday, March 30, 2020, the IRS is directing all…

  • Economic Impact Payments: The Facts

    Distribution of the federal government’s economic impact payments, meant to counter the economic effects of the coronavirus pandemic in the U.S., is scheduled to start in the coming weeks, according to the U.S. Treasury Department. No action is required on the part of most taxpayers. However, some seniors and others who normally don’t file a…

  • IRS Boosts Application Price for Offer in Compromise; Waivers Available

    Good news and bad news for taxpayers who have trouble paying their tax bills. The bad news is that the IRS is raising the application fee for the Offer in Compromise. The good news is that those who qualify as low-income taxpayers can get the application fee waived altogether. An Offer in Compromise is an…

  • Tennessee Tornado Victims Get Tax Relief from IRS

    Victims of the recent tornadoes that swept through Tennessee have gotten some tax relief from the Internal Revenue Service. Taxpayers in the storm-wrecked areas will have until July 15 to file various individual and business tax returns—and to make their tax payments. Who is Eligible? The IRS says the relief is available in any area…