Tax News

  • 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…

  • 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,…