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WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2024-31 and proposed regulations to provide guidance for the energy efficient home improvement credit. The revenue procedure provides procedures and requirements that a...
Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income...
Penalty relief for tax years 2020 and 2021 The IRS has announced penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The IRS will be providing...
WASHINGTON –The Internal Revenue Service today reminded taxpayers who didn’t pay enough tax in 2023 to make a fourth quarter tax payment on or before Jan. 16 to avoid a possible penalty or tax bill when filing in 2024....
As people get ready for tax filing season, it’s important that they select tax return preparers with the skills, education and expertise to prepare tax forms properly. Taxpayers are ultimately responsible for all the information on their tax return, regardless...
WASHINGTON — During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans through their FSA....
WASHINGTON — The Internal Revenue Service today urged taxpayers to take important actions now to help them file their 2023 federal income tax return next year. This is the second in a series of reminders to help taxpayers get...
WASHINGTON — The Internal Revenue Service reminded dealers and sellers of clean vehicles to register their organizations immediately on the Energy Credits Online tool. The IRS is strongly urging sellers of clean vehicles to register by Dec. 1, 2023,...
Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return. This credit encourages employers to hire workers certified as members of any of...
WASHINGTON — With 2023 rapidly coming to a close, the Internal Revenue Service today encouraged taxpayers to review their tax withholding as soon as possible to avoid a potential surprise when they file their tax return next year. Although...
IR-2023-196, Oct. 23, 2023 WASHINGTON —With the tragic crises and natural disasters happening around the globe, many are responding to the call to give what they can to help. The Internal Revenue Service today warned taxpayers to be wary...
Beginning Jan. 1, 2024, businesses that file 10 or more information returns must e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. For those with fewer information returns, e-filing Form 8300 is still...
WASHINGTON – The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urged people to watch out for red flags that can signal trouble. The...
The IRS shared new steps the agency is taking to prevent honest taxpayers from falling victim to Employee Retention Credit (ERC) scams. The IRS continues to warn small businesses about aggressive promoters encouraging filing potentially ineligible claims. The IRS...
WASHINGTON – The Internal Revenue Service is reminding taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is Sept. 15, 2023. Taxpayers not subject to withholding may need to make quarterly estimated tax payments....
When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to answer the...
Here is a video tax tip from the IRS: Here’s What To Do if You Owe Taxes, but Can’t Pay English | Spanish | ASL | Chinese | Korean | Vietnamese | Haitian Creole Subscribe today: The IRS YouTube...
By Roger Russell September 05, 2023, 5:06 p.m. EDT4 Min Read Despite the numerous warnings from the Internal Revenue Service, the American Institute of CPAs and various tax practitioner groups, advertisements for employers to take advantage of the Employee...
Many military spouses run businesses or do gig work, and whether it’s a side hustle or a major operation, the IRS has tax resources, tools and information to help them keep things running smoothly. Tax resources on IRS.gov Small...
Natural disasters can strike without warning. Sometimes even the most diligent taxpayers are left without the important personal and financial records they need. People may need documentation for tax purposes, federal or state assistance programs or insurance claims. Here...
