Tag Archives: IRS
White House Says More IRS Funding Won’t Increase Audits for Lower Income Americans
On Monday, the Biden Administration received major backlash regarding concerns about the new $80 billion for the IRS in the Inflation Reduction Act package. The funding was intended to help the IRS crackdown on the collection of under-reported income … Continue reading
Most of New IRS Revenue Will Come From Small Businesses
Over the past few weeks, the new was passed. This bill included a whopping $80 billion in funding to the IRS to improve the agency’s collection of under-reported income. This will inevitably end up targeting many small businesses to help … Continue reading
IRS to Implement New Fingerprint Process for E-file
Starting September 25th of this year, the Internal Revenue Service is switching to a new process of collecting fingerprints when it comes to E-file applications for tax practitioners. They will be implementing an electronic process that will require tax … Continue reading
IRS Expects to Finish Processing all 2021 Tax Returns this Week
The IRS, for some now has experienced a major backlog of unfinished tax returns dating back to the beginning of the COVID-19 pandemic in March of 2020. It appears that some ground is being made up as the IRS is … Continue reading
House Committee Proposes $1B Funding Boost for IRS
The IRS may see an additional $1 billion in funding to improve taxpayer service and technology, as well as make the tax system in general, fairer. A draft of the House Appropriations Committee’s 2023 Financial Services and General Government funding … Continue reading
IRS Receiving Pushback on its Stark Proposal
The retirement industry just got some shocking news due to a new proposal put out by the IRS. Last February the IRS introduced a new potential rule that states the heirs of retirement accounts must drain those accounts within 10 … Continue reading
IRS Continues Dirty Dozen List
The IRS recently released its “Dirty Dozen” list of tax scams to be on the lookout for. The now popular “Dirty Dozen” is an annual compilation of common scams that taxpayers may encounter at any time, but typically peak during … Continue reading
IRS to Pay Interest on Late Tax Returns
It’s no secret that the IRS has millions of tax returns that still need to send out. While waiting for your tax return can be extremely agitating, there may be one bright spot! The IRS has 45 days to process … Continue reading
IRS Upgrades “Where’s My Refund Tool”
Likely the most frequently used IRS webpage is getting an upgrade! The online tool will be getting an upgrade, allowing taxpayers to not only see the status of their current year refund, but also the status of their returns from … Continue reading
IRS Reports on Several Cases of Unauthorized Access to Taxpayer Data
In a report that was recently published by the Government Accountability Office (GAO), there were several findings about the willful and unauthorized access of taxpayer data by IRS employees.… Continue reading
