Tag Archives: IRS
IRS Signals Taxpayers – Tells Them Wait to File
After a mere two short weeks of accepting tax returns for the 2023 tax season, the IRS is already beginning to backtrack. In California, Virginia, and other states, the Internal Revenue Service is taking back its advice of telling taxpayers … Continue reading
IRS Makes Changes to Earned Income Tax Credit
Last week, the IRS held its annual Earned Income Tax Credit Awareness Day to assist millions of taxpayers in taking advantage of the tax break. However, the National Taxpayer Advocate(NTA) is calling out the Internal Revenue Service saying that some … Continue reading
Tax Deadline April 18th, 2023
For the 2023 tax season, the IRS has pushed the tax deadline to April 18th. This is because the normal deadline date of April 15th happens to fall on a Saturday this year. The reason it is not on Monday, … Continue reading
Top 3 Tax Fraudsters of 2022
As the 2022 tax season is behind us and a new one is already beginning, the IRS has released a yearly report listing the top tax offenders of 2022. This list consists of the usual schemes that are seen by … Continue reading
3 Things You Should Do Before the Opening of the 2023 Tax Season
As the official opening of the 2023 tax season is almost among us, there are a few things that experts want people to do before the IRS begins accepting returns. While the tax season for business returns began on January … Continue reading
Tax Season to Begin on January 23rd, Says IRS
The New Year means tax season will quickly be approaching. The IRS announced on Thursday that filing season will begin on January 23rd. According to the agency, they have said that they plan to be a lot more efficient this … Continue reading
IRS Better Prepared For Upcoming Tax Season
Last week, Erin Collins of the National Tax Advocacy submitted her yearly report to congress. She acknowledged every hardship that taxpayers and tax professionals had to deal with last year. While acknowledging the pain and struggle of last season, Collins … Continue reading
IRS Sent Out 12 million refunds in 2020, Averaging Over $1200 per refund
The IRS announced that they recently finished correcting tax returns that were filed for 2020, which included overpayments for unemployment benefits that workers received that year. The agency said it issued around 12 million returns as a result.… Continue reading
IRS Audit Rates Declined In 2022
According to a new report, the IRS audited fewer taxpayers last year than in 2021. However, high-income taxpayers ($1 million + net worth) saw a slight increase in their audit rates for FY 2022 after years of decline. This was … Continue reading
IRS Announces Delayed Implementation of Third-Party Threshold
The Internal Revenue Service (IRS) has announced a delay in the implementation of the $600 reporting threshold for third-party payment platforms. This threshold pertains to Form 1099-K, which is used to report certain types of payment transactions to the … Continue reading