RefundtalkKicking off a special week, the Internal Revenue Service and the Security Summit partners today warned taxpayers and tax professionals to beware of a dangerous combination of events that can increase their exposure to tax scams or identity theft. The combination of the holiday shopping season, the upcoming tax season, and the pandemic create additional opportunities for…
Category Archives: IRS NEWS
Some important things all taxpayers should do before the tax year ends
The IRS reminds taxpayers there are things they should do before the current tax year ends on Dec.31. Donate to charityTaxpayers may be able to deduct donations to tax-exempt organizations on their tax returns. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on IRS.gov…
November advance Child Tax Credit payments
The Internal Revenue Service and the Treasury Department announced today that millions of American families will soon receive their advance Child Tax Credit (CTC) payment for the month of November. Low-income families who are not getting payments and have not filed a tax return can still get one, but they must sign up on IRS.gov…
Easy steps taxpayers can take now to make tax filing easier in 2022
The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help themselves file their federal tax returns in 2022. Planning ahead can help people file an accurate return and avoid processing delays that can slow tax refunds. This is…
IRS issuing additional tax refunds to 430,000 people
The Internal Revenue Service has issued another round of refunds to workers who paid taxes on their unemployment benefits in 2020. This round of refunds totaled more than $510 million and went to 430,000 workers with an average refund of $1,189. Typically, unemployment benefits are counted as taxable income, but the relief package passed by…
IRS new proposal to track nearly all bank accounts
The Biden administration has revised a controversial plan that would require banks and other financial services institutions to report account data to the Internal Revenue Service (IRS) in an effort to crackdown on tax cheats. The original proposal which sparked attention among banking trade groups, consumers, and even debt collectors would have required financial firms to report aggregate data…
IRS Launches New Webpage To Assist Taxpayers With Refunds Subject To Joint Committee On Taxation Review
The IRS announced a new webpage that provides information to taxpayers whose large refunds are subject to further review by the Joint Committee on Taxation (JCT or Joint Committee). By law, when taxpayers claim a federal tax refund or credit of more than $2 million ($5 million for a C corporation), the IRS must review the refund…
Millions of Americans have already received a tax refund 2021
Millions of Americans have already received refund payments after completing their tax filing, but there are concerns that tax return processing could soon face delays. This year’s tax season is expected to be a bumper year for tax refunds and rebates with millions of Americans expecting to get money back after their filing. Those who suffered a…
You Can View Your IRS Account Online
The first step of tax preparation is gathering records As taxpayers get ready to file their tax returns, they should start by gathering their records. Taxpayers should gather all year-end income documents to help ensure they file a complete and accurate tax return and avoid refund delays. Taxpayers should have all necessary records handy, such…
IRS urges taxpayers to gather tax documents now for smooth filing later
The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return. Taxpayers should keep all necessary records, such as W-2s, 1099s, receipts, canceled checks and other documents that support an item of income, or a deduction or credit, appearing…
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