What is the Student Loan Cancellation? Last month, President Biden laid out a plan to cancel up to $20,000 in federal student loan debt per borrower. Beneath this seemingly simple plan comes quite a few questions about how, exactly, it will work. Naturally, borrowers have questions. Here are a few of the answers we know…
Last month, Congress passed the Inflation Reduction Act (IRA22), which provides the IRS with supplemental funding of nearly $80 billion over the next ten years. More than half the funding has been earmarked for tax law enforcement, and that has attracted a good deal of public attention. But the legislation also provides about $3.2 billion for…
Tax Day rolls around each year. If you have delayed or simply passed on filing your tax return, you may be surprised at the difficulties it can cause. Everyone of working age is aware of the necessity of taxes. Workers pay employment taxes, employers hand over those payroll taxes, and individuals and companies file tax…
Tax fraud involving identity theft is big business. The Internal Revenue Service (IRS) wants to help you understand your risks, and be proactive in preventing others from gaining access to your tax ID and data. An initiative from the Security Summit is encouraging business owners and eligible taxpayers to opt into a security program offered by the…
Simple steps you can take to reach a live agent at the IRS For many taxpayers, the most frustrating part about doing their taxes is getting ahold of a real person at the IRS. The IRS is understaffed and unprepared to take on the daily volume of phone calls they receive. Unfortunately, this has caused…
It’s filing extension crunch time, but people rushing to get their tax return filed should be cautious when choosing a tax preparer. Anyone can be a paid tax return preparer if they have an IRS preparer tax identification number. However, tax pros have different levels of skill, education, and expertise. A taxpayer’s needs will determine which…
The Internal Revenue Service announced expanded voice bot options to help eligible taxpayers easily verify their identity to set up or modify a payment plan while avoiding long wait times. “This is part of a wider effort at the IRS to help improve the experience of taxpayers,” said IRS Commissioner Chuck Rettig. “We continue to…
If the IRS selects your tax return for audit (also called examination), it doesn’t automatically mean something is wrong. The IRS performs audits by mail or in person. The notice you receive will have specific information about why your return is being examined, what documents if any they need from you, and how you should proceed. Once the IRS completes the…
When taxpayers have a question, their first stop should be IRS.gov. The Let Us Help You page is a great way to get answers to tax questions fast. People who call the IRS for additional help will need to have information available to verify their identity. This is part of the agency’s ongoing efforts to keep taxpayer…
With the move to remote work, the Internal Revenue Service (IRS) continues to work to deter and prevent cyberattacks on confidential taxpayer information. Personal information is valuable to digital bad actors. The IRS is a sweet resource for fraudsters looking for a goldmine of information on a large number of consumers. Income, refunds, addresses, bank…
