RefundtalkThe Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their…
Category Archives: IRS NEWS
IRS Free File is Open Today!
The IRS announced the 2019 opening day of its Free File program, which provides free electronic filing to qualifying taxpayers, generally those who earned $66,000 or less last year. The program is opening before the regular filing season, which will begin Jan. 28, and is available only through the IRS website at irs.gov/freefile. After they access…
Tax Filing Season to Begin January 28, 2019
WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to…
IRS Will Pay Tax Refunds During Government Shutdown
The White House will order the IRS to pay income tax refunds despite the government shutdown, Russ Vought, acting director of the Office of Management and Budget, said at a briefing with Vice President Mike Pence. The IRS has sent close to 90 percent of its workforce home without pay due to the government’s partial shutdown, according to a…
IRS budget cuts strain rollout of 2019 tax filing season
The IRS faces a particularly challenging rollout to the 2019 filing season, best summarized in four words: more work, fewer employees. President Donald Trump signed the latest tax reform law in December 2017, but the majority of those changes will take effect in the upcoming filing season. However, the IRS still doesn’t have all the…
Key IRS Identity Theft Indicators Continue Dramatic Decline in 2017; Security Summit Marks 2017 Progress Against Identity Theft
The Internal Revenue Service today announced steep declines in tax-related identity theft in 2017, attributing the success to the Security Summit initiatives that help safeguard the nation’s taxpayers. Key indicators of identity theft dropped for the second year in a row in 2017. This includes a 40 percent decline in taxpayers reporting they are victims…
Avoid the Rush over Presidents Day Holiday; Online Tools, Resources Can Help
With the surge of tax returns expected during the upcoming Presidents Day weekend, the Internal Revenue Service is offering taxpayers several tips and various time-saving resources to get them the help they need from the IRS quickly and easily. The IRS receives more phone calls on the day after Presidents Day than on any…
What the New Tax Withholding Tables for 2018 Mean for Your Take-Home Pay
Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February The IRS today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy…
Your ITIN may expire before you file a tax return in 2018
The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITIN) to submit their renewal applications as soon as possible. Failing to renew them by the end of the year will cause refund and processing delays in 2018. The IRS mailed letters over the summer to more than 1 million taxpayers whose ITINs are set…
National Tax Security Awareness Week: Online Security – Seven Steps for Safety
During the online holiday shopping season, the IRS, state tax agencies, and the tax industry remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account information, Social Security numbers and other sensitive data that could help them file a fraudulent tax return. Anyone…
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