IRS Updates

IRS Update Jan 19

W-2 Filing Deadline Approaches The IRS reminds employers and other businesses to file Form W-2 and other wage statements for Tax Year 2022 by January 31, 2023. The deadline also applies to Forms 1099-NEC, Nonemployee Compensation, and Form W-3, Transmittal of Wage and Tax Statements. Extensions are only granted for very specific reasons and penalties […]

IRS Updates Mid- December

2020 Unemployment Exclusion FAQ Update The IRS has updated the frequently asked questions (FAQs) for the 2020 unemployment compensation exclusion. The updates can be found in Fact Sheet 2022-39, and include questions regarding Form 1040-X; Impact to Income, Credits, and Deductions; Receiving a Refund, Letter, or Notice; and Finding the Unemployment Compensation Amount.  New for […]

Tax Updates November 28

IRA Owners Can Give, Tax-Free The IRS reminds IRA owners age 70½ or over that they have the option to transfer up to $100,000 to charity tax-free each year. These qualified charitable distributions (QCDs) offer an easy way to give to charity before the end of the year. For those who are at least 72, […]

IRS Updates

Comments Requested on Energy Guidance The IRS has issued notices asking for comments on various aspects of energy tax benefits in the Inflation Reduction Act. Constructive comments may aid the agency in drafting guidance geared to the needs of entitled parties. Notice 2022-56 asks for comments regarding qualified commercial clean vehicles provisions and alternative fuel […]

Late September IRS Updates

Improperly Forgiven PPP Loans are Taxable The IRS has released guidance addressing improper forgiveness of Paycheck Protection Program (PPP) loans. When a PPP loan is forgiven based upon misrepresentations or omissions, the taxpayer is not eligible to exclude the forgiven loan proceeds from taxable income. Taxpayers who inappropriately received PPP loan forgiveness are encouraged to […]

IRS Updates September 13

Estimated Taxes Due 15 September The IRS reminds taxpayers who pay estimated taxes that the deadline for payment of their third quarter estimated taxes is September 15, 2022. Those who typically make quarterly estimated tax payments are the self-employed, investors, retirees, or those receiving income from dividends, interest, rental income, alimony and other sources not […]

IRS Updates End of August

Interest Rates to Increase The IRS has announced that interest rates will increase again, beginning October 1, 2022. Individuals will see an increase of 1% as compared to the quarter that began in July, with 6% as the rate for underpayments (taxes owed but not yet paid) and overpayments (payments made in excess of the […]

Tax Updates August 11

Five-Year Plan Issued The IRS has released a new five-year Strategic Plan. This Plan will serve to help guide the agency’s programs and operations, and meet the needs of taxpayers and others in the tax community. Their four goals include providing quality service, fostering a diverse and inclusive workforce, enforcement, and transformation of operations to […]

Tax Updates Mid July

ETAAC Submits Report to Congress The Electronic Tax Administration Advisory Committee (ETAAC) has released its annual report to Congress, featuring recommendations focused on budget support for the IRS and e-filing enhancements. Their recommendations include providing the IRS with multi-year funding; removing impediments to e-filing with appropriate security features, consent, and acknowledgements; promoting the use of […]

IRS Updates End of June

Expanded Voice Bot Assistance To help improve taxpayers’ experiences with the department, the IRS has expanded the voice bot capabilities of their customer service phone lines. Now, in addition to general and procedural answers to Economic Impact Payment (EIP) or Advance Child Tax Credit queries and other toll-free lines, voice bots will be able to […]