IRS Updates

Tax Updates March 29

Dirty Dozen Tax Scams The IRS has begun their Dirty Dozen tax scam series, warning individuals and businesses about popular schemes and scams targeting taxpayers. Information to help recognize a scam, and steps to take for those who have been targeted or have fallen prey to such predators. The first six scams to be aware […]

IRS Tax Updates

Filing Season Scams Abound The IRS has issued an alert warning taxpayers of new scams that urge people to claim false tax credits with inaccurate wage information. One scheme encourages people to use tax software to manually fill out Form W-2, Wage and Tax Statement with false income information. Scam artists instruct people to use […]

Tax Updates Beginning March

Business E-File Regulations Finalized The IRS and Treasury have issued final regulations amending the rules for filing returns and other documents electronically. Filers of partnership returns, corporate income tax returns, unrelated business income tax returns, withholding tax returns, some information returns and other statements, notifications, and reports will be required to e-file beginning in 2024. […]

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 […]