IRS advances innovative Direct File project for 2024 tax season; free IRS-run pilot option projected to be available for eligible taxpayers in 13 states
Agency finalizing Direct File pilot scope, details as work continues this fall; EITC, Child Tax Credit among projected provisions covered IR-2023-192, Oct. 17, 2023 WASHINGTON — As part of larger tra ...
¡Get Ready for the New BOI Report Established by FinCEN! Key Guidance for Businesses as it Becomes Mandatory from January 1, 2024
The upcoming BOI reporting requirement affects corporations, limited liability companies, and other entities created in or registered to do business in the United States. It requires such organization ...
Oct. 16 tax filing extension deadline nears for millions of taxpayers
The Internal Revenue Service today reminded taxpayers about the upcoming tax filing extension deadline. To avoid a possible late filing penalty, those who requested an extension to file their 2022 tax ...
Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning January 1, 2024
The Internal Revenue Service today announced that starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a pa ...
IRS announces administrative transition period for new Roth catch up requirement; catch-up contributions still permitted after 2023
the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income participants in 401(k) and ...
Inflation Reduction Act 1-year report card: IRS delivers dramatically improved 2023 filing season service, modernizes technology, pursues high-income individuals evading taxes
New milestones in Paperless Processing Initiative: 225 times more forms scanned than in 2022, 51 additional forms and letters available for online response New improvements to customer callback ...
IRS launches paperless processing initiative
Taxpayers will have the option to go paperless for IRS correspondence by 2024 filing season, IRS to achieve paperless processing for all tax returns by filing season 2025 IRS paperless processing init ...
IRS Commissioner signals new phase of Employee Retention Credit work; with backlog eliminated, additional procedures will be put in place to deal with growing fraud risk
With the Internal Revenue Service making substantial progress in the ongoing effort related to the Employee Retention Credit (ERC) claims, Commissioner Danny Werfel said the agency has entered a new p ...
Security Summit: Identity Protection PINs are an important tool against tax-related identity theft
In the second installment in a special summer series, the Security Summit partners today reminded tax professionals and taxpayers about the IRS Identity Protection PIN Opt-In ProgramPDF to help protec ...
IRS ends unannounced revenue officer visits to taxpayers; major change to end confusion, enhance safety as part of larger agency transformation efforts
As part of a larger transformation effort, the Internal Revenue Service today announced a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce pu ...