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2013 Tax Season
2013 USA Tax Season
IRS Introduces First Free Electronic Payment Option
IRS Introduces First Free Electronic Payment Option
Mandatory FBAR e-filing Coming July
If you are experiencing difficulty in submitting a timely electronic FBAR, please see FinCEN guidance. If there is reasonable cause for the failure, and the balance in the account is properly reported, no penalty will be imposed
IRS Grants Tax Relief to Oklahoma Tornado Victims
After Monday’s devastating tornado in the Oklahoma City area, the Internal Revenue Service today provided tax relief to individuals and businesses affected by this and other severe storms occurring in parts of Oklahoma.
IRS Statement on Court Ruling Related to Return Preparers
Fee amounts collected for scheduled registered tax return preparer test appointments canceled due to the court ordered injunction are being refunded. Additionally, fees collected from return preparers who tested on or after January 18, 2013, the date
IRS Criminal Investigation Issues Fiscal 2012 Report
IRS Criminal Investigation (CI) released its Annual Report for fiscal 2012, highlighting strong gains in enforcement actions and penalties imposed on convicted tax criminals
Internal Revenue Service Advisory Council Seeks New Members
The Internal Revenue Service is accepting applications for the Internal Revenue Service Advisory Council (IRSAC) through June 14.
IRS Releases Final Report on Tax-Exempt Colleges and Universities Compliance Project
The Internal Revenue Service released its final report summarizing audit results from a study of colleges and universities that began in 2008. This final report describes the agency’s multi-year project on a major segment of tax-exempt organizations
IRS Seeks Applicants for Information Reporting Program Advisory Committee
The Internal Revenue Service is requesting nominations for membership to the Information Reporting Program Advisory Committee (IRPAC), a federal panel that advises the IRS on various tax administration issues.
Retirees Face April 1 Deadline to Take Required Retirement Plan Distributions
The Internal Revenue Service reminded taxpayers who turned 70˝ during 2012 that in most cases, they must start receiving required minimum distributions (RMD) from individual retirement accounts (IRA) and workplace retirement plans by April 1.
Protect Yourself from the Dirty Dozen Tax Scams
The IRS’s annual ‘Dirty Dozen’ list includes common tax scams that often peak during the tax filing season. The IRS recommends that taxpayers be aware so they can protect themselves against claims that sound too good to be true. Taxpayers who buy int
Relief Available to Many Extension Requesters Claiming Tax Benefits
Taxpayers who request a filing extension because of the late availability of certain forms may qualify for late-payment penalty relief.
IRS has $917 Million for People Who Have Not Filed a 2009 Income Tax Return
Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 1
Winter 2013 Statistics of Income Bulletin Now Available
The winter 2013 issue of the Statistics of Income Bulletin is now available on IRS.gov. The winter 2013 issue features preliminary data from more than 145 million individual income tax returns for tax year 2011.
IRS Expands Voluntary Worker Classification Settlement Program
The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP), paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as empl
New Offer in Compromise Pre-Qualifier Available
An item in a previous edition of e-News announcing the IRS Offer in Compromise (OIC) Pre-Qualifier tool contained the wrong URL to access the Pre-Qualifier. Here is the correct link. The OIC Pre-Qualifier can help you determine a client’s OIC eligi
IRS Statement on Where is My Refund
The IRS alerted taxpayers and the tax community it is experiencing high traffic on Where's My Refund as more tax returns come in. The heavy volume of refund inquiries means that the IRS anticipates both "Where's My Refund?" on IRS.gov and the refund
Many Business Tax Filers Can File for 2012 Starting Feb. 4
Many Business Tax Filers Can File for 2012 Starting Feb. 4 Hold Returns for those Taxpayers Who Would Benefit Most by Claiming Education Credits IRS Extends Tax Relief to Some New Jersey and New York Victims of Hurricane Sandy; Return Filing and Ta
e-News for Tax Professionals
1.On EITC Awareness Day, IRS and Partners Alert Low- and Moderate-Income Workers of Significant Tax Benefit YouTube: Earned Income Tax Credit IRS Issues Guidance on the Principal Reduction Alternative Offered in the Home Affordable Modification Pro
2012, Many Tax Benefits Increase Due to Inflation Adjustments.
The value of each personal and dependent exemption, available to most taxpayers, is $3,800, up $100 from 2011.
The new standard deduction is $11,900 for married couples filing a joint return, up $300, $5,950 for singles and married individuals fi