The IRS plans to go totally digital documents by 2025, meaning most taxpayers will be able to digitally send a bevy of tax documents and other communications to the agency next filing season. Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel unveiled the “paperless processing initiative” on Wednesday in an effort to lower the … Read more
If the Taxpayers missed the deadline for their June Tax payment, it’s best to submit that money as soon as possible. Taxpayers should not wait until September to send their payment to the IRS Taxpayers have different outcomes to being self-employed, like setting their own time and saying no to a job that doesn’t interest … Read more
In an effort to protect the safety of its employees and combat con artists posing as IRS agents, the Internal Revenue Service announced on Monday that it is stopping its decades-old practice of making unannounced visits to homes and businesses. Revenue officials will no longer make unannounced visits to taxpayers’ homes and businesses, “except in a … Read more
Estate planning has been significantly impacted by the IRS Revenue Ruling 2023-2, which was published in March. This is especially true when a lifetime trust is a factor. Numerous families have started using irreversible trusts in the past ten or so years to keep their financial resources from being reduced to be eligible for government … Read more
A new study conducted by researchers at the Treasury Department, Harvard University, and The University of Sydney warns that this move could be costly. Republicans succeeded in rescinding $21.4 billion in additional funding provided for the IRS as part of the Inflation Reduction Act The study, which analyzed Internal Revenue Service (IRS) data from approximately … Read more
As a self-employed worker, you must pay your estimated income tax payments on time because if you’re late, you will pay penalties. And if you overpay your estimated income tax payments taxes, the IRS won’t charge you, but you’ll effectively penalize yourself. For the 2023 tax year, estimated income tax payments are due on … Read more
The Internal Revenue Service currently released new regulations and usually responded to queries defining the requirements for qualified taxpayers who decide to provide expected credits to outside parties and guidelines for relevant organizations that make certain renewable energy credits and elect to make an optional payment election. The majority of the small print won’t be … Read more
For people who are still promised funds by the government, the last day to request tax refunds from 2019 is quickly approaching. In a news release, the IRS noted that 1.5 million taxpayers have unpaid federal refunds and advised them to submit a tax return for the 2019 fiscal year by the last day of … Read more
The IRS is keen to locate 1.5 million qualified Americans who are allocated to receive a combined amount of $1.5 billion in IRS tax refunds. The taxpayers have only until July 17, 2023, to claim their IRS tax refund money. American taxpayers have until July 17 to file their 2019 IRS tax return The … Read more
Given current patterns, business owners wishing to get their Employee Retention Credit in a timely manner may need to reassess their expectations. Businesses Are Waiting Months For ERC Credits Due To The IRS Backlog As business owners seek the retroactive tax benefit, the IRS has a backlog of claims for the Employee Retention benefit (ERC). … Read more