IRS Issues Refunds for Taxes Paid on Unemployment Compensation
The IRS has planned to issue over 2.8 million refunds to taxpayers who paid taxes on unemployment compensation, that the American Rescue Plan Act (ARP) ( P.L. 117-2) has recently excluded as taxable ...
Online Child Tax Credit Payment Tool
The IRS and Treasury have unveiled an online non-filer sign-up tool designed to help families who do not normally file tax returns and register for monthly Child Tax Credit (CTC) payments. The tool wo...
IRS Collection and Enforcement Update
Due to the recent progress the U.S. has made in controlling the COVID-19 pandemic and returning to normal economic activity, the IRS plans to return to its normal casework processes later this summer....
IRS Announces Shift in Procedure to Resolve Collection Issues
The IRS has announced that the Small Business/ Self Employed (SB/SE's) Automated Collection System (ACS) would now exclusively resolve collection issues. Under this new shift in procedure, Practitione...
Applicable Terminal Charge and SIFL Rates for First Half of 2021
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rates for determining the value of noncommercial flights on employer-provided aircraft in effect...
First Monthly Child Tax Credit Payment Coming in July
The IRS and the Treasury Department have announced that the first monthly payment of the new refundable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. The increased CTC ...
Late Filers Should File to Limit Penalties
The IRS reminded taxpayers who missed the recent tax-filing deadline but are due a refund that there is no penalty for filing late if a refund is due. Those who owe and missed the deadline without req...
IRS Updates Plug-In Credit for 2022 Vehicles
The IRS has added new 2022 models to the list of vehicles for which the plug-in vehicle credit would be available. The vehicles added include BMW and Mini vehicles. The BMW 745e XDrive has a credit am...
Adjustments for CTC, EITC, PTC Table
The IRS has modified inflation-adjusted amounts for the child tax credit (CTC), the earned income tax credit (EITC/EIC), and the applicable percentage table for Code Sec. 36B for calculating a taxpaye...
2022 HSA Amounts Released
The IRS has released the 2022 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2022, the annual limitation on deductions under Code Sec. 223(b)(2) f...
Drafts of New Schedules K-2 and K-3 Released
The IRS and Treasury have released updated early drafts of new Schedule K-2 and Schedule K-3 for Form 1065, U.S. Return of Partnership Income, Form 1120-S, U.S. Income Tax Return for an S Corporation,...
Temporary Use of Digital Signatures Extended
The IRS has extended the list of federal tax forms that cannot be filed electronically for which it is temporarily allowing digital signatures. The IRS has also extended filing period for which digita...
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