IR-2023-40, March 7, 2023 WASHINGTON — The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file. The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes […]
Source: Issue Number: 2023-09 The IRS issued a consumer alert to warn taxpayers of new scams that urge people to use wage information on a tax return to claim false credits in hopes of getting a big refund. One scheme, which is circulating on social media, encourages people to use tax software to manually fill out Form […]
Some people choose not to file a tax return because they aren’t legally required to file, but they could be missing out on refundable tax credits or an income tax refund. This could apply to someone if they: Here are a few of the valuable tax credits eligible people can claim on a tax return […]
Source: FinCEN. Immediate Release February 27, 2023 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) is issuing an alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and is one of the anti-money laundering/countering the financing of […]
Source; IRS Issue Number: Tax Tip 2023-21 A few minutes spent reviewing income tax withholding early in the year helps set a taxpayer up for success all year long. The Tax Withholding Estimator on IRS.gov makes it easy to figure out how much to withhold. This online tool helps employees withhold the correct amount of tax from […]
Issue Number: Tax Tip 2023-20 Many taxpayers know about the IRS Free File program, which lets people who make less than $73,000 file their federal tax return for free. They should also be sure to check if the program offers no cost filing for their state tax return. IRS Free File can help millions of eligible […]
Source: IRS Tax Tip 2023-19 Many taxpayers turn to tax professionals to help them prepare their federal tax return. These taxpayers should choose their preparer with care. While most tax return preparers provide quality service, unfortunately some are unreliable or even fraudulent. Taxpayers are ultimately responsible for all the information on their income tax return, […]
Source: IR-2023-22, Feb. 9, 2023 WASHINGTON — In the latest improvement for taxpayers, the Internal Revenue Service announced today that people electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select direct deposit for any resulting refund. Previously, taxpayers who filed Form 1040-X with the IRS […]
IR-2023-23, Feb. 10, 2023 WASHINGTON — The Internal Revenue Service provided details today clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their […]
Source: IRS Seniors and retirees who want to file their taxes for free or find free in-person tax help can look at a few programs available for eligible taxpayers. In-person IRS help for seniors and low-income taxpayersEligible taxpayers can also have their taxes prepared in person for free, through these two programs: Taxpayers can go […]
