IR-2023-116, June 14, 2023 WASHINGTON — The Internal Revenue Service issued proposed regulations and frequently asked questions today describing rules for applicable entities that earn certain clean energy credits and choose to make an elective payment election and rules for eligible taxpayers that elect to transfer certain credits to unrelated parties. For tax years beginning after Dec. 31, 2022, applicable entities […]
Source: IR-2023-100, May 10, 2023 WASHINGTON — In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding taxpayers to protect important tax and financial information as part of a complete emergency preparedness plan. So far in 2023, the Federal Emergency Management Agency (FEMA) has declared disasters for […]
IRS: Issue Number: Tax Tip 2023-60 Small businesses play an important role in the nation’s economy. During National Small Business Week, the IRS reminds taxpayers that IRS.gov has resources and tools to help small businesses understand and meet their tax responsibilities. Bookmark these important webpages • Small Business and Self-Employed Tax Center: Resources for small […]
Source: IRS Issue Number: Tax Tip 2023-61 Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that businesses operate to make a profit […]
Issue Number: Tax Tip 2023-57 Unscrupulous tax preparers and tax fraud promoters make big promises – and charge high fees – but taxpayers are legally responsible for what’s on their return. Taxpayers should use only reputable tax professionals and know what is on their tax return. Although scammers are most active during filing season, they operate year-round, […]
While scammers work hard during tax season to try to steal money, personal information and data, they also stay busy the rest of the year. Taxpayers and tax professionals should remain alert and aware of these common scams, schemes and cons to avoid losing money, personal information or client data. Social media: Fraudulent form filing […]
IR-2023-89, April 19, 2023 WASHINGTON — The Internal Revenue Service today urged taxpayers who missed Tuesday’s April 18 tax-filing deadline to file as soon as possible. Taxpayers who owe and missed the deadline without requesting an extension should file quickly to limit penalties and interest. For struggling taxpayers unable to pay their tax bill, the […]
IRS: Issue Number: 2023-004 WASHINGTON —The Internal Revenue Service today issued its annual Data Book detailing the agency’s activities during fiscal year 2022 (Oct. 1, 2021 – Sept. 30, 2022), including revenue collected and tax returns processed. In many areas, the statistics in the 2022 Data Book reflect the impact that past resource constraints had on the […]
Source; IRS Issue Number: IR-2023-85 WASHINGTON — The Internal Revenue Service reminds taxpayers that IRS.gov provides last-minute tax return filers with the resources they need to get taxes done before the April 18 deadline. IRS.gov remains a great resource to help people working on their taxes in the final days before the deadline. The website has numerous […]
Issue Number: IR-2023-61 Inside This Issue WASHINGTON – The Internal Revenue Service today continued the Dirty Dozen series with a warning on day seven about trusting tax advice on social media that can lure otherwise honest taxpayers and tax professionals into compromising tax situations. Social media can circulate inaccurate or misleading tax information, and the IRS […]