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The Internal Revenue Service

IRS Free File Can Help People Who Have no Filing Requirement Find Overlooked Tax Credits and Get a Refund

6 mins read

The FINANCIAL -- The Internal Revenue Service urged low- and moderate-income individuals and families, especially those who don't normally file a tax return, to use IRS Free File to prepare their own federal tax return, e-file it and get a refund – all for free.…

IRS, Treasury disburse another 37 million Economic Impact Payments from the American Rescue Plan

4 mins read

The FINANCIAL -- The Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they are disbursing approximately 37 million payments in the second batch of Economic Impact Payments from the American Rescue Plan. This brings the total disbursed payments from the American Rescue Plan to approximately 127…

Face masks and other personal protective equipment to prevent the spread of COVID-19 are tax deductible

1 min read

The FINANCIAL -- The Internal Revenue Service issued Announcement 2021-7 PDF clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses according to IRS.…

More Economic Impact Payments set for disbursement in coming days

12 mins read

The FINANCIAL -- The Internal Revenue Service announced that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card.…

Tax Time Guide: Make protecting tax and financial information a habit

6 mins read

The FINANCIAL -- The Internal Revenue Service today urged people to continue practicing proper cybersecurity habits by securing computers, phones and other devices. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital.…

IRS, Summit partners issue urgent EFIN scam alert to tax professionals

5 mins read

The FINANCIAL -- The Internal Revenue Service, state tax agencies and tax industry today warned tax professionals of a new scam email that impersonates the IRS and attempts to steal Electronic Filing Identification Numbers (EFINs).…

Beware of “ghost” preparers who don’t sign tax returns

2 mins read

The FINANCIAL - The Internal Revenue Service reminds taxpayers to avoid "ghost" tax return preparers whose refusal to sign returns can cause a frightening array of problems. It is important to file a valid, accurate tax return because the taxpayer is ultimately responsible for it IRS notes.…

Expanded tax benefits help individuals and businesses give to charity during 2020

6 mins read

The FINANCIAL --  The Internal Revenue Service explained how expanded tax benefits can help both individuals and businesses give to charity before the end of this year. As IRS notes, The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes four temporary tax changes that are designed to help people and businesses who…

IRS Criminal Investigation identifies $2.3 bln in tax fraud

4 mins read

The FINANCIAL — The Internal Revenue Service released the Criminal Investigation Division’s annual report PDF, highlighting the agency’s successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement was the identification of over $10 billion in tax fraud and other financial crimes. “The special agents and professional staff…

National EIP Registration Day: Community partners can help people sign up for Economic Impact Payment

4 mins read

The FINANCIAL — The Internal Revenue Service urged anyone who doesn’t normally file a tax return and has not yet received an Economic Impact Payment (EIP) to take advantage of “National EIP Registration Day,” on Tuesday, Nov. 10. National EIP Registration Day is part of the agency’s further concerted push with partners across the country…

IRS urges students to register so they can receive $1,200 Economic Impact Payment

5 mins read

The FINANCIAL — The Internal Revenue Service (IRS) today urged any eligible self-supporting college student who doesn’t need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year. In advance of the National EIP Registration Day on November 10 and highlighted in…

IRS and tax industry warn taxpayers of a new coronavirus-related scam

3 mins read

The FINANCIAL — The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS, states and industry, working together as the Security Summit, remind taxpayers…

Internal Revenue Service announced changes to help struggling taxpayers

7 mins read

The FINANCIAL — The Internal Revenue Service announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The IRS assessed its collection activities to see how it could apply relief for taxpayers who owe but are struggling financially because of the pandemic, expanding…

IRS released tax inflation adjustments for 2021

5 mins read

The FINANCIAL — The Internal Revenue Service announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the…