he Internal Revenue Service today issued guidance addressing various tax information reporting issues that arose as a result of taxpayer subsidies included in the CARES Act and the more recent COVID-19 relief bill.
The Internal Revenue Service announced today that it will delay the start of tax filing season until Feb. 12.
The Internal Revenue Service has submitted a report to Congress—as required by the 2019 Taxpayer First Act—outlining a strategic plan to enhance taxpayer service and experience.
As the Internal Revenue Service continues to address the error that caused millions of economic impact payments to be incorrectly routed to temporary or incorrect bank accounts, the IRS today said that, together with tax industry partners, it is “taking immediate steps to redirect stimulus payments to the correct account for those affected.”
The IRS today issued additional instructions in an attempt to remedy the processing error that led to millions of economic impact payments being erroneously sent to accounts that were closed, inactive or temporary accounts.
The Internal Revenue Service tonight clarified that economic impact payment recipients who had their ACH payments erroneously sent to an account that is closed, inactive or a temporary account, will not receive their payment and must instead claim the Recovery Rebate Credit when filing their 2020 tax return electronically.
The Internal Revenue Service today announced that the Get My Payments portal—available in English and Spanish—is now live for individuals to log on and view the status of their economic impact payment.
The Internal Revenue Service on Monday announced that it intends to issue proposed regulations to confirm the federal deductibility of state taxes at the partnership or S-corporation level for those entities and that the individual limitation does not apply.
The IRS has issued a final rule confirming that deductions allowed under Internal Revenue Code section 67(e) for costs incurred in connection with the administration of a trust or estate are deductible despite the suspension of miscellaneous itemized deductions under the 2017 tax reform law.
The Internal Revenue Service has issued two new guidance documents on the transfer of individual retirement account funds into a state unclaimed property fund.