News

Latest News from irs.gov

401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500

IR-2022-188, October 21, 2022 — The IRS announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost of living adjustments 

During National Cybersecurity Month, IRS and Security Summit Partners offer tips

IR-2022-187, October 21, 2022 – The Internal Revenue Service and its Security Summit partners today urged families to remain vigilant year-round and consider taking additional steps to protect their personal information during National Cybersecurity Month.

Adjust tax withholding now to pay the proper amount of tax

IR-2022-186, October 20, 2022 — The Internal Revenue Service today urged taxpayers to check their tax withholding while there's time left in 2022 to benefit from any necessary changes.

IRS: IRS: Deadline to file 2019 and 2020 tax returns to get COVID penalty relief postponed in declared disaster areas

IR-2022-185, October 19, 2022 — The Internal Revenue Service reminds taxpayers in areas covered by certain Federal Emergency Management Agency (FEMA) disaster declarations they may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns.

Employers urged to electronically file payroll tax returns by Oct. 31

IR-2022-184, October 19, 2022 — The Internal Revenue Service today reminded employers to file the next quarterly payroll tax return by the approaching October 31, 2022, due date, and urged them to do so electronically.

Employers warned to beware of third parties promoting improper Employee Retention Credit claims

IR-2022-183, October 19, 2022 — The Internal Revenue Service today warned employers to be wary of third parties who are advising them to claim the Employee Retention Credit (ERC) when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit.

IRS provides tax inflation adjustments for tax year 2023

IR-2022-182, October 18, 2022 — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about these annual adjustments.

Grandparents and other relatives with eligible dependents can qualify for 2021 Child Tax Credit 

IR-2022-181, October 17, 2022 — The Internal Revenue Service reminded families today that some taxpayers who claim at least one child as their dependent on their tax return may not realize they could be eligible to benefit from the Child Tax Credit (CTC).

IRS joins effort to fight charity fraud during international recognition week

IR-2022-180, October 17, 2022 — The Internal Revenue Service announced its continued support by joining international efforts to fight fraud during Charity Fraud Awareness Week, October 17-21.

IRS reminds taxpayers of upcoming filing extension deadline; Free File remains open until Nov. 17

IR-2022-179, October 14, 2022 — The Internal Revenue Service reminds taxpayers today that those who requested an extension of time to file their 2021 income tax return that the deadline is Monday, October 17. IRS Free File remains open until November 17 for those who still need to file their 2021 tax returns.

IRS sending letters to over 9 million potentially eligible families who did not claim stimulus payments, EITC, Child Tax Credit and other benefits; Free File to stay open until Nov. 17

IR-2022-178, October 13, 2022 — Starting this week, the Internal Revenue Service is sending letters to more than 9 million individuals and families who appear to qualify for a variety of key tax benefits but did not claim them by filing a 2021 federal income tax return.

IRS expanding dyed diesel penalty relief as a result of Hurricane Ian

IR-2022-177, October 11, 2022 — The Internal Revenue Service, in response to continued disruptions resulting from Hurricane Ian, will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used on the highway in the state of Florida.

Online seminars from 2022 IRS Nationwide Tax Forum now available

IR-2022-176, October 11, 2022 — The online version of the forum consists of 18 new self-study seminars, including four Spanish-language seminars.

IRS: Don't miss this important Oct. 17 tax extension deadline

IR-2022-175, October 7, 2022 — The Internal Revenue Service today reminds taxpayers who requested an extension to file their 2021 tax return to do so by Monday, October 17.

October FBAR extension deadline nears for foreign bank and financial account holders

IR-2022-174, October 6, 2022 — The Internal Revenue Service today reminds U.S. citizens, resident aliens and domestic legal entities that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is October 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network's (FinCEN) website.

IRS: Hurricane Ian victims in the Carolinas qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15

IR-2022-173, October 5, 2022 — Hurricane Ian victims throughout both North Carolina and South Carolina now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. This is similar to relief announced last week for Ian victims in Florida.

IRS asks for comments on upcoming energy guidance

IR-2022-172, October 5, 2022 — The Internal Revenue Service today issued six notices asking for comments on different aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act.

IRS announces 2023 Tax Counseling for the Elderly and Volunteer Income Tax Assistance Program Grants

IR-2022-171, October 4, 2022 — The Internal Revenue Service recently awarded $41 million in Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grants to organizations that provide free federal tax return preparation.

IRS Appeals revises initial contact letters as part of effort to enhance the taxpayer experience

IR-2022-170, October 4, 2022 — The Internal Revenue Service Independent Office of Appeals is taking important steps to improve how taxpayers interact and communicate with the IRS by revising their initial contact letters.

IRS granting dyed diesel penalty relief as a result of Hurricane Ian

IR-2022-169, September 30, 2022 — The Internal Revenue Service, in response to disruptions resulting from Hurricane Ian, will not impose a penalty when dyed diesel fuel with a sulfur content that does not exceed 15 parts-per-million is sold for use or used by emergency vehicles on the highway in the state of Florida.

IRS: Hurricane Ian victims in Florida qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15

IR-2022-168, September 29, 2022 — Hurricane Ian victims throughout Florida now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

IRS reports significant increase in texting scams; warns taxpayers to remain vigilant

IR-2022-167, September 28, 2022 — The Internal Revenue Service today warned taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information.

IRS continues relief to drought-stricken farmers and ranchers in 44 states, other regions

IR-2022-166, September 28, 2022 — The Internal Revenue Service is reminding farmers and ranchers in applicable regions forced to sell livestock because of drought conditions that they may have more time to replace their livestock and defer tax on any gains from the forced sales.

IRS updates answers to states and local governments on taxability and reporting of payments from Coronavirus State and Local Fiscal Recovery Funds

IR-2022-165, September 28, 2022 — The IRS today updated its frequently-asked-questions on Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds).

IRS: Alaska storm and flood victims qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15

IR-2022-164, September 27, 2022 — Victims of storms and flooding that began on September 15 in parts of Alaska now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the IRS announced today.

Reminder: File 2019 and 2020 returns by Sept. 30 to get COVID penalty relief

IR-2022-163, September 22, 2022 — The IRS today reminded struggling individuals and businesses, affected by the COVID-19 pandemic, that they may qualify for late-filing penalty relief if they file their 2019 and 2020 returns by September 30, 2022.

IRS advises that improperly forgiven Paycheck Protection Program loans are taxable

IR-2022-162, September 21, 2022 — The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan).

IRS: Hurricane Fiona victims in Puerto Rico qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15

IR-2022-161, September 20, 2022 — Hurricane Fiona victims in all 78 Puerto Rican municipalities now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

IRS selects eight new members for the Electronic Tax Administration Advisory Committee

IR-2022-160, September 20, 2022 — The Internal Revenue Service has selected eight new members for the Electronic Tax Administration Advisory Committee (ETAAC).

IRS updates Information on tax credit helping businesses to hire certain categories of workers

IR-2022-159, September 19, 2022 — The IRS today updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing a tight job market, the WOTC may be able to help.

IRS accepting applicants for Compliance Assurance Process for 2023

IR-2022-158, September 15, 2022 — The Internal Revenue Service announced today the opening of the application period for the 2023 Compliance Assurance Process (CAP) program.

IRS: Sept. 15 is the deadline for third quarter estimated tax payments

IR-2022-157, September 6, 2022 — The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is September 15, 2022.

September is National Preparedness Month; IRS urges everyone to update and secure their records to prepare now for natural disasters

California Society of Enrolled Agents Palomar Chapter

cseaPalomarIcon.jpg