Tag Archives: IRS
IRS Backlog Will Continue into the 2023 Tax Season
According to a new report, the IRS is expected to fail to reach its goal of catching up on the millions of unprocessed returns, a number that is expected to rise exponentially next year.… Continue reading
IRS Gearing up for IT and Customer Service Improvements
The news of the IRS receiving roughly $80 billion in funding over the next ten years has been out for quite some time now. Hiring more employees, where the biggest chunk of funding is expected to be used. However, the … Continue reading
Tax Professionals Urge the IRS to Upgrade its Priority Phone Service
The National Association of Enrolled Agents is pushing the IRS to use some of its $80 billion in increased funding to fix its Practitioner Priority Service. The tax pros wrote in a letter to the acting head of the IRS … Continue reading
Waiting on a Tax Refund? IRS Will Now Pay You Interest
Currently, millions of Americans across the country are still awaiting their tax returns from the 2022 filing season. However, the longer taxpayers are left waiting, the more money they might see in their pockets when they do receive the refund. … Continue reading
IRS Says Your Tax Refund May Be Smaller in 2023
If you are expecting a tax refund for the 2023 tax year, it may be smaller than you originally hoped for, according to the IRS. Usually, you will receive a federal refund if you’ve overpaid yearly taxes or withheld … Continue reading
IRS to Raise Interest Rates for Q1 2023
In an announcement made on Tuesday, the Internal Revenue Service said that interest rates for the 1st quarter of 2023 (Jan. 1) will be increasing. This is due to the near 40-year highs of inflation the country has experienced over … Continue reading
IRS Pushing to Close Annual Tax Gap
As part of Congress’s additional $80 billion in funding over 10 years (which was included in the Inflation Reduction Act), the Government Accountability Office is pushing the Internal Revenue Service to do more to close the $428 billion annual … Continue reading
IRS Amping Up Its Battle Against Tax Cheats
Wealthy Americans who choose to cheat on their taxes are facing the biggest threat from the IRS that they have seen in years. In recent weeks, we have seen increased efforts by certain members of Congress to put a stop … Continue reading
Crypto Crash; Investors May Need to Act Fast to Reduce Tax Bill
It has been a bad week for cryptocurrencies following the collapse of the offshore exchange FTX. The recent decline in bitcoin in 2022 must-have caused many crypto investors to give up on digital assets, at least for the time being. … Continue reading
IRS Adds 4,000 Employees to Assist With Next Tax Season
The Internal Revenue Service is already making headway on its initiative to hire add an additional 10,000 employees. So far, the IRS has hired 4,000 new workers that will serve as customer service representatives, this is part of the IRS’s … Continue reading