US Markets Economy-Taxes, Tech News Analysis
Welcome to our news platform, where we bring you the latest updates on the Internal Revenue Service (IRS), the US government agency responsible for collecting taxes and enforcing tax laws.
Our team of tax experts and researchers keep a close eye on the IRS, monitoring any changes in tax laws, regulations, and policies that may affect taxpayers, businesses, and other entities.
We provide comprehensive coverage of IRS-related news, including updates on tax filing deadlines, changes to tax forms, IRS audits, investigations, and enforcement actions, as well as advice on how to navigate the complex world of taxes.
Whether you are an individual taxpayer, a small business owner, or a tax professional, we are dedicated to keeping you informed about the latest IRS news and developments, helping you stay compliant and avoid any potential legal or financial consequences.
So, stay tuned for our daily updates on the IRS, and be sure to subscribe to our newsletter to receive the latest tax-related news and advice delivered straight to your inbox.
The statement “Selection for an IRS audit means there’s a problem” is not necessarily true. While it is true that some audits are triggered by discrepancies or errors on a tax return, not all audits are conducted because of wrongdoing. The IRS also conducts random audits or audits based on a statistical formula to update return selection information, as well as related examinations of returns that involve issues or transactions…
The Internal Revenue Service (IRS) has announced that the 2023 tax season has already begun on Monday, January 23, 2023, when the agency will start accepting and processing tax returns for the 2022 tax year. The IRS expects to receive over 168 million individual tax returns, with the vast majority being filed before the April 18, 2023, deadline. With three extra days to file this year due to the calendar,…
I. Introduction As the new year starts, taxpayers are gearing up to file their tax returns for the 2022 fiscal year. This blog post aims to provide an overview of the changes to the 2022 tax return, along with the due date for filing the return. II. Changes to the 2022 Tax Return A. Higher Standard Deduction For the 2022 fiscal year, the standard deduction has increased for all filing…
Introduction 2022 Tax Return: Tax time can be a stressful period for many individuals and businesses, but it is a crucial aspect of personal and financial management. A tax time guide is a comprehensive resource that provides guidance on how to prepare and file accurate tax returns, whether for individuals or businesses. The purpose of a tax time guide is to help taxpayers navigate the complex tax laws and regulations,…
The Internal Revenue Service (IRS) has announced disaster relief for taxpayers affected by the Federal Emergency Management Agency (FEMA) in California, Alabama, and Georgia. Eligible taxpayers now have Deadline until October 16, 2023, to file various federal individual and business tax returns and make tax payments. Previously, the deadline had been postponed to May 15 for these areas. The additional relief postpones various tax filing and payment deadlines, including those…
I. Introduction A. Explanation of the purpose of the blog postThis blog post is providing information on the taxability of Social Security Administration (SSA) or Railroad Retirement Board (RRB) benefits. Many individuals who receive these benefits are unsure of whether or not they are taxable, and if so, how to report them on their tax returns. This post aims to clarify these questions and provide guidance on how to properly…
I. Introduction As people age, they often have different financial needs and priorities. In recognition of this, the US government offers a range of tax benefits to senior citizens, including increased contribution limits for retirement accounts, higher standard deductions, and more. These benefits are designed to help seniors save more for retirement, reduce their tax burden, and make the most of their hard-earned money. In this blog post, we will…
I. Introduction The Internal Revenue Service (IRS) phishing scams are a form of cybercrime where scammers send fraudulent emails or messages posing as the IRS to trick individuals into providing sensitive information. These scams can have serious consequences, such as identity theft, financial loss, and damage to credit scores. It is important to be aware of how to protect yourself from these scams, as they are becoming increasingly sophisticated and…
The Inflation Reduction Act of 2022 has been signed into law by the President, bringing several significant changes to the tax code. The act includes provisions related to energy efficiency and healthcare, which are the main focus of this blog. The act aims to reduce inflation by implementing tax measures that incentivize energy efficiency and lower healthcare costs. The new tax provisions related to energy efficiency provide consumers with rebates…
I. Introduction Tax brackets are a common topic of concern for many people. It is understandable to worry about the tax bracket because it determines the percentage of income that will be paid in taxes. Tax brackets are essentially income ranges that determine the percentage of income that is taxed at each level. As income increases, so does the tax rate. The tax bracket is determined by the taxpayer’s income…