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September 29, 2022 – Part Two continues with more helpful tips I hope you will find useful when trying to understand IRS transcripts. How to Identify the IRS’s Broad Penalty Relief Initiative and Other Helpful Tips for Understanding Tax Account Transcripts: Part Two Part I of this two-part blog discussed how to identify penalty relief…

September 27, 2022 – I recently blogged about the IRS’s broad relief for late filing penalties for 2019 and 2020 tax returns. During the height of the pandemic, taxpayers experienced many obstacles to the timely filing of their 2019 and 2020 tax returns. Because of the scale of the problem, the National Taxpayer Advocate, Members…

September 15, 2022 – Last month, Congress passed the Inflation Reduction Act (IRA22), which provides the IRS with supplemental funding of nearly $80 billion over the next ten years. The legislation provides about $3.2 billion for taxpayer services, $4.8 billion to modernize the IRS’s information technology (IT) systems, and $25.3 billion to support its taxpayer…

September 14, 2022 – Part of your Mid-Year Tax Checkup should include seeing whether you have any overdue tax returns and making sure you file them as soon as possible.  If you’re not sure whether you are required to file, you can use the IRS’s Interactive Tax Assistant Do I Need to File a Tax…

September 14, 2022 – Last month, Congress passed the Inflation Reduction Act (IRA22), which provides the IRS with supplemental funding of nearly $80 billion over the next ten years. More than half the funding has been earmarked for tax law enforcement, and that has attracted a good deal of public attention. But the legislation also…

September 12, 2022 – The Inflation Reduction Act, which includes expanded or extended tax credits and additional funding for the IRS, was signed into law on August 16, 2022. How could the Inflation Reduction Act impact you when filing your next tax return? Below is a simplified summary of how the Inflation Reduction Act may…

September 08, 2022 -Millions of U.S. taxpayers are visually impaired and unable to read print material in a standard font size. As a result of a settlement agreement between the IRS and the National Federation of the Blind (NFB) on July 10, 2020. Millions of U.S. taxpayers are visually impaired and unable to read print…

If you have children or other dependents, and qualify to claim them on your tax return, there are a few things you need to know before you file your federal tax return.   General Information Child and dependent-related tax benefits are some of the most common claimed benefits on federal tax returns each year. If…

On August 24, 2022, the IRS announced that it will grant relief for failure-to-file (FTF) penalties on the following 2019 and 2020 federal tax returns: Income tax returns: most Form 1040 and 1120 series returns, Forms 1041, 1065, 1066, 990-T, and 990-PF International information returns (IIRs) assessed a penalty at filing: Forms 5471, 5472, 3520,…

August 24, 2022 -Taxpayers need not do anything to receive this administrative relief. The IRS is automatically removing (abating) failure-to-file penalties for 2019 and 2020 returns. Bottom Line: What Does this Mean for Taxpayers? Taxpayers need not do anything to receive this administrative relief. The IRS is automatically removing (abating) failure-to-file penalties for 2019 and…