IRS offers tips on preparedness and how to protect personal information during natural disasters IR-2023-100, May 10, 2023 WASHINGTON — In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding taxpayers to protect important tax and financial information as part of a complete emergency preparedness plan.
There has been some confusion regarding this credit and specifically Tesla, Inc. As of now the information that the IRS has published regarding tax year 2022 purchases is that these have been phased out of the credit. This manufacturer has sold more than 200,000 vehicles and as of 2020 the credit available is zero. We […]
IRS issues guidance on state tax payments to help taxpayers WASHINGTON – The Internal Revenue Service provided details today clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need […]
IRS Business Rule F8962-070 IRS Description “The e-File database indicates that Form 8962 or a binary attachment with description containing “ACA Explanation” must be present in the return.” This E-File reject is triggered if the IRS has information that indicates that either you, your spouse or one of your dependents has received health insurance from […]
California’s MCTR has raised a lot of questions in the tax industry. At this point I don’t think anyone has a definitive answer and honestly, I see valid arguments on both sides of the ultimate question of whether it is taxable. One take away I did have from this topic is that this is another […]
We’ve all had clients that forget to bring in a form or two and then we are faced with the seemingly arduous task of completing an amended tax return.
Basic 8915-F Instructions for reporting 1/3 of the 2020 Gross Distribution in 2021. Typical scenario: In 2020 the Taxpayer took a distribution of 60,000 from a Non IRA retirement account and he also took a 30,000 distribution from an IRA. For 2020 form 8915-E was filed and 1/3 of these distributions were included in the […]
WASHINGTON – The Internal Revenue Service today kicked off the 2022 tax filing season with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds.
Below you will find all the recordings, additional information as well as a list of the prize winners for each session. This page will be updated with additional recordings and information over the week of the seminar.
With the announcement of the Child Tax Credit advance payments, we felt the need to add an additional client listing report and excel export option. This is to aid you in your communication efforts with your clients and offer applicable notifications and advice. The IRS is sending some letters to taxpayers with additional information and […]
