IRS issues guidance on state tax payments to help taxpayers

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 to report these payments on their 2022 tax returns.

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IRS Business Rule F8962-070

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 the Market Place. 

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California Middle Class Tax Refund

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 example of how relevant you are as a tax professional verses DIY software being the tax preparer. Having you as a resource to talk through the pros and cons with the taxpayer, in a way they can understand, so they can be part of the overall decision. In my opinion, this is something that can’t be replaced.

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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.

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Payment Processing and Reminder Notice Updates – Taxware Systems

Taxware Systems Family,

We are thrilled to announce that we will be taking balance due payments through our new payment processing systems. HYFIN, a division of Heartland, is the credit card processing company that will generate emails and text links to process your account payments. Your account will be updated within 1 business day to reflect your payment. You will receive a receipt immediately after completing transactions. Read more

IRS provides tax inflation adjustments for tax year 2023

WASHINGTON — 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. Read more

Highlights from the Summer 2022 Tax Security Summit

The IRS, state tax agencies and the tax industry – working together as the Security Summit recently concluded its summer series, Protect Your Clients; Protect Yourself. This campaign was a reminder for tax pros to focus on fundamentals of security and watch out for emerging issues when using cloud-based services for their practice. Read more

Security Summit: Tax pros can help clients battle identity theft risk

WASHINGTON — The Security Summit partners today concluded a special summer education campaign by outlining steps tax professionals can take to help clients from becoming statistics in identity-theft related tax-fraud scams. Read more

Security Summit: Tell-tale signs of identity theft tax pros should watch for

WASHINGTON — With identity thieves continuing to target the tax community, Internal Revenue Service Security Summit partners today urged tax professionals to learn the signs of data theft so they can react quickly to protect clients. Read more

E-file Federal Amended Returns

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.

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