National Small Business Week: Making estimated tax payments electronically is fast and easy
WASHINGTON — The Internal Revenue Service reminds all businesses, including self-employed and gig workers, to make estimated tax payments quarterly, and that making them electronically is fast, easy and safe. During National Small Business Week, May 1 to 7, the IRS is...
IRS revises Tax Year 2021/Filing Season 2022 frequently asked questions for the Child Tax Credit
WASHINGTON — The IRS today issued a revised set of frequently asked questions for tax year 2021 and filing season 2022 for the Child Tax Credit. These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-28 PDF, April 27, 2022.
$1.5 billion in unclaimed 2018 refunds
The IRS estimates 1.5 million taxpayers did not file a 2018 tax return to claim tax refunds worth more than $1.5 billion. The three-year window of opportunity to claim a 2018 tax refund closes April 18, 2022, for most taxpayers. If they do not file a 2018 tax return...
IRS provides tax inflation adjustments for tax year 2021
Highlights of changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file a tax return within 60 days of the due date. Beginning with returns due after Dec. 31, 2019, the new...
IRS launches resource page on IRS.gov with latest details and information for taxpayers during filing season
WASHINGTON — To help taxpayers and tax professionals, the Internal Revenue Service today announced a special new page on IRS.gov to provide the latest details and information affecting the 2022 filing season and ongoing efforts by the agency to address the inventory...
Late-In-Calendar Approval of State Budget to Impact Upcoming Tax Season
Jan 14, 2022 The N.C. Department of Revenue announced that it will begin processing 2021 tax year returns in mid-February, which is several weeks after the start of the nation’s tax season on Monday, January 24, 2022. This delay is due to the late approval of the...
All third Economic Impact Payments issued; parents of children born in 2021, guardians and other eligible people who did not receive all of their third-round EIPs can claim up to $1,400 per person through the 2021 Recovery Rebate Credit
WASHINGTON — The Internal Revenue Service announced today that all third-round Economic Impact Payments have been issued and reminds people how to claim any remaining stimulus payment they're entitled to on their 2021 income tax return as part of the 2021 Recovery...
2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline
WASHINGTON — The Internal Revenue Service announced that the nation's tax season will start on Monday, January 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. The January 24 start date for individual tax return filers...
IRS sending information letters to recipients of advance child tax credit payments and third Economic Impact Payments
The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when...
IRS announces changes to retirement plans for 2022
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other...