No Further Funding Cuts For IRS In FY24
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreThe IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These taxpayers received erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount. These payments were made by the spouse (second taxpayer listed) on a joint return submitted through their Online Account. Some other taxpayers may also be affected outside of this group.
Taxpayers who received a notice but paid in a timely manner should not respond to the notice at this time. The IRS will provide an update as soon as possible. Taxpayers who partly paid reported balances due on their 2021 joint return, should pay the balance or follow instructions on the notice. Taxpayers could confirm previous payments by checking Online Account under the Social Security number that made the payment. Any assessed penalties and interest will be automatically adjusted when payments were applied correctly.
Programming affected certain returns. It did not move the payment to the married filing jointly account when the payment was (1) not electronic and made by the secondary spouse; and (2) electronic, made by the secondary spouse and posted before the joint return indicator was present to identify the primary taxpayer.
Other than a planned repurposing of Inflation Reduction Act supplemental funding, the Internal Revenue Service saw no other cuts as the President signed off on the resolution […]
Read MoreThe IRS has issued an announcement that addresses the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements. Taxpayers who […]
Read MoreThe IRS released statistics that showed 1,644 tax and money-laundering cases related to COVID fraud, totaling $9 billion investigated by the Criminal Investigation (CI). CI is the law enforcement […]
Read MoreThe IRS updated frequently asked questions (FAQ) on New, Previously Owned and Qualified Commercial Clean Vehicle Credits. These FAQs provide guidance on how the Inflation Reduction […]
Read MoreKPMG TaxNewsFlash – United States March 20, 2024 The IRS today released Notice 2024-31 [PDF 156 KB] providing the adjustments to the limitation on housing expenses, under […]
Read MoreReflecting on the 2024 tax filing season, the IRS released major filing numbers for the season. The agency highlighted a variety of improvements that dramatically expanded service for millions of taxpayers during […]
Read MoreThe IRS has wrapped up the 2024 Dirty Dozen campaign, with a warning to taxpayers to beware of promoters selling bogus tax avoidance strategies. Promoters have been peddling elaborate bogus schemes to […]
Read MoreEffective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or […]
Read MoreFlorida has released the severance tax rates on the production of heavy minerals and other solid minerals for 2024. From […]
Read MoreThe IRS has provided a waiver for any individual who failed to meet the foreign earned income or deduction eligibility requirements of Code Sec. 911(d)(1) because adverse conditions in a foreign country […]
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