Newsletters

IRS Highlights Online Tools and Resources Ahead of Tax Filing Season

The IRS encouraged taxpayers to use its online tools and resources to find the information they need to be ready to file their 2021 federal tax returns, including important special steps related to Economic Impact Payments (EIP) and advance Child Tax Credit (CTC) payments. This is the third in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, a special page is available on the IRS website that outlines steps taxpayers can take to make tax filing easier.

Individuals, especially those who do not usually file tax returns, were urged to file their 2021 tax return electronically beginning January 24, 2022. Further, the IRS advised taxpayers to use a tax preparation software or a trusted tax professional to help guide them through the process and avoid making errors. Filing an incomplete or inaccurate return may mean a processing delay that slows the resulting tax refund.

Recovery Rebate Credit and Economic Impact Payments

Individuals who did not qualify for a third Economic Impact Payment or got less than the full amount may be eligible to claim the Recovery Rebate Credit. However, they will need to know the total amount of their third Economic Impact Payments received to calculate their correct 2021 Recovery Rebate Credit amount when they file their 2021 tax return. The IRS announced that it would send Letter 6475 with the total amount of the third Economic Impact Payment received beginning in late January.

Advance Child Tax Credit Payments

People will need to know the total amount of advance payments they received in 2021 to compare them with the full amount of the Child Tax Credit that they can properly claim when they file their 2021 tax return. Those who received the advance payments can access their online account to check the total amount of their payments. The IRS will also send Letter 6419 to provide the total amount of advance Child Tax Credit payments received in 2021. Accordingly, eligible families who did not get monthly advance payments in 2021 can still get a lump-sum payment by claiming the Child Tax Credit when they file a 2021 federal income tax return this year. This includes families who do not normally need to file a return.

IRS Online Tools and Resources

The IRS drew attention to its various online tools and resources, such as:

FL - IRC conformity tie-in date updated, credit caps increased

Florida enacted legislation that updates the IRC conformity tie-in date for computing corporate income tax liability from January 1, 2022 […]

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FL - IRC conformity tie-in date updated, credit caps increased

Energy Efficient Home Improvements Eligible for Tax Credits, IR-2023-97

The IRS has informed taxpayers who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or […]

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Energy Efficient Home Improvements Eligible for Tax Credits, IR-2023-97

Bitcoin Characterized as Legal Tender by Certain Foreign Jurisdictions, Notice 2023-34

The IRS has modified Notice 2014-21 to remove Background section information stating that virtual currency does not have legal tender status in […]

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Bitcoin Characterized as Legal Tender by Certain Foreign Jurisdictions, Notice 2023-34

Public Hearings for Proposed Regulations to Be Conducted In-Person, Announcement 2023-16

The IRS and Department of the Treasury announced that public hearings conducted by the Service will no longer conduct public hearings on notices of proposed rulemaking solely by telephone […]

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Public Hearings for Proposed Regulations to Be Conducted In-Person, Announcement 2023-16

IRS Reminds Taxpayers to Protect Important Financial Documents During Natural Disasters, IR-2023-100

In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the IRS reminded taxpayers to have a year […]

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IRS Reminds Taxpayers to Protect Important Financial Documents During Natural Disasters, IR-2023-100

IRS Updates Allowable Living Expense Standards for 2023

The IRS has updated the Allowable Living Expense (ALE) Standards, effective April 24, 2023.The ALE standards reduce subjectivity when determining what a taxpayer may claim as basic living expenses to avoid undue hardship […]

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IRS Updates Allowable Living Expense Standards for 2023

2024 Inflation Adjustments for Health Savings Accounts Released, Rev. Proc. 2023-23

The IRS has released the 2024 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2024, the annual limitation on deductions under Code Sec. 223(b)(2) for an […]

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2024 Inflation Adjustments for Health Savings Accounts Released, Rev. Proc. 2023-23

Taxpayers Urged to Begin Tax Planning Now to Take Advantage of Tax Saving Opportunities, IR-2023-95

The IRS, as part of the National Small Business week initiative, has urged business taxpayers to begin planning now to take advantage of tax–saving opportunities and get ready for reporting changes that take effect in 2023. The […]

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Taxpayers Urged to Begin Tax Planning Now to Take Advantage of Tax Saving Opportunities, IR-2023-95

FL - Tax relief for Florida taxpayers impacted by severe storms, tornadoes, and flooding discussed

Florida will follow the corporate income tax relief granted by the IRS regarding tax return due dates for taxpayers affected […]

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FL - Tax relief for Florida taxpayers impacted by severe storms, tornadoes, and flooding discussed

FL - IRC conformity legislation passed

The Florida Legislature passed legislation that would update the IRC conformity tie-in date for determining corporate income tax liability. H.B. […]

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FL - IRC conformity legislation passed