Tax Alerts

IRS Announces Issuance of Information Letters to Advance Child Tax Credit Recipients

The IRS announced that it would issue information letters to Advance Child Tax Credit (APTC) recipients starting in December and to recipients of the third round of the Economic Impact Payments (EIPs) at the end of January. Using this information when preparing a tax return can reduce errors and delays in processing. The Service also urged taxpayers receiving these letters to make sure they hold onto them to assist them in preparing their 2021 federal tax returns in 2022. Taxpayers can use the CTC portal to check their payments.

The IRS will send Letter 6419, 2021 advance CTC, starting late December 2021 and continuing into January. The letter will include the total amount of ACTC payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. Taxpayers should keep this and any other IRS letters about ACTC payments with their tax records.

IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]

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IRS Advises Tax Professionals on Signs of Identity Theft, IR-2022-144

IRS Issues Statement on CP-14 Notices

The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]

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IRS Issues Statement on CP-14 Notices

IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]

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IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2022-34

Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]

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Reproduction/Substitute Information Returns Requirements Issued, Rev. Proc. 2022-30

IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act

The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened […]

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IRS and Treasury Release Initial Information on Electric Vehicle Tax Credit Under Inflation Reduction Act

Educators Reminded About 2022 Educator Expense Deduction Rise, IR-2022-148

The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they […]

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Educators Reminded About 2022 Educator Expense Deduction Rise, IR-2022-148

IRS Announces New Sign-In Process for Form 990-N Filers

The IRS has announced that beginning August 2022, smaller charities that are eligible and choose to file Form 990-N, Electronic […]

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IRS Announces New Sign-In Process for Form 990-N Filers

FL - Taxpayer lacked standing to challenge department's former practice

The taxpayer did not have standing to contest a notice of proposed assessment that assessed Florida sales and use tax, […]

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FL - Taxpayer lacked standing to challenge department's former practice

IRS Issues Directions to Employees for Video Meetings with Taxpayers

The IRS has issued directions for its taxpayer facing employees to hold video meetings with taxpayers and their representatives. Going […]

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IRS Issues Directions to Employees for Video Meetings with Taxpayers

IRS Security Summit Warns Tax Professionals Against Identity Theft, IR-2022-135

The IRS, state tax agencies and the tax industry have warned tax professionals of new and ongoing threats involving their […]

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IRS Security Summit Warns Tax Professionals Against Identity Theft, IR-2022-135