Tax Alerts

IRS Announces More Options for Taxpayers to Correct and Amend Returns Electronically, IR-2022-130

The IRS has announced that more forms can now be amended electronically. This includes filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return, Forms 1040-SS, U.S. Self-Employment Tax Return and Forms 1040-PR, Self-Employment Tax Return – Puerto Rico. Additionally, an electronic checkbox has been added for Forms 1040, 1040-SR, 1040-NR, 1040-SS and 1040-PR to indicate that a superseding return is being filed electronically. Taxpayers can also amend their return electronically if there is a change to their filing status or to add a dependent who was previously claimed on another return.

“This initiative has come a long way from 2020 when we first launched the ability to file amended returns, which was an important milestone to help taxpayers and the tax community,” said IRS Commissioner Chuck Rettig. “This new feature will further help people needing to make corrections. This development will also assist the IRS with its inventory work on the current backlog of amended returns. This is another tool we’re using to help get us back on track.”

Further, taxpayers can use the Where’s My Amended Return? online tool to check the status of their electronically-filed Form 1040-X. Forms 1040, 1040-NR and 1040-SR can still be amended electronically for tax years 2019, 2020 and 2021 along with corrected Forms 1040-SS and Form 1040-PR for tax year 2021. Finally, taxpayers still have the option to submit a paper version of the Form 1040-X and should follow the instructions for preparing and submitting the paper form.

List of Countries with U.S. Exchange of Information Agreements Updated, Rev. Proc. 2022-35

The IRS has supplemented the list of countries with which the U.S. has an agreement relating to the exchange of […]

Read More
List of Countries with U.S. Exchange of Information Agreements Updated, Rev. Proc. 2022-35

Rates Used in Computing Special Use Value Issued, Rev. Rul. 2022-16

A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued […]

Read More
Rates Used in Computing Special Use Value Issued, Rev. Rul. 2022-16

IRS Unintentionally Releases Form 990-T Data

The Internal Revenue Service announced that it has unintentionally made certain data collected from Form 990-T available for bulk download […]

Read More
IRS Unintentionally Releases Form 990-T Data

IRS Clarifies Instructions for Form 8996, IRS Post-Release Changes to Tax Forms, Instructions, and Publications

The IRS has clarified that qualified opportunity zone businesses should not file Form 8996. Form 8996 is filed only by […]

Read More
IRS Clarifies Instructions for Form 8996, IRS Post-Release Changes to Tax Forms, Instructions, and Publications

Tuition Debt Relief Will Not Be Taxable Income

The recently announced tuition debt relief program will not add to the tax burden of individuals who are able to […]

Read More
Tuition Debt Relief Will Not Be Taxable Income

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 […]

Read More
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, […]

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

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 […]

Read More
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 […]

Read More
IRS Issues Statement on CP-14 Notices

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 […]

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