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
The 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.
The IRS has provided the specifications for the private printing of red-ink substitutes for the 2022 revisions of information returns, […]Read More
The IRS and Security Summit partners have urged tax professionals to be vigilant and look out for the signs of […]Read More
The IRS was aware that some payments made for 2021 tax returns were incorrectly applied to joint taxpayer accounts. These […]Read More
The Treasury Department and the IRS have published initial information on changes to the tax credit for electric vehicles strengthened […]Read More
The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they […]Read More
The IRS has announced that beginning August 2022, smaller charities that are eligible and choose to file Form 990-N, Electronic […]Read More
The taxpayer did not have standing to contest a notice of proposed assessment that assessed Florida sales and use tax, […]Read More
The IRS, and the Security Summit Partners have encouraged tax professionals to inform their clients about the IRS Identity Protection […]Read More