Tax Alerts

IRS Reminds Taxpayers To Estimate Their Tax Withholding And Not Rely On Refunds Alone, IR-2022-186

The IRS has urged taxpayers to review their tax withholding to avoid any big surprises, such as a big refund or a balance due, during the tax time in 2023 and avail benefits from any changes arising due to marriage, divorce, new tax law, a new child or home purchase and adjust their tax withholding accordingly.

The IRS has announced that, Tax Withholding Estimator also available in Spanish, can help workers, retirees, self-employed individuals and other taxpayers for effectively tailoring the amount of income tax they should have withheld from wages and pension payments based on their complete set of facts and circumstances. In other cases, it can help taxpayers see that they should withhold more or make an estimated tax payment to avoid a tax bill when they file their tax return next year. However, when taxpayers withhold too much, it typically results in a refund. The IRS has urged taxpayers to keep the following facts regarding refunds in mind:

  • Proper withholding adjustments help people boost take home pay rather than be over withheld and get it back as a tax refund.
  • Most refunds may be issued in 21 days or less from an error-free and paperless tax return, but many take longer.
  • Refunds should not be relied upon, for big purchases.
  • Direct Deposit is the easiest and most convenient way to get a refund.
  • Paper return processing delays stemming from the pandemic are six months or more.

Some unforeseen life events can be a trigger to make withholding adjustments. They include:

  • Coronavirus tax relief offers help to taxpayers, businesses, tax-exempt organizations and others affected by the coronavirus (COVID-19).
  • Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster like wildfires and hurricanes, especially when the federal government declares their location a major disaster area.
  • Loss of a job is an unfortunate circumstance which can create new tax issues.
  • The IRS advises people earning income in the gig economy to consider estimated tax payments to avoid a balance due or penalties when they file.

FL - Voters reject two statewide ballot measures regarding property taxes

Voters rejected two constitutional amendments referred by the Florida Legislature to the 2022 ballot for property tax purposes. Amendments in […]

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FL - Voters reject two statewide ballot measures regarding property taxes

FL - Updated electronic address/jurisdiction database for determination of insurance premium tax situs

For insurance premium tax purposes, the Florida Department of Revenue has issued a tax information publication updating the electronic address/jurisdiction […]

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FL - Updated electronic address/jurisdiction database for determination of insurance premium tax situs

FL - Payment deadlines extended for taxpayers in counties impacted by Hurricane Ian

Florida Gov. Ron DeSantis issued an executive order that temporarily suspends the deadline for the payment of property taxes for […]

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FL - Payment deadlines extended for taxpayers in counties impacted by Hurricane Ian

IRS Informs Taxpayers that Tip Income is Taxable and Must be Reported, FS-2022-37

The IRS has informed taxpayers who work in restaurants, salons, hotels and similar industries that tips can be taxable income. […]

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IRS Informs Taxpayers that Tip Income is Taxable and Must be Reported, FS-2022-37

IRS Reminds Taxpayers To Estimate Their Tax Withholding And Not Rely On Refunds Alone, IR-2022-186

The IRS has urged taxpayers to review their tax withholding to avoid any big surprises, such as a big refund […]

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IRS Reminds Taxpayers To Estimate Their Tax Withholding And Not Rely On Refunds Alone, IR-2022-186

IRS Revises Initial Contact Letters for Ease Of Understanding, IR-2022-170

The IRS has revised its initial contact letters to improve its interactions with taxpayers. The initial contact letters are issued […]

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IRS Revises Initial Contact Letters for Ease Of Understanding, IR-2022-170

IRS Extends Some Low-Income Housing Credit Deadlines, Notice 2022-52

The IRS extended several deadlines related to the low-income housing credit, in response to unavoidable labor and supply-chain disruptions delaying […]

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IRS Extends Some Low-Income Housing Credit Deadlines, Notice 2022-52

IRS Urges Taxpayers to Remain Vigilant for Cybercrimes and Protect their Personal Information, IR-2022-187

The IRS has urged taxpayer families, especially teens and senior citizens to remain vigilant and be mindful year-round for potential dangers in […]

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IRS Urges Taxpayers to Remain Vigilant for Cybercrimes and Protect their Personal Information, IR-2022-187

Taxpayers Who Haven't Filed 2021 Returns May Be Eligible for Valuable Credits, IR-2022-178

The IRS has sent reminder letters to encourage over 9 million taxpayers and families who are potentially eligible for expanded […]

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Taxpayers Who Haven't Filed 2021 Returns May Be Eligible for Valuable Credits, IR-2022-178

IRS Warns Taxpayers To Be Aware Of Their Eligibility For Employee Retention Credit Claims, IR-2022-183

The IRS has warned employers to be wary of third parties who are taking improper positions related to taxpayer eligibility […]

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IRS Warns Taxpayers To Be Aware Of Their Eligibility For Employee Retention Credit Claims, IR-2022-183