Tax Alerts

IRS Urges Individuals to File and Take Advantage of Key Tax Benefits

The IRS has urged individuals to file a 2021 income tax return and take advantage of key tax benefits. Individuals and families can often get these expanded tax benefits even if they have little to no income. Claiming these benefits could result in tax refunds for many individuals. Individuals should file an accurate return electronically and choose direct deposit to avoid processing delays. The IRS has described many of these expanded benefits in a new fact sheet. The IRS emphasized that these benefits are only available to individuals who file a 2021 federal income tax return. The IRS also provided a list of benefits available to taxpayers. More information is available in the fact sheet. Further, the IRS reminded early filers that by law, the agency cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit refunds before mid-February. Normally, this restriction does not apply to the refundable Child Tax Credit claimed by individuals who had a main home in the US, unless they also claim the EITC.

Additionally, the IRS reminded taxpayers to make sure they have all their year-end statements in hand before filing their 2021 returns. This includes Letter 6419, showing their total advance Child Tax Credit payments, and Letter 6475, showing the total amounts of their third round of Economic Impact Payments. Individuals can also find this information in their IRS Online Account. Married spouses who received joint payments will each need to sign into their own account to retrieve their separate amounts. For most taxpayers, the tax-filing deadline is April 18, 2022. For residents of Maine and Massachusetts, the deadline is April 19, 2022. For U.S. nationals who live and work abroad, it is June 15, 2022. Taxpayers who need more time can get an automatic extension until October 17, 2022.

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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 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

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