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 reminded taxpayers to beware of IRS impersonation scams and protect their personal and financial information. These schemes can involve text message scams, phone scams, and e-mail schemes. The IRS also warned taxpayers against unemployment fraud. Several steps were taken to protect taxpayers from these scams. Other than IRS Secure Access, the Service does not use text messages to discuss personal tax issues. The IRS will not send taxpayer messages via social media platforms.
Further, the IRS warned workers against claims of unemployment or other benefit payments for which they never applied. States have experienced a rise in fraudulent unemployment claims filed using stolen identities. States issue Form 1099-G, Certain Government Payments, to recipients and to the IRS to report the amount of taxable compensation received and any withholding. Workers receive a fraudulent Form 1099-G should report the fraud to state agencies. Details on how to report fraud to state workforce agencies can be found on the U.S. Department of Labor’s website. The IRS also listed the situations in which individuals may be victims of unemployment identity theft.
The IRS informed taxpayers that the agency does not initiate contact with them by email to request personal or financial information. The IRS initiates most contacts through regular mail delivered by the U.S. Postal service. Taxpayers can report fraudulent emails related to the IRS by sending them as an attachment to firstname.lastname@example.org. More details are available on the IRS website.
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 has announced that more forms can now be amended electronically. This includes filing corrections to the Form 1040-NR, […]Read More