IRS Tax News

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  • 20 Feb 2025 1:21 PM | Jennifer Thomas (Administrator)

    Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting Deadline; FinCEN Announces Intention to Revise Reporting Rule

    Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.

    FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

    Notice: https://www.fincen.gov/sites/default/files/shared/FinCEN-BOI-Notice-Deadline-Extension-508FINAL.pdf


  • 19 Feb 2025 2:12 PM | Anonymous

    Revenue Ruling 2025-06 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274.  

    The rates are published monthly for purposes of sections 42, 382, 412, 642, 1288, 1274, 7520, 7872, and various other sections of the Internal Revenue Code. 

    Revenue Ruling 2025-06 will be in IRB:  2025-11, dated March 10, 2025.


  • 19 Feb 2025 12:00 PM | Anonymous

    Issue Number:    IR-2025-23

    Inside This Issue

    Tax Time Guide 2025: Essentials needed for filing a 2024 tax return

    WASHINGTON — As the 2025 tax filing season continues, the Internal Revenue Service encourages taxpayers to make essential preparations and be aware of significant changes that may affect their 2024 tax returns. 

    This announcement marks the commencement of the Tax Time Guide series. The IRS uses this guide to provide updated information to assist taxpayers in filling an accurate return. A wealth of resources and tools is also available on IRS.gov, including a dedicated special free help page accessible 24/7. 

    The IRS encourages taxpayers to read Publication 17, Your Federal Income Tax (For Individuals), for additional guidance and updates. 

    Tips for filing an accurate tax return

    The deadline for submitting Form 1040, U.S. Individual Income Tax Return, or 1040-SR, U.S. Tax Return for Seniors, is April 15, 2025. To avoid mistakes and potential processing delays, taxpayers should refrain from filing until they have received all necessary tax documents. Taxpayers should always carefully review documents for inaccuracies or missing information. They should immediately contact their employer or payer to request a correction if issues arise. 

    The IRS recommends taxpayers create an IRS Online Account, which provides secure access to their tax information, including payment history, tax records and other key information. Maintaining digitally organized tax documents can streamline the preparation of a complete and accurate tax return and may help identify overlooked deductions or credits

    Taxpayers who have an Individual Taxpayer Identification Number or ITIN may need to renew it if it has expired. The IRS can accept a tax return with an expiring or expired ITIN, but there may be processing delays. 

    Updates to Additional Child Tax Credit for tax year 2024

    The maximum Additional Child Tax Credit (ACTC) amount has increased to $1,700 for each qualifying child.  

    Bona fide residents of Puerto Rico are no longer required to have three or more qualifying children to be eligible to claim the ACTC. Bona fide residents of Puerto Rico may be eligible to claim the ACTC if they have one or more qualifying children. 

    The IRS cannot issue refunds before mid-February 2025 for returns that properly claim the ACTC. This time frame applies to the entire refund, not just the portion associated with the ACTC. 

    Other changes for tax year 2024

    Standard deduction amount increase. For 2024, the standard deduction amount has been increased for all filers. The amounts are: 

    • Single or married filing separately — $14,600.
    • Head of household — $21,900.
    • Married filing jointly or qualifying surviving spouse — $29,200. 

    Child Tax Credit enhancements. Taxpayers eligible for the Child Tax Credit should not wait to file their 2024 tax return. If Congress changes the CTC guidelines in the future, the IRS will automatically adjust for those who have already filed. No additional action will be needed by those eligible taxpayers. 

    Under current law for tax year 2024, the following currently apply: 

    • The initial amount of the CTC is $2,000 for each qualifying child. The credit amount begins to phase out where adjusted gross income (AGI) income exceeds $200,000 ($400,000 in the case of a joint return).
    • A child must be under age 17 at the end of 2024 to be a qualifying child. 

    Changes to the Earned Income Tax Credit (EITC). To claim the EITC without a qualifying child in 2024, taxpayers must be at least age 25 but under age 65 at the end of 2024. If a taxpayer is married filing a joint return, one spouse must be at least age 25 but under age 65 at the end of 2024. 

    Taxpayers may find more information on various child tax credits in the Instructions for Schedule 8812 (Form 1040)

    Adoption Credit. The Adoption Credit and the exclusion for employer-provided adoption benefits are both $16,810 per eligible child in 2024. The amount begins to phase out if taxpayers have a modified AGI in excess of $252,150 and is completely phased out if their modified AGI is $292,150 or more. For more information, see Form 8839and Instructions for Form 8839

    Clean Vehicle Credit. The Clean Vehicle Credit is reported on Form 8936 and Schedule 3 (Form 1040), line 6f. For more information, see Form 8936, Clean Vehicle Credit

    Previously owned Clean Vehicle Credit. This credit is available for previously owned clean vehicles acquired and placed in service after 2022. For more information, see Form 8936, Clean Vehicle Credit

    More information on these and other credit and deduction changes for tax year 2024 may be found in Publication 17, Your Federal Income Tax (For Individuals), taxpayer guide. 

    IRA contribution limit increased 

    Beginning in 2024, the IRA contribution limit is increased to $7,000 ($8,000 for individuals aged 50 or older) from $6,500 ($7,500 for individuals aged 50 or older) the prior year. 

    1099-K reporting requirements have changed for tax year 2024

    The reporting threshold for 2024 has changed. Third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, are now required to report transactions when the amount of the total payments for those transactions in 2024 was more than $5,000. The IRS has issued Notice 2024-85 providing transition relief for TPSOs. To understand what to do, taxpayers should become familiar with Form 1099-K. 

    Free filing options 

    IRS Free File, available only through IRS.gov, offers eligible taxpayers brand-name tax preparation software packages to use at no cost. Some of the Free File packages also offer free state tax return preparation. The software does all the work of finding deductions, credits and exemptions. 

    Taxpayers who are comfortable preparing their own taxes can use Free File Fillable Forms, regardless of their income, to file their tax returns either by mail or online. 

    Direct File is an option for taxpayers to file federal tax returns online—for free—directly and securely with the IRS. Direct File is a filing option for taxpayers in participating states who have relatively simple tax returns and report only certain types of income and claim certain credits and deductions. Go to IRS Direct File to find more information, including updates to the list of states who have joined and the new tax situations Direct File has added to the service for the 2024 tax year. 

    MilTax is a free tax resource available to the military community, offered through the Department of Defense. There are no income limits. MilTax includes tax preparation and electronic filing software, personalized support from tax consultants and current information about filing taxes. It is designed to address the realities of military life—including deployments, combat and training pay, housing and rentals, and multi-state filings. Eligible taxpayers can use MilTax to electronically file a federal tax return and up to three state returns for free. 

    VITA and TCE. The IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals. To locate the nearest VITA or TCE site, use the VITA Locator Tool or call 800-906-9887. 

    Comprehensive information on these and other changes for tax year 2024 are found on Publication 17, Your Federal Income Tax (For Individuals), and on IRS.gov.

     

    Back to Top



  • 18 Feb 2025 11:00 AM | Anonymous

    Inside This Issue

    1. Upcoming holiday period marks peak time for IRS phone lines; use IRS online resources for help
    2. Technical Guidance

    1.  Upcoming holiday period marks peak time for IRS phone lines; use IRS online resources for help

    Presidents Day weekend historically marks a peak period for IRS phone lines. Encourage your clients to use online self-help tools and resources available on IRS.gov to get quick answers and avoid phone delays during the anticipated peak demand for IRS phone lines around the federal holiday. The IRS also has a variety of information available on IRS.gov to help taxpayers and tax professionals, including the Let us help you page. 

    Back to top

    2.  Technical Guidance

    Notice 2025-14 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for January 2025 used under section 417(e)(3)(D), the 24-month average segment rates applicable for February 2025, and the 30-year Treasury rates, as reflected by the application of section 430(h)(2)(C)(iv).

    Revenue Procedure 2025-15 sets forth the unpaid loss discount factors for the 2024 accident year for purposes of section 846 of the Internal Revenue Code. This revenue procedure also provides the salvage discount factors for the 2024 accident year, which must be used to compute discounted estimated salvage recoverable under section 832 of the Internal Revenue Code.

    Revenue Procedure 2025-16 provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2025; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2025.


  • 13 Feb 2025 9:01 AM | Anonymous

    Notice 2025-14 sets forth updates on the corporate bond monthly yield curve, the corresponding spot segment rates for January 2025 used under § 417(e)(3)(D), the 24-month average segment rates applicable for February 2025, and the 30-year Treasury rates, as reflected by the application of § 430(h)(2)(C)(iv).  

    Notice 2025-14 will be in IRB:   2025-10, dated March 3, 2025.


  • 13 Feb 2025 9:00 AM | Anonymous

    Don’t wait on hold; use IRS online tools for faster help

    Presidents Day weekend is peak time for IRS phone traffic. Skip the wait by visiting IRS.gov. 

    WASHINGTON — With the 2025 filing season underway and the anticipated high demand for IRS phone lines around the Presidents Day holiday, the Internal Revenue Service today encouraged taxpayers to visit IRS.gov and use online tools to get immediate answers. 

    Presidents Day weekend is typically a busy time in the tax filing season, according to IRS statistics, when calls to IRS phone lines are often at their highest. 

    The IRS has resources to help taxpayers beat the rush. On IRS.gov, taxpayers can use the Let Us Help You page that covers most topics for filing season and beyond. In addition, people can get free help online with self-service options

    The IRS offers several free filing options. There’s also step-by-step help about filing a personal federal income tax return. 

    Skip the mail: File electronically and choose direct deposit 

    Approximately 93% of taxpayers file their federal income tax returns electronically, and most choose direct deposit to receive their refunds. According to Treasury’s Bureau of the Fiscal Service, paper refund checks are 16 times more likely to have an issue, like the check being lost, misdirected, stolen or uncashed. 

    The IRS offers free online and in-person tax preparation options for eligible taxpayers through IRS Free File, IRS Direct File and Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. 

    • Direct File is now open in 25 participating states where taxpayers can use Direct File to e-file directly with the IRS for free. It’s a free web-based service – available in English and Spanish – that works on mobile phones, laptops, tablets or desktop computers. It guides taxpayers through a series of questions to prepare their federal tax return step-by-step. Direct File automatically guides taxpayers to state tools to complete their state taxes. Get help from IRS customer service representatives through a live chat feature in English and Spanish. Interested taxpayers can go to directfile.irs.gov, where they can determine if they’re eligible. 
    • The VITA and TCE programs offer free tax return preparation to eligible people in the community by IRS certified volunteers through a network of community partnerships. The VITA program has operated for over 50 years. VITA sites offer free tax help to people who need assistance in preparing their own tax returns, including, people who generally make $67,000 or less, persons with disabilities and limited English-speaking taxpayers. In addition to VITA, TCE program volunteers offer free tax help, particularly for those who are 60 years of age and older, specializing in questions about pensions and retirement-related issues unique to seniors. 
    • MilTax, a Department of Defense program, generally offers free return preparation and electronic filing software for federal income tax returns and up to three state income tax returns for all military members and some veterans, with no income limit. 

    Skip the wait: Get tax info with an Individual Online Account 

    Individuals with Social Security numbers or Individual Taxpayer Identification Numbers (ITIN) can create or securely access their Individual Online Account and get the latest information about their federal tax account. 

    With an IRS online account, taxpayers can: 

    • Access their tax records, including their Adjusted Gross Income from their most recently filed tax return.
    • View, approve and sign authorizations from their tax professional.
    • Request and view their Identity Protection PIN (IP PIN), a six-digit number known only to the taxpayer and the IRS that prevents someone else from filing a tax return using their information.
    • Check refund status.
    • Validate and save bank accounts.
    • View balance and payment history and create a payment plan.
    • Make a payment and schedule or cancel future payments.
    • Get virtual assistance for balance due and payment-related questions.
    • Manage their communication preferences. 

    Skip the wondering: Check refund status online 

    The popular Where’s My Refund? tool on IRS.gov has the most up-to-date information available about a taxpayer’s refund status. Recent improvements to Where’s My Refund? allow taxpayers to see more detailed refund status messages in plain language, reducing the need for taxpayers to call the IRS. 

    Most Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) related refunds should be available in bank accounts or on debit cards by March 3 if taxpayers chose direct deposit and there are no other issues with their tax return. Taxpayers can check Where’s My Refund? for their personalized refund date. Where's My Refund? should show an updated status by February 22 for most early EITC/ACTC filers. 

    Skip the phone: Get answers to tax questions online 

    The Interactive Tax Assistant (ITA) tool on IRS.gov provides answers to several tax questions specific to individual circumstances. Based on input, ITA determines a person’s filing status, whether they should file a tax return, if someone is an eligible dependent, if a type of income is taxable, if a filer is eligible to claim a credit, if an expense is deductible and more. 

    Skip the headache: Use online checklists when preparing to file 

    Taxpayers can find out what tax paperwork and records they need to file an accurate and complete return on IRS.gov. Taxpayers should have all their important and necessary documents before preparing their return. They should also check for common errors and omissions that may slow down tax processing, including refund times. 

    If a taxpayer receives Form 1099-K, they should visit What to do with Form 1099-K to help them determine if that money should be reported as income on their federal tax return. Missing a W-2? Certain information return documents are available in Individual Online Account. People can sign on and get copies of Forms W-2, Wage and Tax Statement; Forms 1095-A, Health Insurance Marketplace Statement; and Forms 1099-NEC, Nonemployee Compensation. These forms are available for tax years 2023 and 2024. 

    Skip the guessing: Check eligibility for EITC using online tax assistant 

    The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. The IRS estimates that about one in five EITC eligible taxpayers don’t claim this valuable credit. If a taxpayer qualifies, they can use the credit to reduce the taxes they owe – and maybe increase their refund.

    The Earned Income Tax Credit Assistant on IRS.gov can help individuals determine: 

    • If they are eligible to claim the EITC.
    • If they have any qualifying children or relatives.
    • The estimated amount of their credit.
    • The filing status they should use. 

    Skip the worry: Use an IP PIN to protect against tax-related identity theft 

    An Identity Protection PIN (IP PIN) is a proactive way to protect against tax-related identity theft. Tax-related identity theft occurs when someone uses stolen personal information, including Social Security numbers, to file a tax return claiming a fraudulent refund. If a person suspects they are a victim of identity theft, they should continue to pay their taxes and file their tax return, even if they must file a paper return. Visit Identity Theft Central to find out more. 

    An Identity Protection PIN (IP PIN) is a six-digit number known only to the taxpayer and the IRS that prevents someone else from filing a tax return using their Social Security number or Individual Taxpayer Identification Number. It helps the IRS verify a person’s identity when they file their electronic or paper tax return. The fastest way to request and receive an IP PIN is by creating an Individual Online Account. If someone wishes to get an IP PIN and they don’t already have an account on IRS.gov, they must register to validate their identity. 

    Skip the stress: Find a reputable tax professional at IRS.gov 

    The IRS also reminds taxpayers that a trusted tax professional can prepare their tax return and provide helpful information and advice. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications to find a preparer who is skilled in tax preparation and accurately files income tax returns. 

    Most tax professionals provide outstanding and professional tax service. However, choosing the wrong tax return preparer hurts taxpayers financially every year. Be sure to check tips for choosing a tax preparer and how to avoid unethical "ghost" return preparers

    While all tax professionals are required to list their preparer tax identification number (PTIN) and sign the return, some do not. Referred to as ghost preparers, these people encourage taxpayers to take advantage of tax credits and benefits for which they do not qualify. Sometimes they charge a large percentage fee of the refund or even steal the entire tax refund. After the tax return is prepared, these “ghost preparers” may simply disappear, leaving well-meaning taxpayers to deal with the consequences. 

    The IRS encourages people to use a trusted tax professional because even when the tax return preparer signs the return, the taxpayer is ultimately responsible for the accuracy of every item reported on their return. Visit IRS.gov to find a reputable tax professional. 

    Skip the surprise: Use the Tax Withholding Estimator 

    Taxpayers should check their tax withholding every year, especially if they experience a major life change. The Tax Withholding Estimator tool allows taxpayers to estimate the federal income tax they want their employer to withhold from their paycheck. 

    By using the Tax Withholding Estimator, taxpayers can adjust their tax withheld up front so they can protect against having too little tax withheld and prevent an unexpected tax bill or penalty at tax time next year. Taxpayers should submit a new Form W-4 to their employer to make any adjustments. 

    IRS.gov is the first stop for help 

    IRS.gov is the quickest and easiest option to get help. Taxpayers can visit IRS.gov anytime to get answers to tax questions. People can find more tips and resources by visiting the Let Us Help You page on IRS.gov. 

    For more information 


  • 12 Feb 2025 11:30 AM | Anonymous

    Revenue Procedure 2025-16 provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2025; and (2) a table of dollar amounts that must be used to determine income inclusions by lessees of passenger automobiles with a lease term beginning in calendar year 2025. The tables detailing these depreciation limitations and amounts used to determine lessee income inclusions reflect the automobile price inflation adjustments required by section 280F(d)(7). For purposes of this revenue procedure, the term “passenger automobiles” includes trucks and vans. 

    Revenue Procedure 2025-16 will be in IRB:  2025-11, dated March 10, 2025.


  • 03 Feb 2025 12:12 PM | Anonymous

    EITC has helped America’s working families since 1975

    WASHINGTON — The Internal Revenue Service and partners around the nation today celebrated the 50th anniversary of the Earned Income Tax Credit (EITC)with the launch of this year’s EITC Awareness Day campaign. 

    The annual campaign, now in its 19th year, helps increase awareness among the millions of working Americans with a low-to-moderate income who are eligible for the EITC. The IRS estimates that roughly one in five eligible taxpayers miss out on claiming this valuable credit.  

    EITC was signed into law on March 29, 1975. Through numerous legislative changes, the tax break has helped encourage work and lift many financially challenged families out of poverty. 

    As of December 2024, approximately 23 million workers and families had received about $64 billion total from the EITC, according to IRS statistics. On average, eligible taxpayers received $2,743 from the credit in tax year 2023. 

    For the past 19 years, the IRS has invited community organizations, elected officials, state and local governments, schools, employers and other interested parties to join this national grassroots effort to help reach workers eligible for the credit. IRS offers an online social media toolkit with sample text and downloadable graphics to help spread the word about the EITC. 

    Who is eligible to claim the EITC? 

    Workers may use the EITC Assistant, an online tool, to check their eligibility, which may be affected by changes in marital, parental or financial status. Workers also may visit the Child-related Tax Benefits Comparison page to learn more about basic eligibility rules for the EITC and several other tax credits. 

    EITC is for workers whose income did not exceed the following limits in 2024:

    No. of Dependents

    Single Filer Income Limit

    Married, Filing Jointly Income Limit

    No children                 

    $18,591

    $25,511

    1 child                         

    $49,084

    $56,004

    2 children                   

    $55,768

    $62,688

    3+ children                  

    $59,899

    $66,819

    *Investment income limit: $11,600 

    Workers also must:

    • Be a U.S. citizen or resident alien all year.
    • File a tax return even if their income level doesn’t usually require them to file.
    • Have a valid Social Security number (SSN) for themselves, as well as for their spouse, if filing a joint return, and for each qualifying dependent claimed for the EITC.
    • File a return without Form 2555, Foreign Earned Income.

    There are special rules for military personnel, clergy and ministersand taxpayers with certain types of disability income or a child who is disabled.

    Eligible workers between the ages of 25 and 64 who have no dependents may receive up to $632 by claiming the EITC, while married but separated spouses who do not file a joint return may qualify for the EITC if they meet certain requirements.

    Those with qualifying children can receive a maximum of $7,830 when claiming the EITC for tax year 2024, up from $7,430 in tax year 2023.

    How to claim the EITC

    To get the EITC, workers must file a tax return and claim the credit on that return. They can file in a variety of ways, including by using:

    As a reminder, the quickest way for taxpayers to get their refund is by e-filing an accurate return and choosing to receive that refund via direct deposit.

    New this year: Duplicate dependents

    Starting this filing season, the IRS will accept an e-filed return even if a dependent has already been claimed on a separate, previously filed return as long as the primary taxpayer on the second return includes a valid Identity Protection Personal Identification Number (IP PIN).

    This change will reduce the time it takes for the agency to receive the tax return and accelerate the issuance of tax refunds for those with duplicate dependent returns. In previous years, the second tax return had to be filed by paper.

    Meanwhile, taxpayers who do not have IP PINs will have their e-filed returns rejected if one of their dependents has already been claimed by another taxpayer.

    Note that the use of an IP PIN does not exempt taxpayers from receiving notices questioning their right to claim certain dependents.

    Claiming other valuable tax credits

    Whether they qualify for the EITC, taxpayers may be eligible for other valuable tax credits, such as the Child Tax Credit (CTC), the Additional Child Tax Credit (ACTC) or the Credit for Other Dependents (ODC). The Interactive Tax Assistant is a helpful tool for taxpayers to check their eligibility for those credits.

    When to expect EITC refunds

    The “Where’s My Refund?” tool, which allows taxpayers to monitor the status of their refunds, will be updated with projected deposit dates for most early EITC/ACTC refund filers by Feb. 22. Most EITC or ACTC related refunds should be available in bank accounts or on debit cards by March 3 if there are no issues with a taxpayer’s return and they chose to receive their refund by direct deposit.

    Additional resources


  • 03 Feb 2025 12:11 PM | Anonymous

    Issue Number:  2025-05

    Inside This Issue

    1. 2025 filing season underway with expanded services for taxpayers
    2. IRS, national partners promote EITC Awareness Day on 50th anniversary of the Earned Income Tax Credit
    3. Upcoming webinars and continuing education for tax professionals
    4. News from the Justice Department’s Tax Division

    1.  2025 filing season underway with expanded services for taxpayers

    The IRS opened the 2025 tax season on Jan. 27 with a focus on expanding options and features to help taxpayers. The IRS expects more than 140 million individual tax returns to be filed this season. The filing deadline is April 15. Taxpayers residing in a federally declared disaster area may have additional time to file and pay federal taxes.

    Back to top

    2.  IRS, national partners promote EITC Awareness Day on 50th anniversary of the Earned Income Tax Credit

    In honor of the 50th anniversary of the Earned Income Tax Credit, the IRS and its partners nationwide launched this year’s EITC Awareness Day Campaign.

    Now in its 19th year, the annual campaign aims to increase awareness among the millions of working Americans with a low-to-moderate income who are eligible for the EITC. The IRS estimates that roughly one in five eligible taxpayers miss out on claiming this credit. As of December 2024, roughly 23 million workers and families had received about $64 billion total from the EITC, according to IRS statistics. On average, eligible taxpayers received $2,743 from the credit in tax year 2023.

    Taxpayers may use the EITC Assistant to check their eligibility, which may be affected by changes in marital, parental or financial status. Even if taxpayers do not qualify for the EITC, they may be eligible for other credits or deductions. The Interactive Tax Assistant can help determine eligibility for the Child Tax Credit, Additional Child Tax Credit or Credit for Other Dependents.

    Visit the Tax Return Preparer Toolkit for more information.

    Back to top

    3.  Upcoming webinars and continuing education for tax professionals

    The IRS offers the upcoming live webinars to the tax pro community:

    • The ABCs of Foreign Tax Credit for Individuals (FTC) on Feb. 19 at 1 p.m. ET. Earn up to two continuing education credits (Federal Tax). Visit the registration page for this webinar for more information.

    The IRS also encourages tax professionals to register for the IRS Nationwide Tax Forum Online to get access to 18 seminars recorded at the 2024 IRS Nationwide Tax Forum. The Nationwide Tax Forum Online offers tax professionals a convenient way to stay informed about current legislation, IRS procedures and key topics for the upcoming tax season.

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    4.  News from the Justice Department’s Tax Division

    A federal grand jury in New Jersey returned an indictment charging Christopher Demba with 55 counts of tax return fraud and obstructing the IRS. For tax years 2018 through 2023, Demba, a New Jersey tax preparation business owner, allegedly prepared returns for clients that contained false information resulting in the clients claiming refunds to which they were not entitled. In addition, the claim alleges that Demba obstructed the IRS by providing fictitious working papers to IRS personnel to support some of the claims on returns he prepared for clients. Demba faces three years in prison for each count as well as a period of supervised release, restitution and monetary penalties. IRS Criminal Investigation is investigating the case.

    Back to top

                                         

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    If you have a specific concern about your client's tax situation, call the IRS Practitioner Priority Service 1-866-860-4259.

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  • 30 Jan 2025 12:09 PM | Anonymous

    IRS offers top tips to make tax time easier  

    WASHINGTON —The Internal Revenue Service today provided taxpayers with six tips to make filing their 2024 tax return easier. 

    Most of the information below is also available on the IRS.gov Let Us Help You page. Taxpayers should follow these handy suggestions as they prepare to file: 

    1. Gather all important and necessary tax paperwork and records needed for filing a complete and accurate tax return. Errors and omissions can lead to missing a deduction or credit and slow down tax return processing and refunds. 

    Before filing, taxpayers should have their: 

    • Social Security numbers for everyone listed on the tax return.
    • Bank account and routing numbers.
    • Tax forms such as W-2s, 1099s, 1098s, records of digital asset transactions and other income documents.
    • Form 1095-A, Health Insurance Marketplace statement.
    • IRS letters they may have citing an amount received for a certain tax deduction or credit.

    2. Report all types of income on the tax return to avoid receiving a notice or a bill from the IRS. Include income from: 

    • Goods created and sold on online platforms.
    • Investment income.
    • Part-time or seasonal work.
    • Self-employment or other business activities.
    • Services provided and paid through mobile apps. 

    3. Avoid paper returns. Filing electronically with direct deposit is the fastest way to get a refund. Plus, tax software helps taxpayers avoid mistakes. It does the math and guides people through each section of their tax return. 

    4. Consider IRS free resources to help eligible taxpayers file. 

    • IRS Free File provides a free online alternative to filing a paper tax return to any individual or family who earned $84,000 or less in 2024.
    • Direct File is available in 25 participating states for eligible taxpayers to file online directly with the IRS for free. This year, Direct File supports reporting more income types and claiming more credits and deductions. The free web-based service – available in English and Spanish – provides access to IRS customer service representatives through a live chat feature and works on mobile phones, laptops, tablets or desktop computers. Direct File guides taxpayers through a series of questions to prepare their federal tax return step-by-step and automatically guides taxpayers to state tools to complete their state taxes.
    • People who make over $84,000 can use the IRS' Free File Fillable Forms. These are the electronic version of IRS paper forms. This product is best for people who are comfortable preparing their own taxes.
    • People who generally make $67,000 or less, persons with disabilities, limited English-speaking taxpayers and those who are 60 years of age and older, can also find free one-on-one tax preparation help around the nation through the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.
    • The Department of Defense provides MilTaxas a free tax resource for the military community. MilTax is a suite of tax services available for members of the military, as well as qualifying veterans and family members. There are no income limits. Eligible taxpayers can use MilTax to electronically file a federal tax return and up to three state returns for free. 

    5. Choose tax filing options based on personal situation and comfort level with tax preparation: 

    6. Use online resources at IRS.gov to quickly get answers to tax questions, check a refund status or pay taxes. There’s no wait time or appointment needed. Online tools and resources are available 24 hours a day, including the IRS’ Interactive Tax Assistant tooland Let Us Help You resources, which are especially helpful. 

    Stay updated 


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is a 501(c)6 non-profit organization.

8100 Three Chopt Rd. Ste 226 | Richmond, VA 23229 | Phone: (800) 927-2731 | asv@virginia-accountants.org

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