IRS News
Tax Compliance: Trends of IRS Audit Rates and Results for Individual Taxpayers by Income
IRS audits individuals to verify if they accurately reported their taxes and, if they didn't, to determine if more taxes are owed. Audit trends vary...
gao.gov
Don’t wait to file: IRS encourages taxpayers with October filing extensions and others who still need to file | Internal Revenue Service
The Internal Revenue Service is encouraging taxpayers who have yet to file their 2021 tax return – including those who requested an extension of time – to file a complete and accurate return electronically as early as possible once they have all their information together. There’s no need to wait until the October deadline.
irs.gov
IRS extends VITA and TCE grants application deadline | Internal Revenue Service
The Internal Revenue Service has extended the deadline to June 17 for accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years.
irs.gov
For those who pay estimated taxes, second quarter June 15 deadline approaches | Internal Revenue Service
The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to pay their second quarter tax liability is June 15.
irs.gov
National Taxpayer Advocate
An Overloaded IRS Stops Certain Automated Notices, But Taxpayers Still Need to File Federal Tax Returns and Pay Outstanding Taxes
OVERLOADED IRS STOPS CERTAIN AUTOMATED NOTICES, BUT TAXPAYERS STILL NEED TO FILE FEDERAL TAX RETURNS AND PAY OUTSTANDING TAXES
In the latest NTA BLOG, National Taxpayer Advocate Erin M. Collins breaks down critical information taxpayers and tax practitioners need to know about the IRS’s recent decision to suspend some automated collection notices.
“We commend the IRS for suspending automated collection notices normally issued when a taxpayer owes additional tax and when the IRS has no record of a taxpayer filing a tax return,” says Collins. “This is a big relief for millions of taxpayers who may have received these notices while still waiting for the IRS to process their returns or address correspondence. Remember that interest and penalties will continue to mount, even if the IRS is not sending subsequent notices reminding taxpayers of their balances.”
The NTA encourages taxpayers to access or establish an online account with the IRS to view current balances and make payments.
The blog also cautions that despite the IRS stopping certain collection notices case-specific enforcement work will continue. This means some taxpayers may: • Receive a Notice of Federal Tax Lien; • Receive a Notice of Intent to Levy; • Have a certain property levied; and • Have their overpayments, including refundable tax credits, offset outstanding tax liabilities. Information is also provided about how taxpayers can seek relief from levies and refund offsets. Read the full NTA Blog for more important details.
The Taxpayer Advocate Service invites you to share this vital tax information with your audience.
irs.gov
TAS Tax Tip: Adjust Your Withholding to Ensure There’s No Surprises on Tax Day
It is a good practice for everyone to do a paycheck check-up every year. Checking your tax withholding amounts can ensure that you aren’t paying too much or too little in federal income tax.
irs.gov
Tax News
Consumers can purchase qualifying disaster preparedness supplies exempt from tax during the 2022 Disaster Preparedness Sales Tax Holiday.
Consumers can purchase qualifying disaster preparedness supplies exempt from tax during the 2022 Disaster Preparedness Sales Tax Holiday. Passed by the Florida Legislature and signed into law by Gov. Ron DeSantis, the sales tax holiday begins Saturday, May 28 and extends through Friday, June 10.
The sales tax holiday does not apply to the rental or repair of any of the qualifying items. Additionally, the sales tax holiday does not apply to sales in a theme park, entertainment complex, public lodging establishment or airport.
floridarevenue.com