FICPA News
‘OIC mills’ and ‘ghost’ preparers in ‘Dirty Dozen’
Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.
journalofaccountancy.com
Midyear IRS mileage rate increase follows precedent, recent pleas
Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.
journalofaccountancy.com
IRS News
IRS increases mileage rate for remainder of 2022 | Internal Revenue Service
The Internal Revenue Service announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
irs.gov
Earned Income Tax Credit (EITC) | Internal Revenue Service
The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund. Did you receive a letter from the IRS about the EITC? Find out what to do.
irs.gov
Credits and Deductions | Internal Revenue Service
You can claim credits and deductions when you file your tax return. You may also qualify for certain coronavirus credits, deductions and relief.
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
Tax News
Sen. Rick Scott removes tax increase proposal from agenda after GOP backlash
The Florida Republican's “Plan to Rescue America” has been rejected by leaders of both parties.
nbcnews.com