The Internal Revenue Service Advisory Council, also known as IRSAC, has come out with its annual report for 2020. The 195-page report includes recommendations to the IRS on new and continuing issues in tax administration.…

Read more about IRS Advisory Council Issues 2020 Annual Report

Tax professionals across the country are preparing for next filing season by training seasonal staff, reviewing software updates, and earning CPE.…

Read more about National Tax Security Awareness Week to Focus on Identity Theft Prevention

With 2020’s extended tax deadlines due to the coronavirus pandemic, it seems like we just wrapped up the previous tax season. But believe it or not, the next filing season kicks off Jan. 1, 2021.…

Read more about Get Started Now to Make Next Tax Season Easier

Fiscal Year 2020 was a very busy—and productive—year for the IRS’ Criminal Investigations unit. The just-released annual report for CI Division touts the unit’s identification of more than $10 billion in tax fraud and other financial crimes, despite the limitations of the COVID-19 pandemic.…

Read more about IRS Investigators Make Big Advances in a Busy 2020

After Dec. 12, business tax transcripts will soon be a little less informative—for good reason. The IRS will start masking sensitive data on the transcripts to protect businesses from identity theft beginning Dec. 13.…

Read more about IRS to Mask Key Details on Business Transcript

Some people managed to register for their $1,200 Economic Impact Payment (EIP) but just didn’t have the necessary information in-hand to also sign up for the $500 payment for qualifying children.…

Read more about More Time to Register to Get $500 EIP for Children

A new notice from the Internal Revenue Service reveals some new rules that are expected to be included in upcoming proposed regulations.…

Read more about New Guidance Clears Up Partnership Deduction for State, Local Taxes

Anyone who doesn’t normally file a tax return but hasn’t already received an Economic Impact Payment (EIP) is urged by the IRS to take advantage of its “National EIP Registration Day.”…

Read more about IRS Reminds Last Chance for Non-Filer EIPs Not Far Away

New guidance has been issued by the Department of the Treasury and the Internal Revenue Service for employers and employees with terminating 403(b) plans.…

Read more about New Guidance Provided on Terminating 403(b) Plans

The Internal Revenue Service announced that some college students could qualify for an Economic Impact Payment. This press release is part of the agency’s push to get all eligible non-filers to register for an EIP before the Nov. 21, 2020 deadline, and it comes days before National EIP Registration Day.…

Read more about IRS Says Self-Supporting College Students Could Qualify for an EIP