Federal Tax

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IRS increases visits to high-income taxpayers who haven’t filed tax returns
As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service today announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax...
IRS urges tax professionals, taxpayers to protect tax software accounts with multi-factor authentication
The IRS and its Security Summit partners today called on tax professionals and taxpayers to use the free, multi-factor authentication feature being offered on tax preparation software products. Already, nearly two dozen tax practitioner firms...
IRS, Treasury issue proposed regulations updating income tax withholding rules
The U.S. Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation. In...
2020: The year of the amended tax return
The Further Consolidated Appropriations Act, enacted on Dec. 20, 2019, included a number of tax changes with retroactive impact, requiring taxpayers and their advisors to consider filing amended 2018 tax returns. These include 28 regularly...
Help staff let off steam during busy season
As accounting teams trudge into the long winter months, laboring to make hard busy season deadlines, it can help to turn down the pressure from time to time. We asked representatives from four accounting firms to describe their favorite...
IRS launches Identity Theft Central
The Internal Revenue Service today launched Identity Theft Central, designed to improve online access to information on identity theft and data security protection for taxpayers, tax professionals and businesses. Located on IRS.gov, Identity...
Tax Identity Theft Awareness Week Runs Feb. 3-6: Resources You Need to Know
Tax identity thieves and IRS imposters are ready for tax season, whether you are or not. Join the FTC and its partners for Tax Identity Theft Awareness Week to find out how to protect yourself, and what to do if you or someone you know runs into...
IRS outlines new tax law effect on tax exempt organizations
The Internal Revenue Service wants tax-exempt organizations to know about recent tax law changes that might affect them. The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply...
Churches, nonprofits win repeal of federal tax
While Democrats have repealed much of the GOP’s tax overhaul, there have been some tweaks, including the elimination of a tax levied on churches, universities and other nonprofits. Reps. Joe Courtney, D-2nd District, and John Larson, D-1st...
IRS: Don’t Rush To Take 2020 IRA RMDs, You Might Not Have To
The Internal Revenue Service is giving financial institutions a break when it comes to notifying retirement account holders about the new rules for taking required payouts known as RMDs. In Notice 2020-06, the IRS says that financial institutions...

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