Category Archives: IRS News

Tax Returns with Education Credit on Hold

Courtesy of the IRS [See TaxMama note below] The IRS announced on Monday that taxpayers filing Form 8863, to claim the American Opportunity Tax Credit or the Lifetime Learning Credit can begin filing by the middle of February after the IRS updates its processing systems. The delayed start will have no impact on taxpayers claiming […]

IRS Provides Penalty Relief to Farmers and Fishermen

Courtesy of the IRS [TaxMama Note: NAEA has been pursuing this problem with the IRS all month. They were thrilled to announce this fix about an hour ago. IRS just released these guidelines.] WASHINGTON — The Internal Revenue Service announced today that it will issue guidance in the near future to provide relief from the […]

List of IRS 1040-Related forms that Are Not Yet Ready

IRS will not have the electronic filing system ready until January 30, 2013 due to the late legislation. The following tax forms will be accepted by the IRS in late February or into March after updating forms and completing programming and testing of its processing systems.  A specific date will be announced in the near […]

National Taxpayer Advocate’s Annual Report

National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Tax Reform, IRS Funding and Identity Theft IR-2013-3, Jan. 9, 2013 WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her 2012 annual report to Congress, identifying the need for tax reform as the overriding priority in tax administration. The Advocate also expressed concern […]

Proposed Regulations Issued on Additional Medicare Tax

Courtesy of the IRS A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are:

What’s Happening in Congress Regarding Our Taxes?

Courtesy of the National Association of Enrolled Agents NAEA’s E@lert’s holiday present to readers and taxpayers  is a one-week reprieve on Taxmageddon. The short version is that negotiations are ongoing and largely behind closed doors. Shifting gears a bit, we have news about the tax writing committees. At the start of the 113th Congress (the […]

IRS Offers Tax Tips for “The Season of Giving”

Courtesy of the Internal Revenue Service December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations […]

IRS Strengthens Integrity of ITIN System

Courtesy of the IRS For more information about the reason the system needs strengthening…read TaxMama’s MarketWatch article. WASHINGTON –– The Internal Revenue Service announced today updated procedures to strengthen the Individual Taxpayer Identification Number (ITIN) program requirements. The new modifications and documentation standards further protect the integrity of the ITIN application and refund processes while helping […]

IRS Steps up Quickly to Help Hurricane Sandy Victims

Last week, before Commissioner Doug Shulman left, he made sure that the IRS was in  position to cut red-tape and make life easier for Hurricane Sandy victims. Tax Relief for Victims of Hurricane Sandy in Connecticut, New Jersey and New York Victims of Hurricane Sandy that began on Oct. 27 in parts of Connecticut, New […]