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Beginning with tax returns due on or after January 1, 2027, the IRS will now automatically abate penalties for the failure to file, failure to pay, or failure to make tax deposits for annual and quarterly tax filings whenever a taxpayer has three prior years (or 12...
The Internal Revenue Service announced recently that taxpayers can now log into their online individual accounts to view or submit Trump Account elections. This will make it easier for people to invest in the accounts, and provide a tool to invest, manage, and...
If you are aware of an individual, business, or tax-exempt organization that is cheating on its taxes, you can now report the person or business on the IRS’ website, anonymously to the offender, and receive up to 30% of proceeds collected by the IRS. It will be...
The IRS now has an online tool with a series of questions for individuals and business owners who may need temporary relief from paying the IRS, or may need a payment plan. The tool is easy to use and will provide all available options to taxpayers. For more...
The IRS issued final regulations today identifying the type of workers who receive tips that may deduct those tips from income, under the One, Big, Beautiful Bill. The tips must be qualified by meeting certain requirements, including that they be made voluntarily by...
Thanks to President Trump and the One, Big, Beautiful Bill, four million children born after January 1, 2025, have signed up to receive a tax-favored account of $1,000. Beginning July 4, 2026, the parents, relatives, friends, philanthropic organizations and others...
The IRS may be saving hundreds of millions of dollars by cancelling certain contracts, although the effect on service to taxpayers is not yet known. In early 2025, the IRS reviewed more than 3,000 contracts and identified 334 contracts to cancel, with a potential...
Criminals seem to never sleep, constantly on the lookout for another way to scam individuals, businesses, and even tax professionals. Each year, the IRS publishes a list of the top 12 scams that threaten the tax and financial information of taxpayers. At the top of...
The IRS announced the launch of a new web page that allows taxpayers who suspect tax fraud, scams, evasion, or other tax-related illegal activities to confidentially report that information to the IRS online. This will enhance how referrals are used to stop illegal...
The Treasury Inspector General for Tax Administration (TIGTA) conducted an inquiry and reported in August 2023, that more than 20,000 taxpayer accounts were locked in error due to human and computer problems at the IRS, preventing these taxpayers from accessing their...
