The IRS spends millions of dollars each year digitizing paper tax returns, and storing them. While only six percent of individuals file tax returns by mail, the processing cost for those returns makes up 72% of the total processing costs per filing season. The IRS set...
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Nearly Five Million Received Penalty Relief During the Pandemic
The IRS succeeded in accurately providing penalty relief 99% of the time regarding the COVID-19 relief to taxpayers who could not afford to make payments to the IRS during the pandemic. Of the 4.9 million who sought relief, some 3.6 million are on track to ultimately...
Taxpayer Advocate Annual Report to Congress – IRS Challenges Ahead
IRS Taxpayer Advocate, Erin Collins, issued her Annual Report to Congress siting the high workforce at the IRS for improved services to taxpayers. For taxpayers who don’t require the human touch, and file tax returns electronically, with payments and refunds managed...
The IRS is Open for Tax Returns!
The filing season officially began this week with the IRS now accepting income tax returns for 2025. Anticipating approximately 164 million individual returns to be filed by April 15, 2026, the IRS has provided tools and filing options to assist taxpayers with...
Identity Theft Awareness
The IRS marked this week as Identity Theft Awareness to alert taxpayers to current common frauds. For example, some taxpayers are the victims of identity theft, when someone else files a false tax return, claiming huge deductions, in hopes of having a tax refund...
Uniformed Service Members Receive Non-Taxable Payment
The One Big Beautiful Bill strikes again, this time benefiting members of the uniformed services. Certain active-duty members of the Army, Air Force, Navy, Marine Corp. and Space Force received a one-time supplemental payment of $1,776 which will not be taxable as...
Get Ready, Get Set…File Your 2025 Federal Income Tax Return
The IRS is making it easier for taxpayers to prepare for the filing season with updates and important information that may help lower your tax liability for 2025. By now, all taxpayers should have an online account with the IRS, which may be established or accessed...
Car Loan Interest Up to $10,000 May Now Be Deductible
Under the One, Big, Beautiful Bill, the IRS has issued proposed regulations that provide a new deduction for interest paid on vehicle loans incurred after December 31, 2024. This may be used by taxpayers regardless of whether they itemize their deductions or use the...
Rat Out Tax Cheats with New IRS Online Portal and Receive Reward
As long as people have been cheating on their taxes, other people have turned the tax cheats into the IRS. In 2007, the IRS launched a program to provide a portion of the proceeds to the whistleblowers. To date, the IRS has paid out over $1.4 billion to...
New Tax Benefits for Health Savings Account Participants
The IRS recently provided guidance for participants of health savings accounts (HSAs) for new tax benefits they may receive. The changes expand eligibility which allows more people to pay for healthcare costs through tax-free, ultimately saving them money. To learn...
