Category Archives: Federal & State Tax Resolution Law
IRS Will Begin Direct Deposit For Amended Returns
The IRS has recently announced that taxpayers filing amended returns (Form 1040-X) will now be able to choose to have any refund directly deposited into their bank account. Prior to this change taxpayers filing amended returns had to wait for a physical, paper check to be issued. This added time to the process and delayed […]
IRS Announces Start of 2023 Tax Season
The Internal Revenue Service has announced that it will begin accepting tax returns for tax year 2022 beginning January 23, 2023 thus commencing the 2023 tax season. It was also announced that the filing deadline for 2022 returns will be April 18, 2023 due to holidays and weekends. Taxpayers who have suffered the past three […]
2022 Tax Filing News From The IRS
The Internal Revenue Service recently made several announcements intended to give taxpayers some advance notice of changes that may affect their 2022 filings. Some of the highlights that taxpayers should be aware of include:
401(k) and IRA Limits Raised by the IRS
The Internal Revenue Service recently announced increases to the amount that individuals can contribute to their 401(K) and IRAs. For individuals who participate in 401(k), 403(b), most 457 plan or the federal government’s Thrift Savings Plan the contribution limit has increased to $22,500 (up from $20,500). For individuals with IRAs the limit on annual contributions […]
IRS Warns of Increase in Text Scams
The Internal Revenue Service announced today that the agency is seeing a tremendous increase in text message-based scams aimed at taxpayers. IRS Commissioner Chuck Rettig referred to this increase as “phishing on an industrial scale” and warned that thousands of taxpayers may be at risk of receiving these scam messages.
IRS Announces Penalty Relief
The Internal Revenue Service announced that taxpayers affected by COVID-19 will receive relief from penalties for late filing of 2019 and 2020 tax returns. The relief from late filing penalties is expected to apply to most individuals and businesses who filed late returns. The IRS isn’t forgetting about those who have already been assessed a […]
Superstorm Sandy Tax Exemption
NYS has recently enacted legislation that extends the deadline to apply for a tax exemption for renovations or reconstruction of residential properties effected by Superstorm Sandy. The deadline was extended by two years to March 1, 20024.
Are More IRS Audit On The Way?
The Internal Revenue Service recently announced that it is in the process of hiring 470 new Revenue Agents. These newly hired Revenue Agents will specialize in performing individual and business tax return audits and will be assigned to the agency’s Small Business Self Employed (SB/SE) division. Here the Revenue Agents will use their knowledge of […]
The IRS is Hiring!
The IRS is looking to increase its’ workforce in 2022 and has announced that it is looking to hire over 4,000 new contact representatives!
IRS Interest Rates Increased
The Internal Revenue Service recently announced the increase in interest rates for the coming third quarter or 2022 which begins on July 1, 2022. Whether you owe taxes or made an overpayment will determine if this is welcome news or not.