News & resources

Do you have questions about the industry?

Here you'll find answers to your questions about the industry, as well as tips on how to run a better business. Make sure to check in regularly as the list is updated every 2 weeks.

Let us know if you have any suggestions on a particular subject you would like to learn more about.

Things to remember when filing 2023 tax returns

February 1, 2024
WASHINGTON —The Internal Revenue Service today offered a checklist to help taxpayers as they prepare to file their 2023 tax returns during filing season. These six easy tips will help make tax preparation smoother in 2024. Much of this information is also available on a special IRS.gov free help page:
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Security Summit: Tax pros should remain vigilant against phishing emails and cloud-based attacks

August 1, 2023
IR-2023-138, August 1, 2023 WASHINGTON — In the third installment of a special series, the Security Summit partners warned tax professionals to be aware of evolving phishing scams and cloud-based schemes designed to steal sensitive taxpayer information.
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Tax Time Guide: IRS reminder to report all income; gig economy and service industry, digital or foreign assets and sources

March 2, 2023
IR-2023-35, March 1, 2023 WASHINGTON — The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from the gig economy and service industry, transactions from digital assets, and foreign sources or holding certain foreign assets. Information available on IRS.gov and Instructions for Form 1040 and Form 1040-SR can help taxpayers understand and meet these reporting and tax requirements.
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Filing Season 2023 has begun: Employer January 31 wage statement deadline almost here

February 4, 2023
IR-2023-15, January 26, 2023 WASHINGTON — The Internal Revenue Service today urged employers to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely prevents late-filing penalties for employers, helps employees file their income tax returns and prevents tax fraud.
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IRS increases mileage rate for remainder of 2022

June 16, 2022
IR-2022-124, June 9, 2022 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
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IRS reminds holders of foreign bank and financial accounts of April FBAR deadline

April 5, 2022
IR-2022-73, March 31, 2022 WASHINGTON – The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network's (FinCEN) website PDF for further information.
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When to Expect Your Refund if You Claimed the Earned Income Tax Credit or Additional Child Tax Credit

February 9, 2022
When to Expect Your Refund if You Claimed the Earned Income Tax Credit or Additional Child Tax Credit
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Get ready for taxes: Easy steps taxpayers can take now to make tax filing easier in 2022

November 10, 2021
IR-2021-217, November 8, 2021 WASHINGTON — The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help them file their federal tax returns in 2022.
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IRS joins international organizations in fighting charity fraud during special awareness week

October 22, 2021
IR-2021-205, October 18, 2021 WASHINGTON — The Internal Revenue Service is joining international organizations and other regulators in highlighting Charity Fraud Awareness Week, October 18-22.
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Oct. 15 deadline approaches for taxpayers who requested extensions to file 2020 tax returns

September 27, 2021
IR-2021-189, September 16, 2021 WASHINGTON — The Internal Revenue Service today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS Free File, are still available.
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Security Summit: Tax pros should encourage clients to obtain IP PINs to protect against tax-related identity theft

July 28, 2021
IR-2021-158, July 27, 2021 WASHINGTON — Internal Revenue Service Security Summit partners today called on tax professionals to increase efforts to inform clients about the Identity Protection PIN Opt-In Program that can protect against tax-related identity theft.
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IRS, Treasury disbursed 90 million Economic Impact Payments from the American Rescue Plan

March 18, 2021
IR-2021-58, March 17, 2021 WASHINGTON — Today, the Internal Revenue Service, the U.S. Department of the Treasury and the Bureau of the Fiscal Service announced they disbursed approximately 90 million Economic Impact Payments from the American Rescue Plan. As announced last week, Economic Impact Payments are rolling out in tranches to millions of Americans in the coming weeks.
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Victims of Texas winter storms get deadline extensions and other tax relief

February 25, 2021
WASHINGTON — Victims of this month's winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
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Important reminders before filing 2020 tax returns

January 28, 2021
IR-2021-23, January 27, 2021 WASHINGTON — Following an unpredictable year with many changes and challenges, the Internal Revenue Service today shared important reminders for taxpayers who are about to file their 2020 federal tax returns.
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Treasury issues millions of second Economic Impact Payments by debit card

January 8, 2021
WASHINGTON — Starting this week, the Treasury Department and the Internal Revenue Service are sending approximately 8 million second Economic Impact Payments (EIPs) by prepaid debit card.
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National Tax Security Awareness Week, Day 5: Security Summit alerts tax professionals to potential telework scams during COVID-19, urges all practitioners to use multi-factor authentication

December 7, 2020
R-2020-271, December 4, 2020 IRS YouTube Video: New Security Measures Help Protect Against Tax-Related Identity Theft English WASHINGTON — The IRS, state tax agencies and the tax industry marked the final day of National Tax Security Awareness Week with a warning to all tax professionals that they face additional challenges from cybercriminals seeking to exploit COVID-19 fears.
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October 15 deadline nears for taxpayers who requested tax filing extensions

October 14, 2020
Taxpayers should file electronically and request direct deposit for refunds
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IRS highlights online resources during Small Business Week; many resources available in multiple languages

September 23, 2020
IR-2020-218, September 22, 2020 WASHINGTON — In support of National Small Business Week – September 22 to 24 – the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business.
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Interest rates remain the same for the fourth quarter of 2020

September 8, 2020
IR-2020-202, September 3, 2020 WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates will be:
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Working Virtually: Use multi-factor authentication to protect accounts; Part 2 of Security Summit tips for tax professionals

August 3, 2020
IR-2020-170, July 28, 2020 WASHINGTON — With heightened threats during COVID-19, the Internal Revenue Service and Security Summit partners today called on tax professionals to select multi-factor authentication options whenever possible to prevent identity thieves from gaining access to client accounts.
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IRS: July 15 tax payment deadline approaching; plan on scheduling multiple payments now

June 26, 2020
IR-2020-131, June 26, 2020 WASHINGTON ― As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response to the COVID 19 pandemic. Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or by July 15, 2020: One for their 2019 income tax liability and one for their 2020 estimated tax payments. The two estimated tax payments can be combined into a single payment. A list of forms due July 15 is on the Coronavirus Tax Relief: Filing and Payment Deadlines page. Electronic payment options are the optimal way to make a tax payment.
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Why the Economic Impact Payment amount could be different than anticipated

May 13, 2020
WASHINGTON — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. Some Americans may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status and family size. See below for some common scenarios that may explain why you received a different payment amount than expected:
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Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed

March 23, 2020
IR-2020-58, March 21, 2020 WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
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Tax Time Guide: Payment options available for those who owe

March 5, 2020
R-2020-48, March 5, 2020 WASHINGTON — The Internal Revenue Service today reminded taxpayers that if they need to make a tax payment or owe and can't pay, the IRS offers several options.
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Improved Tax Withholding Estimator helps workers target the refund they want; shows how to fill out new 2020 W-4

January 23, 2020
WASHINGTON — The Internal Revenue Service has launched a new and improved Tax Withholding Estimator, designed to help workers target the refund they want by having the right amount of federal income tax taken out of their pay.
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IRS opens 2019 tax filing season for individual filers on Jan. 27

January 6, 2020
IR-2020-02, January 6, 2020 WASHINGTON ― The Internal Revenue Service confirmed that the nation's tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.
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Home News News Releases Get Ready for Taxes: What to do before the tax year ends December 31 Get Ready for Taxes: What to do before the tax year ends December 31

December 17, 2019
WASHINGTON — The Internal Revenue Service reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead.
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Get ready for taxes: Important things to know about refunds

November 27, 2019
WASHINGTON – As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may take longer.
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IRS provides tax inflation adjustments for tax year 2020

November 7, 2019
WASHINGTON — The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 (PDF) provides details about these annual adjustments.
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Reminder: Oct. 15 deadline approaching for taxpayers who requested extensions

October 7, 2019
WASHINGTON — Taxpayers who requested the six-month filing extension should complete their tax returns and file on or before the Oct. 15 deadline. Convenient electronic filing options, including IRS Free File, are still available.
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Treasury, IRS release final and proposed regulations on new 100% depreciation

September 16, 2019
WASHINGTON — The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.
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New IRS Tax Withholding Estimator helps workers with self-employment income

September 5, 2019
WASHINGTON — The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.
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IRS automatically waives estimated tax penalty for eligible 2018 tax filers

August 15, 2019
The IRS will apply this waiver to tax accounts of all eligible taxpayers, so there is no need to contact the IRS to apply for or request the waiver.Earlier this year, the IRS lowered the usual 90% penalty threshold to 80% to help taxpayers whose withholding and estimated tax payments fell short of their total 2018 tax liability.
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IRS launches new Tax Withholding Estimator

August 12, 2019
The new estimator takes a new approach and makes it easier for taxpayers to review their withholding. This is part of an ongoing effort by the IRS to improve quality services as we continue to pursue modernization and enhancements of our taxpayer relationships.
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