Editorial team of TFX
Articles
IRS Advises Early Filers Who Reported Certain State Tax Refunds as Taxable to Consider Filing Amended Returns
The Internal Revenue Service (IRS) has recently released a statement advising taxpayers who filed their federal income taxes early this year and reported certain state 2022 tax refunds as taxable income to consider filing an amended return. The IRS clarified the federal tax status ...
IRS Announces Tax Relief for Mississippi, Arkansas, Tennessee & Indiana Storm Victims: Deadline Extended to July 31
The Internal Revenue Service (IRS) has announced tax relief for the victims of severe storms, tornadoes, straight-line winds, and flooding that occurred in Mississippi, Arkansas, Tennessee and Indiana from February 11-19, 2022. The IRS has extended the deadline for affected taxpayers to file their returns and make payments until July 31...
IRS to Offer Saturday Hours at Taxpayer Assistance Centers
The IRS has announced that it will offer Saturday hours at many of its Taxpayer Assistance Centers across the country, as part of its efforts to improve customer service during the tax season. The special Saturday hours will be available on March 11, April 8, and May 13, from 9am to 4pm Walk-In Service Without Appointments D...
Supreme Court Ruling: Non Willful Failure to File FBAR Penalty Applies Per Report, Not Per Account
On February 28, 2023, the U.S. The Supreme Court made a landmark decision on how the penalty for a non-willful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) for foreign accounts is to be calculated. The Court held, in a 5-4 decision, that the $10,000 penalty for a non willful failure to file an FBAR for foreign accounts a...
IRS Launches Power of Attorney and Tax Information Authorization Requests Online
The IRS has made it easier for taxpayers to authorize individuals to represent them before the IRS and access their confidential tax information. The new process, available through the IRS Online Account, allows taxpayers to quickly review, approve and s...
IRS Offers Tax Relief to Disaster-Affected Taxpayers in California, Alabama, and Georgia
The IRS has announced that taxpayers in certain areas of California, Alabama, and Georgia designated as disaster zones by FEMA will have until October 16, 2023, to file their federal individual and ...