Editorial team of TFX
Articles
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 ...
IRS Launches Secure Online Document Upload Feature for Taxpayers
The Internal Revenue Service (IRS) has recently announced that taxpayers who receive certain notices requesting them to send information to the IRS now have the option of submitting their documentation online through the IRS.gov website. This new feature allows taxpayers ...
The Taxability of State Payments: Understanding Your Obligations
The Internal Revenue Service (IRS) recently issued a statement regarding the taxability of state payments, such as unemployment benefits, under federal law. This statement serves as a reminder to individuals who have received state payments that they must report this income on thei...