Editorial team of TFX
Articles
IRS offers new options for those struggling to pay their tax bills because of COVID-19
The Internal Revenue Service helps struggling taxpayers impacted by COVID-19 more easily settle their tax debts. "The IRS understands that many taxpayers face challenges, and we're working hard to help people facing issues paying their tax bills," said IRS Commissioner Chuck Rettig. ...
IRS adds QR codes to key balance due notices to help taxpayers
Starting in October, the IRS will be adding barcodes to CP14 and CP14 IA notices. These notices inform millions of taxpayers that they owe money on unpaid taxes and their payment options. The innovation aims at helping taxpayers with some inconveniences: ...
Additional time to file FBAR--- [FinCEN issues clarification]
Update: Note --- FinCEN has not yet published a news headline about this. The statement is currently not on their website but FinCEN is likely prepping a news release, which was not present this morning) Update 2: FinCEN backtracks and issues statement (below) Upda...
IRS releases guidance on returning erroneously received stimulus checks
Stimulus Payment Received in Error With millions of stimulus payments already being sent out, the IRS confirmed on May 6 that some economic impact payments were sent by mistake. Payments were sent in error to nonresident aliens, incarcerated people, and deceased taxpa...
IRS Expands FEIE Eligibility Due to Covid-19
IRS adds waiver for 2020 Foreign Earned Income Exclusion (FEIE) Due to COVID-19, the IRS is allowing taxpayers under certain conditions to meet requirements of the Foreign Earned Income Exclusion (FEIE). The IRS understands that many taxpayers, who had otherwise reasonably expected to remain abroad and meet FEIE requirements, had to r...
IRS Provides Relief to Taxpayers With Installment Agreements or Offer In Compromise (OIC)
IRS Introduces additional measures to provide relief for taxpayers during the COVID-19 pandemic. Many are logistical items within the IRS itself, but the below are key items that concern taxpayers, specifically those with installment agreements and offer in compromise (pending or accepted). ...