(Updated with new information: April 15, 2020, in the afternoon). The Treasury Department and the Internal Revenue Service (IRS) have released a new web tool that will allow taxpayers to update their direct deposit information to receive their stimulus checks (Economic Impact Payments) more quickly. This tool, which is now available, is available to those taxpayers who…
(Updated April 15, 2020: The new tool is up. More info in this story here.) Okay, I get it. I’m not brief. I’m a wordy girl. I like to be thorough. I’m a middle child and a lawyer: you do the math. I recently posted about a new web tool from the Treasury and the Internal Revenue Service (IRS) that…
(Updated: April 16, 2020) Many of you have written in to ask questions about stimulus checks. As of yesterday, I think I’ve replied to more than 900 of them… and still sorting through (please be patient). I’ve also written a bunch of pieces addressing some of the most commonly asked questions. If you have questions,…
Don’t be fooled: it’s not just Social Security Administration (SSA) scams making the rounds. Tax scam emails are flying fast and furious as well. I’ve gotten a few, including the following: The relevant text reads: Attention, Our records indicate that you are a Non-Resident Alien and sometime in the past submitted a form W-8BEN for your Tax…
Taxpayers are often quick to complain about customer service issues. Now, the Taxpayer Advocacy Panel (TAP) is seeking volunteers who are willing to help the Internal Revenue Service (IRS) identify ways to improve customer service and satisfaction. TAP was established in 2002 under the authority of the Department of the Treasury. It’s a Federal Advisory Committee made…
The Internal Revenue Service (IRS) has successfully opened the 2020 tax filing season. The IRS expects to process more than 150 million individual tax returns, with most coming before the April 15 tax deadline. The IRS expects the overwhelming majority of individuals – about 90% – to file their returns electronically. Filing electronically and choosing direct deposit remains the…
The IRS has issued guidance for some taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school. The guidance offers relief for students whose loans have been discharged by the Department of Education and who meet specific criteria. Typically, a discharge of indebtedness is a taxable event:…
Hear that noise? It’s the collective sighs of tax professionals around the country upon learning that the Internal Revenue Service (IRS) is in the midst of a hiring spree. According to IRS Commissioner Charles Rettig, the IRS is hiring thousands of new employees—the most in almost a decade. Rettig says that the IRS hired nearly…
One hundred years ago, six United States Post Office Inspectors were transferred to the Bureau of Internal Revenue (now Internal Revenue Service) to become the first special agents in charge of a new crime-fighting unit. This month, a host of tax professionals, including IRS Commissioner Charles Rettig, IRS-CI Chief Don Fort, and former Deputy Attorney General…
The Internal Revenue Service (IRS) has scheduled its 2019 Nationwide Tax Forum season. The first forum, planned for July 9-11, 2019, in National Harbor, Maryland, will focus on tax reform changes and cybersecurity tips for tax professionals. Tax lawyers, Enrolled Agents (EAs), Certified Public Accountants (CPAs), Certified Financial Planners (CFPs), Annual Filing Season Program participants,…