The 2021 tax filing season is nearly over, with the April 18 tax filing deadline fast approaching. If you’ve filed your return, were you unpleasantly surprised to learn that you owed the IRS money? Or perhaps you thought your refund was too small or too big? If this was the case, your withholding adjustments might […]

The IRS’s recent woes are well documented. So it’s probably no surprise that the Government Accountability Office (GAO) is recommending changes. In a report assessing the 2021 tax season, the GAO notes problems. For example, online refund information was limited and in-person services declined. The GAO suggests such steps as modernizing the “Where’s My Refund” […]

Thanks to ongoing efforts by the IRS, state agencies and the accounting industry, tax fraud schemes where criminals use stolen identities to file for refunds are becoming less prevalent. One way you can protect yourself is by requesting an Identity Protection PIN (IP PIN) from the IRS. This is a six-digit number that must be […]

From the IRS: How to Pay Your Taxes https://bit.ly/3vfuvGS  A simple tutorial if you need help on how to pay your federal tax bill.

U.S. Treasury Secretary Janet Yellen recently warned lawmakers that the global economy can expect “enormous repercussions” from the war in Ukraine. In testimony before a congressional committee, Yellen explained that spillover from the war is heightening economic vulnerabilities in many countries already facing higher debt burdens and limited policy options as they recover from COVID-19. […]

During this busy tax season, the IRS is reminding individuals how it will and, more importantly, won’t contact taxpayers. If the IRS needs to contact you, typically it first delivers a letter through the mail. The agency may call after mailing a notice to confirm an appointment or to discuss an audit. Also, in certain […]

403(b) retirement plans are available to employees of schools, colleges, religious entities and other tax-exempt organizations. For some employees, 403(b) accounts are their main retirement saving vehicles, although others supplement them with other plans. In a recent report, the Government Accountability Office found that the fees associated with 403(b) plans “varied widely” depending on the […]

How well is the IRS tracking some of its own costs? Recently, the Treasury Inspector General for Tax Administration (TIGTA) audited cost tracking in the IRS Private Debt Collection (PDC) program, which began in 2017. For fiscal years 2017–2019, the IRS assigned tax receivables valued at nearly $22.6 billion to private collection agencies. TIGTA found […]