Recent Articles
Interest Rates for Q2 2023 Are Announced by the IRS
The rate of interest is decided on a quarterly basis in accordance with the Internal Revenue Code. The overpayment and underpayment rate for taxpayers who are not corporations is equal to the federal short-term rate plus 3 percentage points. The...
IRS – Direct deposit of refunds is now an option for taxpayers who electronically file amended returns.
For the first time, anyone e-filing Form 1040-X can select direct deposit and enter their banking information for a faster refund. The IRS announced on February 9 that anyone who electronically files an amended individual income tax return can now...
State-issued stimulus payments are not taxable, according to the IRS
The IRS has determined that, for reasons of sound tax administration and other considerations, taxpayers in many states will not be required to disclose these payments on their 2022 tax returns. The Internal Revenue Service has provided clarification regarding the...
IRS Notifies Millions of Taxpayers to Delay Filing Your Returns
The problem stems from stimulus payments made by some states over the past year, which raised tax-related issues. Millions of taxpayers may be among those the IRS is advising to delay filing their 2022 tax returns. Regarding stimulus payments made...
Consumers intend to spend about $26 billion on Valentine’s Day.
This year, Valentine’s Day expenditure is expected to reach $25.9 billion, up from $23.9 billion in 2022, making it one of the biggest years ever for spending. The annual study, which was just issued by the National Retail Federation and...
IRS aims to launch a tip reporting program for the service sector
The IRS seeks public input regarding the proposed Service Industry Tip Compliance Agreement (SITCA) program. The Service Industry Tip Compliance Agreement (SITCA) program is a voluntary tip reporting program between the IRS and employers in various service industries. It was...