Tag: IRS
-
New and Enhanced Deductions for Individuals
There are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the taxable income resulting in lowering the federal income tax obligation. New deductions for 2026 filing season All new or enhanced deductions are available for both…
-
Adoption Tax Credit
Improvements to the Adoption Tax Credit make adoption more affordable Taxpayers who finalized an adoption in 2025 or started the adoption process before 2025, may qualify for the Adoption Tax Credit. Additionally, there have been significant changes to the tax credit under the One, Big, Beautiful Bill. Here’s an overview of the credit and eligibility,…
-
IRS Workforce Reductions
The Internal Revenue Service went from 103,000 employees in January 2025 to approximately 77,000 in May 2025 (a 25% reduction). According to IRS records, more than 25,000 employees either separated, accepted a deferred resignation program offer, or took some other incentive to leave. These departures represent 25% of the IRS’s workforce and impact certain job…
-
One Big Beautiful Bill Act
One Big Beautiful Bill Act: Tax deductions for Working Americans and Seniors FS-2025-03, July 14, 2025 Below are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025. No Tax on Tips New deduction: Effective for 2025…
-
Sunday Morning Blog – April 6, 2025
Tax Deadline Extended in Alabama for 2024 Tax Filings Due to FEMA-Declared Disaster Residents and businesses in Alabama affected by Hurricane Helene, which struck on September 22, 2024, have been granted significant tax relief by the Internal Revenue Service (IRS). Following a disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS has extended…
-
Disaster Victims in 9 States have Automatic Extensions
IRS reminder: Disaster victims in nine states have automatic extensions to file and pay their 2024 taxes WASHINGTON — The Internal Revenue Service today reminds individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are due on Thursday, May 1,…
-
IRS announces Jan. 27 Start to 2025 Tax Filing Season
The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline. More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax…
-
Taxpayer Bill of Rights
By law, all taxpayers have the right to finality of federal tax matters Taxpayers have the right to finality when working with the IRS. For example, taxpayers have the right to know when the IRS has finished an audit. This is one of 10 basic rights, known collectively as the Taxpayer Bill of Rights. Here’s what…
-
IRS Alternative Dispute Resolution Program
IRS Independent Office of Appeals forms Alternative Dispute Resolution Program Management Office WASHINGTON —The Internal Revenue Service Independent Office of Appeals today announced the formation of a new Alternative Dispute Resolution Program Management Office. This office will collaborate with the IRS Business Operating Divisions to help taxpayers resolve tax disputes earlier and more efficiently. …