Irs news

Here are some recent news updates from the Internal Revenue Service (IRS):

Tax Filing Season

• The IRS has announced that it will begin accepting and processing individual tax returns on January 24, 2023.
• The IRS is encouraging taxpayers to file electronically and take advantage of direct deposit to receive their refunds faster.
• The IRS is also reminding taxpayers to verify their identities and ensure they have all necessary documentation before filing.

Tax Law Changes

• The IRS has updated its guidance on the Tax Cuts and Jobs Act (TCJA), which includes changes to the standard deduction, state and local tax (SALT) deductions, and the child tax credit.
• The IRS has also updated its guidance on the Secure Act, which includes changes to retirement account distributions and required minimum distributions (RMDs).

Identity Theft

• The IRS has seen an increase in identity theft attempts, particularly during tax season. Taxpayers are advised to be cautious when providing personal and financial information, and to report any suspicious activity to the IRS.
• The IRS has also launched a new identity theft protection program, which provides additional security measures to protect taxpayer identities.

Taxpayer Assistance

• The IRS has announced that it will be offering free tax preparation and filing services to eligible taxpayers through its Volunteer Income Tax Assistance (VITA) program.
• The IRS has also launched a new online tool, the IRS Taxpayer Assistance Center (TAC), which allows taxpayers to schedule appointments and get answers to common tax questions.

Audits and Enforcement

• The IRS has announced that it will be increasing its audit activity, particularly in areas such as income tax, employment tax, and international tax.
• The IRS has also launched a new initiative to combat tax evasion, which includes increased enforcement efforts and penalties for non-compliance.

Other News

• The IRS has announced that it will be extending the deadline for filing Form 1099-MISC, Miscellaneous Income, to May 31, 2023.
• The IRS has also announced that it will be increasing the mileage reimbursement rate for business use of a vehicle to 62.5 cents per mile for 2023.

These are just a few of the recent news updates from the IRS. If you have any specific questions or concerns, I'd be happy to help!