Irs tax return news

Here are some recent news updates related to IRS tax returns:

2022 Tax Filing Season

• The IRS has announced that it will begin accepting and processing 2022 tax returns on January 23, 2023.
• The deadline to file individual tax returns for the 2022 tax year is April 18, 2023, due to the Emancipation Day holiday in Washington, D.C.
• The IRS is encouraging taxpayers to file electronically and take advantage of direct deposit to receive their refunds faster.

Tax Law Changes

• The Inflation Reduction Act, signed into law in August 2022, made several changes to the tax code, including:
  • Increasing the top marginal tax rate from 37% to 39.6% for individuals earning over $450,000.
  • Increasing the corporate tax rate from 21% to 26%.
  • Implementing a 15% minimum tax on corporations with profits over $1 billion.
• The SECURE Act 2.0, signed into law in December 2022, made changes to retirement savings, including increasing the catch-up contribution limit for 401(k) and IRA plans.

Tax Refund Delays

• The IRS is experiencing delays in processing tax refunds due to a backlog of unprocessed returns from previous years.
• Taxpayers who filed their returns electronically and chose direct deposit may receive their refunds faster, but others may experience delays of several weeks or even months.

Identity Theft and Fraud

• The IRS has seen an increase in identity theft and fraud attempts, particularly related to tax-related phishing scams.
• Taxpayers are advised to be cautious when receiving unsolicited emails, texts, or phone calls claiming to be from the IRS, and to report any suspicious activity to the IRS.

Tax Credits and Deductions

• The Child Tax Credit has been expanded to provide up to $3,600 per child for children under age 6 and up to $3,000 per child for children ages 6-17.
• The Earned Income Tax Credit (EITC) has been expanded to provide larger credits for low-to-moderate-income working individuals and families.
• The deduction for state and local taxes (SALT) has been capped at $10,000 per year.

Other News

• The IRS has launched a new online tool, the "Get Transcript Online" tool, which allows taxpayers to view and print their tax transcripts online.
• The IRS has also launched a new online tool, the "Get an Identity Theft Victim Application" tool, which helps taxpayers who have been victims of identity theft to apply for an Identity Protection PIN (IP PIN).

These are just a few of the recent news updates related to IRS tax returns. It's always a good idea to check the IRS website or consult with a tax professional for the latest information and guidance on tax-related matters.