Individuals are Due $1.5 Billion in Refunds for Tax Year 2019

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According to the IRS, 1.5 million people are due refunds for 2019 because they have not filed their 2019 tax returns. These taxpayers have until July 17, 2023 to submit their tax returns and claim their refunds. Any refunds that are not claimed will become property of the U.S. Treasury. When is the deadline to … Read more

How to Read Tax Account Transcripts Like a Tax Pro

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When you hire a tax professional to resolve a tax matter, one of the first steps they will take is a review of your IRS account transcripts. An account transcript provides you with a complete history of your tax account, which can be useful for determining things such as the status of your tax return … Read more

How to Visit Your IRS Local Office Without an Appointment

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If you need to face-to-face assistance at your local IRS office, normally you are required to schedule an appointment. However, there are Saturday help days where you can visit selected local TAC offices without an appointment on the following dates and locations. These offices will be open from 9 am to 4 pm. Since the … Read more

How to Get Tax Forms and Publications from the IRS

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Looking for tax forms or publications? There are several ways for taxpayers to get them. 1 1. Online2 2. By Telephone3 3. By Mail4 4. Community Locations 1. Online View and Download You can view and download many tax forms and publications online. Visit here: Note that printed online versions of certain forms, such … Read more

What to Do if You’ve Lost Your Ein

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When you apply for an EIN, you receive a computer-generated notice (CP 575) that contains your EIN and other information. If you’ve lost the notice, here are some things you can try. 1 Before Contacting the IRS2 Contact the IRS2.1 If you know your EIN but need an EIN Verification Letter (147C) Before Contacting the … Read more

IRS Announces Penalty Relief for Some 2019-2020 Returns

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This week the IRS announced that it was abating certain penalties relating to the 2019 and 2020 tax periods. Taxpayers who have already paid these penalties could be seeing a refund check in the mail. What Penalties Will be Abated? The following penalties for tax periods 2019 and 2020 if filed before September 30, 2022 … Read more

Why Haven’t I Received My Refund?

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If you paper filed a return and are owed a refund, you may be wondering why it is taking so long. The reason is likely that your return is caught up in a backlog of paper-filed returns. 1 Take a Deep Breath2 Always E-file Whenever Possible3 Check the Status of Your Refund Online4 How Long … Read more

Tax Court Clarifies Requirements for Charitable Contributions

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Taxpayers may deduct charitable contributions if they meet specific requirements. In Albrecht v. Commissioner; No. 13314-20; T.C. Memo. 2022-53, the Tax Court clarifies these requirements. Law Regarding Charitable Contributions Over $250 IRC § 170(a)(1) allows deductions for charitable contributions. For a contribution over $250, IRC § 170(f)(8) requires a contemporaneous written acknowledgement (CWA) from the donee … Read more

Tax Court Says Voluntary Payments to Spouse not Deductible as Alimony

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Amounts paid to a spouse or former spouse under a divorce or separation agreement may be deductible as alimony or separate maintenance payments. There are certain requirements to be met for such payments to be deductible and the Tax Court fleshes those out in the recent Ibrahim v. Commissioner; No. 10750-20S; T.C. Summ. Op. 2022-7. … Read more

Tax Court Finds Taxpayers Were Not Real Estate Professionals

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In general real estate activity is considered a passive activity which means that any loss is not deductible in the current year and must be carried forward. There are two exceptions to this rule: 1. Taxpayers can deduct up to a $25,000 special loss allowance if they actively participated the the rental activity and their … Read more