1. Reminders about April 18 deadline for last-minute filers, others
Remember the deadline to file and pay tax owed for most individual income tax returns is Monday, April 18. The IRS wants last-minute filers to know tax help is available to file a tax return, request an extension or make a payment 24 hours a day on IRS.gov. The IRS website offers tax solutions and many online tools and resources, eliminating unnecessary calls or trips to an IRS office. Visit IRS.gov first for last-minute tax help and tips.
With the April 18 tax filing deadline approaching for most taxpayers, the IRS wants to dispel some new and common myths about getting refund details or speeding up tax refunds. Visit IRS.gov for seven common myths. This article is also available in Spanish and Simplified Chinese.
Taxpayers who may need to take additional actions related to Qualified Opportunity Funds (QOFs) should begin receiving letters in the mail in April. Taxpayers who attached Form 8996, Qualified Opportunity Fund, to their return may receive Letter 6501, Qualified Opportunity Fund (QOF) Investment Standard. This letter lets them know that information needed to support the annual certification of investment standard is missing, invalid or the calculation isn't supported by the amounts reported. This article is also available in Simplified Chinese.
Beginning in mid-April 2022, the IRS will send CP2100 and CP2100A notices to financial institutions, businesses or payers who filed certain types of information returns that don’t match IRS records.
IRS Commissioner Chuck Rettig invites tax pros to register for this year’s IRS Nationwide Tax Forum, which begins on July 19. At this year’s virtual forum, you can hear the latest updates on tax law changes, due diligence requirements, handling collection issues, ethics for the tax practitioner, emerging issues involving virtual currency and more. To register, visit www.irstaxforum.com. Current early bird registration rates are now available.
Help your clients protect themselves from tax fraud by requesting Identity Protection (IP) PINs. An IP PIN is a six-digit number the IRS assigns to an individual to help prevent the misuse of their Social Security number or Individual Taxpayer Identification Number (ITIN) on federal tax returns. Visit IRS.gov for more information about requesting an IP PIN. This article is also available in Spanish and Simplified Chinese.
Encourage your clients to use the IRS Tax Withholding Estimator to make sure they’re having the right amount of tax taken out of their pay during 2022. The online tool offers workers, self-employed individuals and retirees who have wage income a user-friendly resource for effectively tailoring the amount of income tax withheld from wages. This article is also available in Spanish and Simplified Chinese.
The IRS’s Office of Professional Responsibility (OPR) publishes all disciplinary actions in the Internal Revenue Bulletin, including censures, suspensions or disbarments from practice before the IRS. OPR recently published a bulletin listing individuals who’ve been disciplined by the organization.
The IRS updated frequently asked questions (FAQ) for the 2020 Recovery Rebate Credit. FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. This article is also available in Spanish.
A federal grand jury in Chicago charged Stephanie Fagairo of Frankfort, Ill., with conspiring to defraud the United States and helping clients file false tax returns with the IRS.
Brittany Patterson, a Louisiana return preparer, was sentenced to one year and one day in prison for conspiring to defraud the United States and helping clients file false tax returns. In addition to the term of imprisonment, U.S. District Judge Carl J. Barbier ordered Patterson to serve three years of supervised release and pay approximately $90,856 in restitution to the United States.
Notice 2022-15 provides relief for the third and fourth calendar quarters of 2022, and the first calendar quarter of 2023, regarding the failure to deposit penalties imposed by section 6656 of the Code as those penalties relate to the Superfund chemical taxes. This notice also provides that during the first, second, and third calendar quarters of 2023, the Internal Revenue Service will not withdraw a taxpayer’s right to use the deposit safe harbor rules of section 40.6302(c)-1(b)(2) of the Excise Tax Procedural Regulations for failure to make required deposits of Superfund chemical taxes if certain requirements are met.