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IRS News

• IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
  October 15, 2021
  Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS […]
• Social Security wage base, COLA set for 2022
  October 13, 2021
  The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
• Final regulations establish a user fee for estate tax closing letters
  September 27, 2021
  The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.
• Final regs. issued on qualified improvement property under FDII, GILTI
  September 22, 2021
  Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.
• Transcript Delivery System down for some Form 941 transcripts
  September 14, 2021
  The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.
• Ways and Means releases list of tax provisions for budget bill
  September 13, 2021
  The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.