Tax Update – May 2025 The IRS National Public Liaison (NPL) meeting held on April 24, 2025, provided crucial updates and insights for the tax professional community, with an emphasis on security, practitioner resources, and organizational changes that may impact service levels in the...
Tax Update – October 2024 Appeals Division Update The IRS Appeals Division shared important updates on staffing and operational changes. As of September 21, 2024, the division has grown to 1,746 employees, with plans to hire up to 2,227 by the end of fiscal year 2025. The...
Tax Update – September 2024 IRS Collection Notices Resumed The IRS has resumed issuing collection notices. Taxpayers are strongly encouraged to respond promptly to initial notices to avoid escalations, including liens and levies. Failure to address these notices can lead to more...
Tax Update – September 2023 Best Practices: “How to prepare for and what to do when a tax practitioner dies” ( Alert No. 2023-05 ) This Alert walks practitioners through the steps to establish a ‘best practices’ continuity plan for death or incapacity. Practitioners are advised...
Tax Update – June 2023 Taxpayer Experience Office Update The Office is comprised of 100 employees who run four operating branches: Community engagement: the ability to understand and get issues resolved Insights/analytics: the use of “big data” Multi-channel experience:...
Tax Update – April 2023 Inherited Individual Retirement Accounts (IRAs) There are some notable, but mostly beneficial, rule changes related to IRAs and RMDs . Beginning in 2023, the SECURE 2.0 Act raised the required age that you must begin taking RMDs, to 73. If you reach age...
Tax Update – March 2023 Tax Year Progress From the IRS’s perspective, there is NO March Madness. They have cleared the carryover backlog for original return processing. The average answer time and level of service have vastly improved to over 80% level of service. Taxpayers...
Tax Update – February 2023 Filing Season Update, At a Glance Filing season is going well; there is only a small amount of carryover from last year, which was expected to be finalized at the end of January. There are over eight million refunds averaging $1,900 each. Refunds...
Tax Update – January 2023 Changes in Tax Law for Current Season (at a glance) Child Tax Credit has been reduced, back down to $2K (from $3K) per child Gift Tax for 2023 increases to $17K Mortgage insurance (on Schedule A) is no longer deductible $300/$600 deduction for...
Tax Update – September 2022 Inflation Reduction Act Updates The Inflation Reduction Act marks a historic moment for the IRS with $80B of funding appropriated over a ten-year period. The objective is to move quickly in order to put together high-level goals on how to best use the...