by Upstate Tax Professionals | Mar 22, 2023 | Tax Tips and News
Paper returns have historically been slower to process due to the Internal Revenue Service having to manually transcribe information, leading taxpayers who want to more quickly receive their refund to electronically file. However, there could be a light at the end of the tunnel for those who either prefer or are required to file paper returns.… Read more about IRS Digital Intake Initiative Underway (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
by Upstate Tax Professionals | Mar 15, 2023 | Tax Tips and News
Taxpayers with foreign bank accounts who forgot to file an annual Report of Foreign Bank and Financial Accounts (FBAR) received some good news at the end of February. In Bittner v. United States, the Supreme Court ruled that the penalty for nonwillful failure to file an FBAR should be assessed on a per-report basis—capping fines at $10,000 per year, regardless of the number of accounts.… Read more about SCOTUS Rules FBAR Penalty Determined on Per-Report Basis (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
by Upstate Tax Professionals | Mar 11, 2023 | Tax Tips and News
The Internal Revenue Service recently extended tax relief for disaster victims in Alabama, California, and Georgia. Individuals and businesses in these federally declared disaster areas now have until October 16, 2023, to meet several filing and payment deadlines.… Read more about Tax Relief Extended for Disaster Victims in Alabama, California, and Georgia (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
by Upstate Tax Professionals | Mar 10, 2023 | Tax Tips and News
Taxpayers with foreign bank accounts who forgot to file an annual Report of Foreign Bank and Financial Accounts (FBAR) received some good news at the end of February. In Bittner v. United States, the Supreme Court held that the penalty for nonwillful failure to file an FBAR should be assessed on a per-report basis—capping fines at $10,000 per year, regardless of the number of accounts.… Read more about SCOTUS Holds FBAR Penalty Determined on Per-Report Basis (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
by Upstate Tax Professionals | Feb 22, 2023 | Tax Tips and News
Filing an amended return used to mean completing a paper form, regardless of how taxpayers submitted the original return to the Internal Revenue Service. During the pandemic, paper-filed returns… Read more about IRS Announces Direct Deposit for Amended Returns (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
by Upstate Tax Professionals | Feb 19, 2023 | Tax Tips and News
In 2022, millions of Americans received special state-issued payments designed to provide economic relief to residents struggling with financial burdens exacerbated by issues ranging from the pandemic to natural disasters. One week after urging recipients to postpone filing their returns, the Internal Revenue Service has issued official guidance regarding the federal taxability of those payments.… Read more about 2022 Special State Payments Not Taxable (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
Upstate Tax Professionals