IRS

The IRS released details Thursday on how it plans to use the $80 billion it received last year for improved operations, pledging to invest in new technology, hire more customer service representatives, and expand its ability to audit high-wealth taxpayers.

WASHINGTON ― The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim their refunds for tax year 2019 by the July 17, 2023, deadline.

The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven't filed their 2019 tax returns yet. Available data includes a special state-by-state estimate of how many people are potentially eligible for these refunds in each state and each state's median potential refund. The average median refund for tax year 2019 was $893.

Did you know that taxpayers have the right to appeal an IRS decision in an independent forum. This is not just one of ten basic rights — known collectively as the Taxpayer Bill of Rights — it's the law. All taxpayers should know and understand their rights in the event they need to work with the IRS on a personal tax matter.

The IRS has announced a major yet “common-sense” policy change that will put an end to most unannounced agent visits to taxpayers’ homes.  This move reverses decades of policy that saw IRS revenue officers knock on the doors of taxpayers’ homes without forewarning in attempts to resolve delinquent tax matters.

A recent watchdog report claims that the Internal Revenue Service (IRS) is unable to locate thousands of records that were kept at a facility in Utah, in addition to thousands of microfilm cartridges that contain millions of sensitive individual and business tax account records that were supposed to be transferred from a closed agency facility in California.

The Corporate Transparency Act requires business owners to report beneficial ownership information to the federal government starting in 2024. (Beneficial owners are those who own and/or substantially control a company that has this reporting requirement.)

As part of the 2022 Inflation Reduction Act, long-term funding was provided to the IRS for the agency to transform its operations and improve taxpayer service, enforcement and technology. It also directed the IRS to study the possibility of a free, direct e-file program, which the IRS submitted in a report to Congress in May 2023.