Taxpayers Can Go Paperless For IRS Correspondence

Aug 15, 2023 | IRS

IRS to achieve paperless processing for all tax returns by filing season 2025 IRS paperless processing initiative will eliminate up to 200 million pieces of paper annually, cut processing times in half, and expedite refunds by several weeks Paper-based processes have...

Warning Taxpayers of A New Tax Scam

Jul 12, 2023 | Uncategorized

Tax Scam Misleading People The Internal Revenue Service warned taxpayers to be on the lookout for a new tax scam mailing that tries to mislead people into believing they are owed a refund. The new scheme involves a mailing coming in a cardboard envelope from a...

Interest Rates Remain The Same For Q2

Feb 20, 2023 | Uncategorized

The IRS announced that interest rates will remain the same for the calendar quarter beginning April 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates: 7% for...

January 23, 2023 Is The Opening Date For Tax Season

Jan 16, 2023 | IRS, tax season

The IRS announced that January 23, 2023, will be the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast...

401(k) Contribution Increases For 2023

Nov 3, 2022 | IRA

The 401(k) limit increases to $22,500 for 2023, and the IRA limit rises to $6,500 The IRS announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical...