Weekly News Updates from the IRS

Time is running out: IRS encourages eligible non-filers in 2020 to claim their Recovery Rebate Credit before May 17 deadline

IR-2024-60, March 4, 2024 — The Internal Revenue Service today reminded those who may be entitled to the COVID-era Recovery Rebate Credit in 2020 that time is running out to file a tax return and claim their money.


IRS: Never mind the myths; know the facts about receiving a Form 1099-K in 2024

IR-2024-57, March 1, 2024 — To help taxpayers with filing, the Internal Revenue Service today debunked some common myths to help taxpayers understand what to do with Form 1099-K. 


IRS: How to correct an electronically filed return rejected for a missing Form 8962

IR-2024-54, Feb. 28, 2024 — The Internal Revenue Service reminds taxpayers that an electronically filed tax return will be rejected if the taxpayer is required to reconcile advance payments of the premium tax credit (APTC) on Form 8962, Premium Tax Credit (PTC), but does not complete the form in the software and submit it with their tax return. 


Interest rates remain the same for the second quarter of 2024

IR-2024-47, Feb. 21, 2024 — The Internal Revenue Service today announced interest rates will remain the same for the calendar quarter beginning April 1, 2024.



IRS: Free Feb. 22 webinar to focus on taxable transactions with digital assets

IR-2024-44, Feb. 20, 2024 — The Internal Revenue Service announced today that it will hold a free webinar Thursday aimed at tax professionals whose clients receive income through digital asset transactions.


Presidents Day period marks peak time for IRS phone lines; first, try IRS online tools and resources for help

IR-2024-40, Feb. 14, 2024 — With the 2024 filing season in full swing, the Internal Revenue Service encourages taxpayers to visit IRS.gov and use online tools to get answers quickly and avoid phone delays during the anticipated peak demand for IRS phone lines around the Presidents Day holiday.



The IRS encourages taxpayers to perform a quick "paycheck checkup" by using the Withholding Estimator to check if they have the right amount of withholding for their personal situation


When to expect EITC refunds

Most EITC or Additional Child Tax Credit (ACTC) related refunds should be available in bank accounts or on debit cards by Feb. 27 if taxpayers choose direct deposit and there are no other issues with their tax return. Taxpayers can check Where’s My Refund? for their personalized refund date. Where's My Refund? will be updated with projected deposit dates for most early EITC/ACTC refund filers by February 17.

Check the status of your refund

Taxpayers can track their refund easily and conveniently with the IRS Where's my refund? tool at IRS.gov/refunds and with the IRS2Go app.

Refund status is available within 24 hours of the IRS letting the taxpayer know that they got the e-filed return. The tool also gives the taxpayer a personalized refund date after the IRS processes the return and approves the refund.


         Taxpayers should continue to report all cryptocurrency, digital asset income

IR-2024-18, Jan. 22, 2024 — The Internal Revenue Service today reminded taxpayers that they must again answer a digital asset question and report all digital asset related income when they file their 2023 federal income tax return, as they did for their 2022 federal tax returns.



IRS announces new Voluntary Disclosure Program for paying back erroneous ERC claims – Applications due by March 22, 2024 The IRS just launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing Employee Retention Credit claims in error.


IRS sends 20,000 letters disallowing improper ERC claims As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the IRS is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. The IRS is rejecting claims to entities that did not exist or did not have paid employees during the period of eligibility.



Disaster tax relief – Individuals and business affected by the terrorist attacks in the State of Israel now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions.


Clean vehicle and energy credits

New, Previously Owned and Qualified Commercial Clean Vehicles Credit – The Inflation Reduction Act of 2022 (IRA) made several changes to the new clean vehicle credit for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles. The IRA also added a new credit for previously owned and commercial clean vehicles. Get answers to frequently asked questions about the new, previously owned and qualified commercial clean vehicles credit.


Home energy credits – The Inflation Reduction Act of 2022 (IRA) amended credits for energy efficient home improvements and residential energy property. Get details on eligible expenditures and how the credit limitations work in the frequently asked questions about energy efficient home improvements and residential clean energy property credits.

IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns; restart of collection notices in 2024 marks end of pandemic-related pause

https://www.irs.gov/newsroom/irs-helps-taxpayers-by-providing-penalty-relief-on-nearly-5-million-2020-and-2021-tax-returns-restart-of-collection-notices-in-2024-marks-end-of-pandemic-related-pause


**Latest Announcements and Updates**



Stay informed and prepared for your tax needs with Wade Financial Solutions LLC