See more tax statistics here and read more about these IRS return processing delays in 2021 and 2022 that may carry into 2023. The remaining news is mostly relevant for back taxes but some of it may apply today. Tax News Description IRS Releases 2020 W-4 Form and Instruction Drafts- Update...
Don't round up — and avoid high write-offs Another red flag for the IRS is when people estimate how much they've spent or received and round off the number, instead of reporting the exact amount. While "a certain amount of rounding is acceptable," writes Accounting Today, using the ex...
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Furthermore, although the present focus is very much on the IRS, let’s not forget that the responsibility to fix both the current situation and the larger financial surveillance status quo lies in the halls of Congress. At the end of the day, the IRS is doing what Congress told it to ...
Key Points After another challenging year in 2022 for the IRS, the agency may be primed for a better 2023 tax season, according to the National Taxpayer Advocate. Last year, the IRS made "considerable progress" reducing the backlog of unprocessed returns, the organization said in its annual ...
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For participants who have self-only coverage in a medical savings account, the plan must have an annual deductible that is not less than $2,650 — up $200 from tax year 2022 — but not more than $3,950, an increase of $250 from tax year 2022. For self-only coverage, the ma...