Author: Frank Carnahan

2021-09-14 One of many recent enhancements to the Online Account for individuals, thus new feature allows individual taxpayers to authorize their tax practitioner to represent them before the IRS with a Power of Attorney (POA) and to view their tax accounts with a Tax Information Authorizations (TIA). This new digital authorization option will be a much faster process. It will allow the IRS to reduce its current CAF inventory and…

2021-09-14 The Internal Revenue Service urged those entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. IRS regulations require EIN holders to update responsible party information within 60 days of any change by filing Form 8822-B, Change of Address or Responsible Party - Business. It is critical that the IRS have accurate information in cases of…

Issue Number: Tax Tip 2021-107, 2021-07-26 An IRS online account is an safe an easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system. Taxpayers can view: Their payoff amount, which is updated for the current day.The balance for each tax year for which they owe taxes.Their payment history.Key information from the their most…

2021-07-20 IR-2021-154, July 19, 2021 The IRS launched a new feature that will give taxpayers digital control over who can represent them or view their tax records. The new feature, one of many recent enhancements to the Online Account for individuals, will allow individual taxpayers to authorize their tax practitioner to represent them before the IRS with a Power of Attorney (POA) and to view their tax accounts with a…

2021-06-22 The portal is open to Unenroll for the AdvCTC payments. The Child Tax Credit will help many families get advance payments of the Child Tax Credit starting in the summer of 2021. Half the total credit amount will be paid in advance monthly payments and taxpayers will claim the other half when they file their 2021 income tax return. The IRS will issue the first advance payment on July…

2021-06-14 The IRS has a new transcript format for its "Get Transcript" web page that better protects taxpayer data. This new format partially masks taxpayer's personally identifiable information. Financial data will remain fully visible to allow for tax preparation, tax representation or income verification. Learn more at About the New Tax Transcript and the Customer File Number. Cuation: The Get Transcript Service is for individual taxpayers to retrieve their own…

2021-05-28 IRS Tax Tip 2021-75, May 26, 2021 All taxpayers should review their federal withholding each year to make sure they're not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if they should make a change to their withholding. This online tool guides users, step-by-step through the process of checking their withholding, and provides withholding recommendations…

2021-05-28 The IRS launched an improved Tax Withholding Estimator tool last summer to make it easier for everyone to have the right amount of tax withheld during the year. This is especially important for anyone who faced an unexpected tax bill or a penalty when they filed this year. It's also an important step for those who made withholding adjustments in 2020, had a major life change or were adversely…

2021-05-28 Under the shift in procedure, there is a new division of duties. SB/SE’s Automated Collection System (ACS) will now exclusively resolve collection issues The IRS updated the PPS automated recording to say: “If your client's account is in Automated Collection System status, ACS, or you need to address balance due issues, press or say 4.” Practitioner Priority Service assistors will not be able to take any actions for collection…

2021-05-19 Every filing season, millions of taxpayers have their refunds delayed. Where’s My Refund feature on IRS.gov and on the IRS2Go app provide information to taxpayers as to the status of their refunds. Processing Station: First Level of Return Reviews Takes Place Even Before They Post to IRS Systems Once a return is filed with the IRS and before it posts to IRS systems, it will go through a series…