The Internal Revenue Service continues to seek feedback regarding the draft instructions for Form 6765 and is extending the dates for reporting requirements related to the Credit for Increasing ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

In a significant policy shift, the IRS has revised Form 14457, Voluntary Disclosure Practice Preclearance Request and Application, the cornerstone of its Voluntary Disclosure Practice (VDP), by ...

Corrections & Clarifications: This story was updated to correct the deadline to file past due returns for 2021, which is April 18. With the clock ticking on tax season, the IRS is reminding Americans ...

Are you eligible for a $1,400 payment? Some Americans are running out of time to claim it. The Internal Revenue Service announced in December it would be distributing about $2.4 billion − up to $1,400 ...

The IRS recently released an updated Form 4255, Certain Credit Recapture, Excessive Payments, and Penalties, which is used to report the amount due for certain credit recaptures, excessive payments, ...

The Recovery Rebate Credit provides up to $1,400 per individual and is designed to assist taxpayers who did not receive the full amount of stimulus payments during the pandemic. You must file your tax ...

Taxpayers who failed to claim the Recovery Rebate Credit on their 2021 tax returns should have received payments by January 2025. There is still time to claim the Recovery Rebate Credit, but the IRS ...