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Letters Going Out to Taxpayers Missing Qualified Opportunity Fund Information

Taxpayers who may need to take additional actions related to Qualified Opportunity Funds (QOFs) should begin receiving letters from the IRS in April. Taxpayers who attached Form 8996, Qualified Opportunity Fund, to their return may receive Letter 6501, Qualified Opportunity Fund (QOF) Investment Standard. This letter lets them know that information needed to support the […]

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Tax Gap Closer to $1 Trillion – IRS Commissioner Rettig

The gap between taxes owed and taxes collected by the Internal Revenue Service could be approaching $1 trillion, IRS Commissioner Charles Rettig told members of the House Committee on Oversight and Reform’s Government Operations Subcommittee as he advocated for more funding for the agency. During an April 21, 2022, hearing of the subcommittee, Rettig noted updated tax […]

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IRS Provides Information About 2022 Educator Deduction Increase

The IRS reminded educators that they will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their federal income tax return for tax year 2022. This is the first time the annual limit has increased since 2002. For tax years 2002 through 2021, the limit was $250 per year. The […]

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IRS’ Rettig Reiterates Backlog, Hiring Progress Before Senate Finance Committee

Internal Revenue Service Commissioner Charles Rettig remained positive that the agency will be able to return to a normal backlog of unprocessed returns and other mail correspondence by the end of the year and noted progress on hiring more people to help clear the backlog. “With respect to our current 2022 filing season, we are […]

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IRS to Send Notices to Help Payers Correct Backup Withholding Errors

The IRS informed taxpayers that it will send Notices CP2100 and CP2100A notices to financial institutions, businesses, or payers who filed certain types of information returns that do not match IRS records, beginning mid-April 2022. These information returns include: Form 1099-B, Proceeds from Broker and Barter Exchange Transactions Form 1099-DIV, Dividends and Distributions Form 1099-G, […]

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