IRS

401(k) limit increases

Issue Number:    IR-2022-188 Inside This Issue 401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500 WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all …

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IRS Anouncement

The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.The standard deduction for married couples filing jointly for tax year 2023 rises to $27,700 up $1,800 from the prior year. For single taxpayers and married individuals filing …

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Why did i get money from the IRS today? what to know About the Second tax refunds going out

Did you wake up this morning to find an unexpected direct deposit in your bank account? You’re not alone. The Internal Revenue Service (IRS) has begun to distribute supplemental refund checks to taxpayers who paid too much in unemployment compensation tax last year, and judging from responses on social media, many recipients didn’t know it was coming. …

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IRS finished 2021 filing season with backlog of 35 million tax returns that needed manual processing

The National Taxpayer Advocate said that at the end of May, there were 35 million tax returns that still needed to be manually processed. The backlog includes about 16.8 million paper tax returns waiting to be processed, about 15.8 million returns suspended for further review and 2.7 million amended returns. The backlog is nearly three times larger …

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IRS: Families Receiving Monthly Child Tax Credit Payments Can Now Update Their Direct Deposit Information.

The Internal Revenue Service today upgraded a key online tool to enable families to quickly and easily update their bank account information so they can receive their monthly Child Tax Credit payment. The bank account update feature was added to the Child Tax Credit Update Portal, available only on IRS.gov. Any updates made by Aug. …

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new Stimulus Benefit offers Free Health Insurance Through the end of this year

The massive COVID rescue package President Joe Biden signed back in March — the same law that included $1,400 stimulus and the upcoming monthly payments for families — is now offering free health insurance to millions of Americans, through the end of 2021. The benefit’s zero-premium health care plans just became available, as of July 1, and …

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IRS releases tool to let families opt out of advanced child tax credit

For families who want to opt out of receiving the advanced child tax credit payments that are set to start next month, the IRS now has a tool available to unenroll. The child tax credit payments, which were set up and expanded under the American Rescue Plan passed earlier this year, amount to $3,000 annually per child …

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The Federal Government Offers To Wipe Out Your Tax Debt Through New IRS Fresh Start Program.

Americans with back taxes may qualify for tax relief in as little as 15 minutes. The IRS Fresh Start Program offers real relief to taxpayers who owe thousands in back taxes. In some cases, the IRS has forgiven 100% of back taxes owed, but Americans still struggle to take full advantage of the program due …

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