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With respect to the COVID-19 employment tax credits, the IRS can offset excess refundable COVID-19 employment tax credits to any existing tax liabilities on the employer's account.
The Inflation Reduction Act of 2022 permits the transfer of renewable energy tax credits to an unrelated third party in exchange for cash.
On Dec. 23, 2022, the IRS announced that calendar year 2022 will be treated as a transition year for the reduced reporting threshold of $600.
The IRS announced on July 5 tax relief for victims of severe storms, tornadoes, and flooding in Oklahoma.
The annual tax filing season begins Jan. 24, when the Internal Revenue Service will begin accepting and processing 2021 Forms 1040, U.S. Individual Income Tax Returns.