Tax Alerts

IRS Encourages Tax Professionals to Inform Clients About IP PIN Opt-In Program, IR-2022-140

The IRS, and the Security Summit Partners have encouraged tax professionals to inform their clients about the IRS Identity Protection (IP) PIN Opt-In Program to help protect taxpayers against tax related identity theft. The IP PIN Opt-In Program has been made available to all individuals capable of verifying their identity. The IRS has also highlighted key information that taxpayers need to know about the IP PIN Opt-In Program, namely:

  • It’s a six-digit number known only to the taxpayer and the IRS;
  • The Opt-In Program is voluntary;
  • The IP PIN should be entered onto the electronic tax return when prompted by the software product or onto a paper return next to the signature line;
  • The IP PIN is valid for one calendar year. Taxpayers must obtain a new IP PIN each year;
  • Only taxpayers who can verify their identities may obtain an IP PIN; and
  • IP PIN users should never share their number with anyone but the IRS and their trusted tax preparation provider. The IRS will never call, email or text a request for the IP PIN.

Further, if taxpayers are unable to validate their identity and their income is less than $ 72,000, they can file Form 15227, Application for an Identity Protection Personal Identification Number, upon which the IRS will attempt to verify their identities over a telephonic call and assign them an IP PIN for next filing season. Additionally, taxpayers can also get their identity verified by making an appointment with Taxpayer Assistance Center and carry necessary identification documents with them. The IP PIN process for confirmed victims of identity theft remains unchanged. These victims will automatically receive an IP PIN each year.

FL - Guidance provided on change in application process for child care tax credit

Beginning October 1, 2024, taxpayers that wish to participate in the child care tax credit program must apply to the […]

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FL - Guidance provided on change in application process for child care tax credit

Changes Under SECURE 2.0 Act to Affect Amounts Report by Businesses on Forms W-2, FS-2024-29

The IRS has reminded businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the […]

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Changes Under SECURE 2.0 Act to Affect Amounts Report by Businesses on Forms W-2, FS-2024-29

IRS Urges Tax Professionals to Strengthen Security Measures Against Rising Threats, IR-2024-224

The IRS and the Security Summit concluded their eight-week summer awareness campaign by urging tax professionals to implement stronger security […]

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IRS Urges Tax Professionals to Strengthen Security Measures Against Rising Threats, IR-2024-224

IRS Reminds Employers to Use Educational Assistance Programs for Student Loan Payments Until 2025, IR-2024-227

The IRS has reminded employers that educational assistance programs can be used to help employees pay off student loans until […]

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IRS Reminds Employers to Use Educational Assistance Programs for Student Loan Payments Until 2025, IR-2024-227

IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2024-35

The IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]

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IRS Updates Premium Tax Credit Table, Required Contribution Percentage, Rev. Proc. 2024-35

IRS Urges Taxpayers to Perform End-of-Summer Tax Checkup, IR-2024-225

The IRS has urged taxpayers to conduct an end-of-summer tax checkup to avoid unexpected tax bills in the upcoming year. […]

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IRS Urges Taxpayers to Perform End-of-Summer Tax Checkup, IR-2024-225

FL - Hillsborough County sales surtax refund announced

Hillsborough County residents and non-residents who can verify taxable expenditures with receipts or other documentation will receive compensation equal to […]

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FL - Hillsborough County sales surtax refund announced

Guidance Issued on Retirement Plan Employer Matching Contributions Made for Student Loan Payments, Notice-2024-63; IR-2024-217

The IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]

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Guidance Issued on Retirement Plan Employer Matching Contributions Made for Student Loan Payments, Notice-2024-63; IR-2024-217

IRS WBO Celebrates Contributions Leading to $7 Billion Recovery , IR-2024-199

The IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]

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IRS WBO Celebrates Contributions Leading to $7 Billion Recovery , IR-2024-199

FL - Correction: interest rates for second half of 2024 announced

The floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]

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FL - Correction: interest rates for second half of 2024 announced