Tag: internal_revenue_service
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Treasury and IRS Approve 141 New Alabama Opportunity Zones
Alabama's Opportunity Zones 2.0 nominations win federal approval, covering 141 census tracts in 66 counties, with the new designations taking effect January 1, 2027 and lasting 10 years.
Politics and GovernmentBusinessUSAState GovernmentsEconomyFederal GovernmentReal Estate Opportunity ZonesKay IveyAlabamaU.S. Treasury DepartmentInternal Revenue ServiceADECATax Cuts and Jobs ActAlabama Governor's Office
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Ohio Gets 260 New Federal Opportunity Zones as Treasury Designates 6,576 Nationwide
All 260 tracts nominated by the DeWine Administration won Treasury approval, with Cuyahoga County receiving the most new designations at 39; the zones take effect Jan. 1, 2027 and run through 2036.
Politics and GovernmentBusinessUSAState GovernmentsEconomyReal EstateFederal GovernmentTax Policy Opportunity ZonesMike DeWineOhio Department of DevelopmentLydia Mihalikcensus tractsfederal tax incentiveseconomic developmentOhio Governors OfficeU.S. Department of the TreasuryInternal Revenue ServiceWorking Families Tax CutsScott Bessentrural communitiesTax Cuts and Jobs ActUS Treasury
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IRS Raises Standard Deduction to $33,200 for 2027 Under Inflation Adjustments
The adjustments, detailed in Revenue Procedure 2026-35, cover nearly 70 tax provisions and generally apply to returns filed in 2028.
Politics and GovernmentBusinessFederal GovernmentEconomyTaxationLegalSocial Issues Internal Revenue Servicetax inflation adjustmentsstandard deductionChild Tax CreditWorking Families Tax CutsFrank J. Bisignanoestate tax exclusionRevenue Procedure 2026-35
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Treasury and IRS Designate 6,576 Opportunity Zones Effective January 2027
The designations cover all 50 states, territories and the District of Columbia, including 2,594 rural tracts, and will remain in place for ten years.
Politics and GovernmentBusinessFederal GovernmentEconomyTax PolicySocial IssuesReal Estate Opportunity ZonesInternal Revenue ServiceU.S. Department of the TreasuryWorking Families Tax CutsScott BessentFrank J. Bisignanorural communitiesQualified Opportunity Zones
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IRS Opens 2026 Nationwide Tax Forum Online With 15 New Seminars
Twelve 50-minute seminars cost $29 per continuing education credit and three 100-minute sessions cost $58 for two credits, though all courses can be audited free.
Politics and GovernmentBusinessFederal GovernmentEconomyEducationLegal IRS Nationwide Tax Forum OnlineInternal Revenue Servicetax professionalscontinuing education creditsFrank J. Bisignanotax lawDigital-First agency
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IRS Tells Paid Tax Preparers to Renew PTINs Before Dec. 31 Expiration
Online renewal through the IRS PTIN System takes about 15 minutes and costs a nonrefundable $18.75, while paper Form W-12 applications can take six weeks.
Politics and GovernmentBusinessFederal GovernmentEmployment and LaborLegalEconomy Internal Revenue ServicePTINtax professionalstax return preparersAnnual Filing Season Programenrolled agentsForm W-12PTIN renewalFrank J. Bisignano
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IRS Reports Record $5.6 Trillion in FY 2026 Collections, Faster Refunds
The agency said the average federal income tax rate fell to 12.6 percent for Tax Year 2025 and that it protected about $38 billion from identity theft refund fraud.
Politics and GovernmentBusinessFederal GovernmentEconomyTaxationLaw EnforcementScience & TechnologyComputers and InternetBanking Internal Revenue ServiceWorking Families Tax CutsFrank J. Bisignanotax refundsidentity theft refund fraudTrump AccountsDonald J. Trumpfiscal year 2026
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Bisignano Family Fund Gives $250 to Every Child Aged Two to Eight in Brooklyn Zip Code 11234
Frank J. Bisignano, IRS commissioner and Brooklyn native, announced the donation to the children's Trump Accounts, which parents must activate for them to receive contributions.
Politics and GovernmentBusinessFederal GovernmentEconomyBankingSocial IssuesUSA Trump AccountsFrank BisignanoBrooklynBisignano Family FundInternal Revenue ServiceSocial Security AdministrationPersonal Financezip code 11234savings
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IRS Urges Year-Round Tax Planning Ahead of 2027 Filing Season
The agency is telling taxpayers to check withholding, organize records, use its online tools and guard against scams now rather than at filing time.
Politics and GovernmentBusinessFederal GovernmentEconomyLaw EnforcementComputers and InternetLegalSocial Issues Internal Revenue Servicetax planningtax withholding2027 filing seasonIRS Individual Online Accounttax scamsFrank J. BisignanoTax Withholding EstimatorForm W-4
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Treasury and IRS Overhaul Retirement Plan Correction Rules and Create New IRA Program
The expanded employee plans correction procedure takes effect immediately, while the new IRA Compliance Resolution System begins May 1, 2027.
Politics and GovernmentBusinessFederal GovernmentEconomyLegalBanking Internal Revenue ServiceDepartment of the TreasuryIndividual Retirement AccountsEmployee Plans Compliance Resolution SystemIRA Compliance Resolution SystemSECURE 2.0 ActRetirement Planning
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IRS Grants Temporary Relief on Reporting for Taxable Dyed Diesel Uses
The relief covers dyed diesel used between Oct. 1 and Dec. 31, 2026, and applies even where filing deadlines fall after the period ends.
Politics and GovernmentBusinessLaw EnforcementFederal GovernmentEconomyEnergyLegalUSA Internal Revenue Servicedyed dieselsection 4041(a)Form 720excise taxrecordkeeping reliefDepartment of the Treasurytax reporting relief
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Treasury and IRS Propose Rules to Tighten Premium Tax Credit Eligibility
The proposed regulations would restrict the credit to U.S. citizens, nationals and certain lawfully present noncitizens beginning in 2027 and add new verification criteria for advance payments.
Politics and GovernmentHealthBusinessUSAFederal GovernmentWhite HouseEconomyLegal Premium Tax CreditInternal Revenue ServiceWorking Families Tax CutsScott BessentMehmet OzAffordable Care ActTax CreditsU.S. Department of the TreasuryCenters for Medicare & Medicaid ServicesHealth Insurance ExchangesUS Treasury
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IRS Seeks Volunteers and Community Partners for Free Tax Preparation Programs
IRS calls for VITA and TCE volunteers and community partners ahead of the upcoming filing season, citing 84,500 volunteers who filed nearly 2.9 million returns in 2026.
Politics and GovernmentBusinessUSAFederal GovernmentEconomySocial IssuesEmployment and Labor Internal Revenue ServiceVolunteer Income Tax AssistanceTax Counseling for the ElderlyFrank J. Bisignanotax preparationvolunteerscommunity partners
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IRS Seeks Volunteers and Community Partners for Free Tax Preparation Programs
IRS calls for VITA and TCE volunteers and partners ahead of the coming filing season, citing 84,500 volunteers who filed nearly 2.9 million free returns in 2026.
Politics and GovernmentBusinessFederal GovernmentEconomySocial IssuesEmployment and Labor Internal Revenue ServiceVolunteer Income Tax AssistanceTax Counseling for the ElderlyFrank J. Bisignanotax preparationvolunteerscommunity partners
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IRS Seeks Volunteers and Community Partners for Free Tax Preparation Programs
IRS calls for VITA and TCE volunteers and partners ahead of the coming filing season, citing 84,500 volunteers who filed nearly 2.9 million free returns in 2026.
Politics and GovernmentBusinessUSAFederal GovernmentEconomyEmployment and LaborSocial Issues Internal Revenue ServiceVolunteer Income Tax AssistanceTax Counseling for the ElderlyFrank J. Bisignanotax preparationvolunteerscommunity partners
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IRS Seeks Volunteers and Community Partners for Free Tax Preparation Programs
IRS calls for VITA and TCE volunteers and partners ahead of filing season, citing 84,500 volunteers who filed nearly 2.9 million free returns in 2026.
Politics and GovernmentBusinessFederal GovernmentEconomyEmployment and LaborSocial Issues Internal Revenue ServiceVolunteer Income Tax AssistanceTax Counseling for the ElderlyFrank J. Bisignanofree tax preparationtax volunteerscommunity partnerships
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Treasury and IRS Propose Rules for First Federal School Choice Tax Credit
Treasury and IRS issue proposed regulations for the Education Freedom Tax Credit, offering up to $3,400 per married couple for K-12 scholarship contributions starting January 1, 2027.
Politics and GovernmentBusinessUSAFederal GovernmentWhite HouseEducationLegalEconomy Education Freedom Tax CreditInternal Revenue ServiceU.S. Department of the TreasuryScholarship Granting Organizationsschool choicesection 25FScott Bessent
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Treasury and IRS Propose Rules for First Federal School Choice Tax Credit
Treasury and IRS issue proposed regulations for the Education Freedom Tax Credit, offering up to $3,400 for married couples and launching America's first nationwide school choice program in 2027.
Politics and GovernmentBusinessUSAFederal GovernmentWhite HouseEducationLegalEconomy Education Freedom Tax CreditFederal Scholarship Tax Creditsection 25FScholarship Granting Organizationsschool choiceInternal Revenue ServiceScott Bessent
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Treasury and IRS Issue Proposed Rules for First Nationwide School Choice Tax Credit
Treasury and IRS propose regulations for the Education Freedom Tax Credit, offering up to $3,400 per couple for K-12 scholarship contributions starting January 1, 2027.
Politics and GovernmentBusinessUSAFederal GovernmentEconomyEducationLegal Education Freedom Tax CreditU.S. Department of the TreasuryInternal Revenue Serviceschool choiceScholarship Granting OrganizationsScott BessentLinda McMahonUS Treasury
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Ivey Halts Dyed Diesel Enforcement for 120 Days to Aid Alabama Farmers and Timber Operators
Governor Kay Ivey directs ALEA to pause enforcement on tax-exempt dyed diesel fuel for 120 days, citing sharp diesel price increases, and seeks IRS penalty relief for farmers and timber operators.
Politics and GovernmentBusinessUSAState GovernmentsAgricultureEnergyEconomyLaw Enforcement Kay IveyAlabama Law Enforcement Agencydyed diesel fuelAlabama agriculturetimber industryHal TaylorInternal Revenue ServiceAlabama Governor's Office
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IRS Establishes New Office for Conservation Easements, Revamps Settlement Process
The IRS has established a new Office of Conservation Easements to centralize expertise and revise its settlement process. This change ends uniform settlement offers, allowing for more tailored resolutions for complex conservation and historic preservation tax cases.
Politics and GovernmentUSAFederal GovernmentGeneral PoliticsLegalEconomy Internal Revenue ServiceConservation EasementsTax AdministrationSettlement ProcessHistoric PreservationValuation IntegrityGovernment Policy
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Frank Bisignano to Lead Next Phase of Trump Accounts Expansion
The U.S. Treasury has appointed Frank Bisignano to spearhead the next phase of the Trump Accounts program, aiming to onboard millions more American children. This follows strong early participation with over 6.5 million families already signed up.
Politics and GovernmentBusinessFederal GovernmentEconomySocial Issues Frank BisignanoU.S. Department of the TreasuryTrump AccountsInternal Revenue ServiceSocial Security AdministrationWashingtonGovernment ProgramsUS Treasury
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Treasury, IRS Offer Relief to Sovereign Investors on Tax Regulations
The Treasury and IRS issued guidance for Section 892 regulations, offering grandfathering and transitional relief to foreign governments and sovereign wealth funds. This aims to provide certainty for U.S. investments and support economic growth.
Politics and GovernmentBusinessFederal GovernmentEconomyFinancial MarketsLegal U.S. Department of the TreasuryInternal Revenue ServiceSection 892Sovereign InvestorsTaxationInvestingGovernmentUS Treasury
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Florida Woman Pleads Guilty in Multi-State Bank Fraud Scheme
A Florida woman pleaded guilty to bank fraud conspiracy in Rochester, N.Y., involving stolen and counterfeit checks totaling over $200,000. She faces up to five years in prison and agreed to pay restitution.
Law EnforcementBusinessLegalEconomyFederal GovernmentBanking Renee M. ThompsonBank fraudConspiracyRochester, N.Y.Federal Bureau of InvestigationInternal Revenue ServiceFinancial CrimeFBI
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IRS CEO and Senator Moreno Tout Working Families Tax Cuts in Ohio
IRS CEO Frank J. Bisignano and Senator Bernie Moreno visited Ohio to highlight the Working Families Tax Cuts Act, emphasizing provisions for no tax on car loan interest, overtime pay, and enhanced deductions for seniors.
Politics and GovernmentBusinessGeneral PoliticsFederal GovernmentEconomyEmployment and Labor Frank J. BisignanoBernie MorenoOhioWorking Families Tax Cuts ActTax DeductionsInternal Revenue ServiceEconomic Policy
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IRS Opens 2027 Grant Applications for Low Income Taxpayer Clinics
The IRS is accepting applications for matching grants of up to $200,000 to fund Low Income Taxpayer Clinics in 2027. The program seeks to expand pro bono tax representation and education, with special consideration for underserved communities.
Politics and GovernmentBusinessFederal GovernmentEconomyLegalEducationSocial Issues Personal TaxesGovernmentInternal Revenue ServiceLow Income Taxpayer ClinicGrant ApplicationsTaxpayer Advocate ServicePro Bono Representation
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IRS Seeks Applicants for 2027 Advisory Council Membership
The Internal Revenue Service is seeking qualified volunteers to serve three-year terms on its advisory council starting in 2027. Applications are open until June 5, 2026, for tax professionals and advocates to help advise IRS leadership on key administration issues.
Politics and GovernmentBusinessFederal GovernmentEconomyLegal TaxesGovernmentPersonal TaxesInternal Revenue ServiceIRSACTax AdministrationVolunteers