Free IRS webinar shares latest details on the Employee Retention Credit including options for withdrawing or correcting previously filed claims amid aggressive marketing

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Free IRS webinar shares latest details on the Employee Retention Credit including options for withdrawing or correcting previously filed claims amid aggressive marketing

IR-2023-201, Oct. 31, 2023

WASHINGTON — The Internal Revenue Service will present a free webinar, Thursday, Nov. 2, at 2 p.m. ET, to update employers and tax professionals on the most recent developments about the Employee Retention Credit (ERC). The hour-long session will include information about the freeze on ERC claims, how to withdraw claims and what ERC resources are available from the IRS.

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Security Summit: Identity Protection PINs are an important tool against tax-related identity theft

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Security Summit: Identity Protection PINs are an important tool against tax-related identity theft

IR-2023-134, July 15, 2023

WASHINGTON — In the second installment in a special summer series, the Security Summit partners today reminded tax professionals and taxpayers about the IRS Identity Protection PIN Opt-In Program to help protect people against tax-related identity theft.

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IRS offers tips on preparedness and how to protect personal information during natural disasters

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IRS offers tips on preparedness and how to protect personal information during natural disasters

IR-2023-100, May 10, 2023

WASHINGTON — In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding taxpayers to protect important tax and financial information as part of a complete emergency preparedness plan.

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What California counties do not have an extended tax deadline for the 2022 tax year?

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With all the IRS and State Tax department (FTB for CA) notifications being sent about the 22 tax year extension of deadlines, it is easy to be confused.

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Qualified Clean Vehicle Credit

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There has been some confusion regarding this credit and specifically Tesla, Inc. As of now the information that the IRS has published regarding tax year 2022 purchases is that these have been phased out of the credit. This manufacturer has sold more than 200,000 vehicles and as of 2020 the credit available is zero. We believe the confusion comes in that the IRS links from within the same publication information for purchases that take place in 2023 or later.

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IRS issues guidance on state tax payments to help taxpayers

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IRS issues guidance on state tax payments to help taxpayers

WASHINGTON – The Internal Revenue Service provided details today clarifying the federal tax status involving special payments made by 21 states in 2022.

The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need to report these payments on their 2022 tax returns.

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IRS Business Rule F8962-070

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IRS Business Rule F8962-070 

IRS Description 

“The e-File database indicates that Form 8962 or a binary attachment with description containing “ACA Explanation” must be present in the return.” 

This E-File reject is triggered if the IRS has information that indicates that either you, your spouse or one of your dependents has received health insurance from the Market Place. 

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California Middle Class Tax Refund

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California’s MCTR has raised a lot of questions in the tax industry. At this point I don’t think anyone has a definitive answer and honestly, I see valid arguments on both sides of the ultimate question of whether it is taxable.

One take away I did have from this topic is that this is another example of how relevant you are as a tax professional verses DIY software being the tax preparer. Having you as a resource to talk through the pros and cons with the taxpayer, in a way they can understand, so they can be part of the overall decision. In my opinion, this is something that can’t be replaced.

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TAXWARE ANNUAL SEMINAR 2022

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Below you will find all the recordings, additional information as well as a list of the prize winners for each session.  This page will be updated with additional recordings and information over the week of the seminar.

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Payment Processing and Reminder Notice Updates – Taxware Systems

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Taxware Systems Family,

We are thrilled to announce that we will be taking balance due payments through our new payment processing systems. HYFIN, a division of Heartland, is the credit card processing company that will generate emails and text links to process your account payments. Your account will be updated within 1 business day to reflect your payment. You will receive a receipt immediately after completing transactions. Read more