Required Minimum Distributions: Age 72 (or 70 ½)
equired Minimum Distributions (RMDs) are minimum amounts that you must withdraw from your IRA or retirement plan account each year after you reach age 72 (70 ½ if you reach…
Read moreIRS issues standard mileage rates for 2022
WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving…
Read moreFor Colorado wildfire victims, IRS extends 2021 tax-filing deadline, other deadlines to May 16
WASHINGTON — Victims of this weekend’s wildfires in Colorado will have until May 16, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue…
Read moreHurricane Ida tax relief extended to Feb. 15 for part or all of 6 qualifying states
WASHINGTON — Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from Jan. 3, to file various individual and business tax returns and make tax…
Read moreIRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience
WASHINGTON — The Internal Revenue Service announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round…
Read moreWhat is the Recovery Rebate Credit?
The Recovery Rebate Credit is authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the COVID-related Tax Relief Act. It is a tax credit against your 2020 income tax.…
Read moreAll taxpayers now eligible for Identity Protection PINs
IRS YouTube Video:Get an Identity Protection PIN – English | Spanish WASHINGTON – The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The…
Read moreHow the IRS prioritizes compliance work on high income non-filers through national and international efforts
Our pursuit of these high income non-filers provides an important service and shows respect to the majority of Americans who pay their taxes. Get to know the IRS, its people…
Read moreNational Tax Security Awareness Week, Day 3: IRS expands Identity Protection PIN Opt-In Program to taxpayers nationwide
IRS YouTube Video: New Security Measures Help Protect Against Tax-Related Identity Theft English WASHINGTON — As part of the Security Summit effort, the Internal Revenue Service announced today that starting in…
Read moreTerms to help taxpayers better understand Individual Retirement Arrangements
Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement.People can set up an IRA with a bank or…
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