Monthly Archives: December 2010

WASHINGTON — The Internal Revenue Service today issued new guidance allowing the continued use of health flexible spending arrangement (FSA) and health reimbursement arrangement (HRA) debit cards for the purchase of prescribed over-the-counter medicines and drugs. The new guidance modifies … Continue reading →

WASHINGTON — In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. These inflation adjustments relate to eight tax provisions that were either modified or extended by … Continue reading →

WASHINGTON — Following last week’s tax law changes, the Internal Revenue Service announced today the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late … Continue reading →

WASHINGTON — The Internal Revenue Service today announced availability of the fall 2010 issue of the Statistics of Income Bulletin, which features data on 142.5 million individual income tax returns filed for tax year 2008 with adjusted gross income (AGI) … Continue reading →

WASHINGTON ― The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011. Millions of workers will see their take-home pay rise … Continue reading →

WASHINGTON — As year end approaches, the Internal Revenue Service today strongly encouraged paid tax return preparers to register now for their new or renewed Preparer Tax Identification Numbers (PTINs) to avoid any last-minute rush. Starting Jan. 1, 2011, use … Continue reading →

WASHINGTON — Good afternoon. It’s a pleasure to be back at the Annual Institute on Current Issues in International Taxation. And in keeping with the season, let me wish all of you the very best for the holidays and the … Continue reading →

WASHINGTON — The Internal Revenue Service announced the availability of expanded Twitter feeds to share timely information with taxpayers and the tax professional community. The IRS Twitter news feed, @IRSnews, provides the latest federal tax news and information for taxpayers. … Continue reading →

WASHINGTON — The Internal Revenue Service today released proposed regulations that would reduce fees related to application and renewal for enrolled agents and enrolled retirement plan agents. The reduction is related to the preparer tax identification number requirements implemented last … Continue reading →

WASHINGTON – The Internal Revenue Service today announced that interest rates for the calendar quarter beginning January 1, 2011, will decrease by one percentage point. The rates will be: three (3) percent for overpayments [two (2) percent in the case … Continue reading →