The IRS announced today that it will waive the penalty for a corporation's failure to pay estimated income tax under the newly created corporate alternative minimum tax (CAMT). The CAMT was created by the Inflation Reduction Act, and imposes a 15% minimum tax on the adjusted financial statement income of large corporations for taxable years beginning after Dec. 31, 2022. CAMT generally applies to large corporations with average annual adjusted financial statement income exceeding $1 billion.

The IRS recently announced that it will begin accepting and processing tax returns on Monday, January 24, 2022. Start gathering the necessary documents and information now so you can be well prepared for the start of tax season!

Consider using the IRS Preparer Credentials Check directory (available on MTR's Tax Tools & Quick Links page) to verify a return preparer's credentials. Remember, you are ultimately responsible for the information reported on your return, regardless of who prepares it.

The Internal Revenue Service launched a new feature that will give taxpayers digital control over who can represent them or view their tax records, a groundbreaking step in the agency's expansion of electronic options for taxpayers and tax professionals.

The IRS urges families to use the Child Tax Credit Eligibility Assistant tool to help determine whether they qualify for the special monthly advance payments of the credit that begin tomorrow, July 15th. Eligible families will receive $300 a month per qualifying child under the age of 6, and $250 a moth per qualifying child between the ages of 6 and 17.

The IRS recently announced that the 2021 tax filing deadline will be automatically extended from April 15th to May 17th.

The IRS announced yesterday that the third round of Economic Impact Payments will begin reaching Americans over the next week. Individuals can check the Get My Payment tool on IRS.gov to see the payment status of the third stimulus payment.

If you were eligible to receive the first or second round stimulus payment and did not receive one or both (or you did not receive the full amount), you may claim the Recovery Rebate Credit on this year's tax return to receive the payment(s).

The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 provides details about these annual adjustments.

The IRS began accepting and processing 2020 tax year returns Friday, February 12, 2021. People who are ready to begin filing their returns should strongly consider using one of the free tax assistance services to do so, which includes the Free File program and MilTax. Choosing direct deposit is the quickest and safest way for individuals to receive their refunds.

The IRS and Treasury Department issued guidance today that allows a business to deduct eligible expenses paid for with Paycheck Protection Program (PPP) loan funds, regardless of whether the business's PPP loan is ultimately forgiven.

The IRS announced it will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically, including Form 8453 series, Form 8878 series, and Form 8879 series regarding IRS e-file Signature Authorization Forms.