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IRS adjusts tax item amounts for 2021 due to inflation

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

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IRS to resume sending balance-due notices despite pandemic

The Internal Revenue Service said Friday it would restart issuing its 500 series of balance-due notices to taxpayers later this month after they were paused on May 9 due to the COVID-19 pandemic.

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In the blogs: Illegal money

Wagering and taxes; taming email; to NEC or not; and other highlights from our favorite tax bloggers.

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IRS changes procedure for reporting tax shelters

The Internal Revenue Service is temporarily allowing taxpayers who engage in so-called “reportable transactions,” typically tax shelters, to fax the Form 8886 for initially disclosing them to the IRS instead of mailing in the form.

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In the blogs: Time to panic

Field audits down; streamlining taxes for social policies; bad-date boondoggle; and other highlights from our favorite tax bloggers.

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