Tax season

The Internal Revenue Service has introduced a new online tool for taxpayers who need to repay their First-Time Homebuyer Tax Credit.

I can't tell you how often I hear my "older-school" counterparts tell me that their clients aren't using the Internet ... in any way. This includes portals, social media and, specifically, e-commerce (i.e., eBay and other online sales platforms). But I'm here to tell you this misconception is going to cause many professionals some serious issues once all the 1099-Ks start showing up.

With the filing season well underway, the IRS is estimating that more than 144 million individual tax returns will be filed this year - some 4 million more than last year - and it expects to receive most of them by the April 17 deadline.

A SLOW START

The Internal Revenue Service needed to put the brakes on its tax refunds this tax season when newly installed filters to prevent tax fraud and identity theft held up processing for a week or more.

The National Consumer Law Center and the Consumer Federation of America are predicting that this year’s tax season will be the final one that refund anticipation loans will be available on a large-scale, nationwide basis.

Retail giant Sears is partnering with H&R Block this tax season, offering free federal 1040EZ tax filing online and in stores through Feb. 29.

H&R Block launched an app for iPhone and Android smartphones Friday with an offer for free federal 1040EZ and state tax preparation and electronic filing through February 29.

The Internal Revenue Service re-launched its annual outreach campaign Friday to promote Earned Income Tax Credit Day.

The Internal Revenue Service warned Thursday that tax refunds could be delayed a week this tax season because of new identity theft safeguards.

The Walmart Foundation has teamed up with the United Way and other nonprofits to offer free tax filing services, along with education on eligibility for the Earned Income Tax Credit and government nutritional assistance programs.

Payroll provider Paychex is offering a free federal and state tax practice sheet that accountants can pass along as a tax season gift to their clients, branded with the CPA practice’s own name.

While the Internal Revenue Service is making gains in its processing capabilities due to increased electronic filing, the agency still needs to offer taxpayers more self-service tools, according to a new report.

CCH Small Firm Services has partnered with tax and accounting services provider Tax Rite Inc. to offer resources for tax advice and technology issues.

The Internal Revenue Service said Tuesday that its Modernized e-File, or MeF system successfully opened this morning at 9:00 am Eastern Time and is now operational for individual tax returns and extensions.

Tax form software developer Greatland Corporation has launched W-2 & 1099 Manager and FileTaxes.com Mobile, free mobile applications designed to help to manage year-end employee or contractor reporting via iPad and iPhone 3GS or newer versions.

Online metasearch product maker InfoSpace Inc. has signed a definitive agreement to acquire online tax product provider TaxACT for $287.5 million in cash after the Justice Department blocked H&R Block from buying the company.

The Internal Revenue Service said Monday that its electronic filing system is now open for business tax returns.

Retail giant Walmart will be providing free federal 1040EZ tax return filing through its partners H&R Block and Jackson Hewitt at more than 3,000 of its stores this tax season.

The Internal Revenue Service plans to finally release its re-engineered Transcript Delivery System on Monday, just in time for tax season.