Episode 165: FAQs and Other Updates

The IRS uses Frequently Asked Questions (FAQs) to quickly get information to the public regarding hot topics concerning taxes.  Most recently, the IRS has been using FAQs regarding stimulus payments and the advance child tax credit.  The IRS has been getting the word out about these topics to assist taxpayers to receive payments they are entitled to receive. The public treats different IRS communications like FAQs as if they are reliable, but the IRS stance is that the FAQs cannot be relied upon in a court of law.  The FAQs might also change and disappear from the IRS website.  This creates a difficulty for any taxpayer relying upon IRS FAQs. Most recently, the IRS has changed their stance regarding FAQs that any taxpayer relying upon those FAQs now has a stronger defense against penalties. For a discussion of this change and updates regarding the LITC 2021 Bootcamp, tune in to hear the talk between William Schmidt and Andrew Belter.