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Find the answers to your questions on the Principal Reduction Alternative under the Home Affordable Modification Program (HAMP), which was established to help distressed homeowners lower their monthly mortgage payments. The Principal Reduction Alternative does not apply to loans that are owned or guaranteed by Fannie Mae or Freddie Mac.

The IRS offers many ways for taxpayers, practitioners and stakeholders to engage in Open Government.

Frequently asked question - Additional First Year Depreciation Deduction (Bonus)

IR-2022-31, February 9, 2022 ¡ª As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.

IR-2023-40, March 7, 2023 ¡ª The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.

IR-2022-111, May 26, 2022 ¡ª The Internal Revenue Service today issued the Data Book detailing the agency¡¯s activities during fiscal year 2021 (October 1, 2020 ¨C September 30, 2021).

IR-2023-28, Feb. 16, 2023 ¡ª With the nation entering a peak period for filing taxes, the Internal Revenue Service urges taxpayers to use online tools to get answers quickly and avoid phone delays during a traditional peak period for IRS phone lines around Presidents Day.

IR-2023-32, Feb. 22, 2023 ¡ª With the 2023 tax filing season in full swing, the IRS reminds taxpayers to gather their necessary information and visit IRS.gov for updated resources and tools to help with their 2022 tax return.

IR-2023-172, Sept. 15, 2023 ¡ª As part of larger transformation work underway to make improvements, the Internal Revenue Service announced the opening of more than 3,700 positions nationwide to help with expanded enforcement work focusing on complex partnerships and large corporations.

IR-2024-285, Nov. 1, 2024 ¡ª The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.