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Month: June 2022

FTB First Time Penalty Abatement Proposed

The FTB may be getting on board with the IRS by offering a first-time penalty abatement for qualified taxpayers.  The relief would begin with tax year 2022 and provide one-time relief of failure-to-file or failure-to-pay penalties.  This is just one of the provisions...

Made an Error on Your Tax Return? Correct it Online

The IRS announced recently that errors on more types of tax returns can now be corrected electronically, which helps the IRS reduce the current backlog of amended returns more quickly.  New forms that may be amended electronically include Forms 1040-NR, U.S....

National Taxpayer Advocate Issues Report to Congress

Erin Collins, National Taxpayer Advocate, issued her mid-year report to Congress.   Ms. Collins shares her great concern over the IRS’ backlog, and the long delays taxpayers face.  Part of the problem is the number of returns requiring manual processing.  At the end...

IRS Inventory Report – 2021 Returns Completed

The IRS has been working hard to catch up on the processing of 2021 income tax returns and related correspondence that were delayed due to the pandemic and staffing shortages.  More than 4.7 million original individual income tax returns were filed in 2021; by the end...

IRS Names New Deputy Chief of Criminal Investigations

Guy Ficco is the new Deputy Chief at the IRS who will oversee approximately 2,000 special agents seeking to thwart tax fraud and financial crimes.  Ficco is well-versed in tax crimes having served as the IRS Criminal Investigation Division’s Executive Director of...

Look Out for Tax Scams

Now that filing season is done, many tax professionals are taking a well-deserved break – but the IRS warns that tax scammers work all year long. Spear phishing was featured on this year’s “Dirty Dozen” list of common scams for tax professionals to be aware of.  Spear...

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