The IRS issued a warning this week for those claiming Employee Retention Credits (ERCs), as third parties continue to promote these credits to ineligible people. Online and radio advertisements by promotors promising huge tax savings should be taken with caution, as...
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In-person Tax Assistance Available This Saturday
This Saturday, March 11th, the IRS will be holding open Taxpayer Assistance Centers across the nation to provide in-person help without any appointment necessary. Additional upcoming Saturdays are planned to remain open as well. The IRS is working to improve its...
Income and Dividends and Assets, Oh My!
The IRS reminds taxpayers to report all of their worldwide income and ownership of some assets or transactions including cash payments, income from goods and services earned through the gig economy, transactions involving cryptocurrency, and ownership of certain...
TIGTA Reports on IRS Employment Tax Examination Processes
The Treasury Inspector General for Tax Administration (TIGTA) performed an audit of the IRS’ employment tax examination processes, and concluded in its February 13, 2023 report that improvements are necessary. Specifically, the classification process (classifying...
Financial Institutions Alerted to Fraudulent Russian Investors
Sanction Russians identified as “elites, oligarchs, and their proxies” have been identified as possible investors in the U.S. commercial real estate market. FINCen, the Financial Crimes Enforcement Network, has alerted financial institutions to these potential...
Chose Your Tax Preparer Carefully!
The IRS reminds taxpayers that it is important to make sure you have a preparer with the level of skill required based on the complexity of your tax return. While most tax preparers are ethical, some are not. The IRS warns of scams to avoid when choosing a tax...
File Information Returns Electronically; Save a Tree!
The IRS is urging businesses to file their information returns electronically on its new free portal, estimating this will reduce millions of paper Forms 1099! For details on the IRS’ newly launched Information Returns Intake System (IRIS), click here.
How to Hire Independent Contractors and Survive in Post-AB 5 California
Many of our new business clients ask, “How can I engage independent contractors after the passage of AB 5?” While Assembly Bill No. 5 (2019) (“AB 5”), and its successor, Assembly Bill No. 2257 (2020) (“AB 2257”), have certainly made it more difficult for businesses to...
IRS National Taxpayer Advocate Identifies Top 10 Problems Affecting Taxpayers
In her 2022 Annual Report to Congress, National Taxpayer Advocate, Erin Collins, names the top problems and possible administrative and legislative changes to address those problems most affecting taxpayers, which in turn affect taxpayer representatives and tax...
Tax Filing and Payment Extensions for California Storm Victims
The IRS is offering a filing extension for federal individual and business tax returns for Californians affected by the recent storms. For taxpayers residing in certain California counties (click here for the complete list), the filing deadline is now May 15, 2023....