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IRS Estimates Nearly $500 Billion Tax Gap

For the years 2014 through 2016 alone, the IRS estimates $496 billion in taxes due to the IRS went unreported, or unpaid.  This amount is about 85% of the amount of taxes paid voluntarily and on time.  Imagine if all taxes were reported and paid. This astonishing...

Thousands of Reps Hired for IRS Customer Service Line

4,000 new customer service representatives have been hired by the IRS to assist with the 2023 tax filing season. These new representatives are being trained to answer questions, to provide technical account management, and to understand taxpayer rights. IRS...

Student Loan Debt Not Forgiven From Taxes In California

President Biden’s Student Loan Debt Relief Plan will cancel up to $20,000 of debt to Pell Grant recipients, and up to $10,000 to non-Pell Grant recipients. The California Franchise Tax Board is reminding those eligible for the relief (those with individual income less...

Time to File Your 2021 FBAR

This Saturday, October 15th, marks the extended deadline to file your annual Report of Foreign Bank and Financial Accounts (FBAR)! If you have a financial interest or authority over any financial account located outside of the United States, and at any time during...

IRS Awards $41 Million in Grants

Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) programs received a total of $41 million in grants from the IRS this year. Nearly all (348 out of 413 total) grant TCE and VITA applicants received awards! TCE programs provide free tax...

IRS Warns of Texting Scams

The IRS has reported that in the last few weeks there has been a huge increase in texting scams (also known as “smishing”). These text messages appear to come from the IRS, and promise COVID-19 relief and other tax credits. The text messages lure unsuspecting...

PPP and EIDL Loan Fraud

When it comes to PPP and EIDL fraud, the government has more time to make its case against defendants. In August 2022, the statute of limitations to bring charges against a defendant for fraud under the Paycheck Protection Program (PPP) or Economic Injury Disaster...

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