This Saturday, May 14th, the IRS is offering special “office hours” at their Taxpayer Assistance Centers (TACs) to assist taxpayers! The IRS is recognizing that not everyone can take time off during the weekday’s normal business hours, or even secure an appointment at...
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Plan Now for Increased 2022 Business Meal and Home Office Deductions
The IRS has provided updated advice that may be useful to business owners who have business meal expenses or who work from home. Be sure to read the fine print, however, because exceptions apply… Typically, only 50% of business-related purchases can be deducted. For...
Biden’s FY2023 Budget Proposal Includes Increase to Estate and Gift Tax, and Higher Individual and Corporate Income Taxes
President Biden recently released his FY2023 Budget, and the U.S. Treasury provided details regarding the related revenue provisions. The proposal includes increased income tax for individuals from a top rate of 37% to 39.6%, and for C corporations from 21% to 28%....
Cannabis Property Seized By State Now Up for Sale
Last month the California Department of Tax and Fee Administration (CDTFA) auctioned off two properties seized due to illegal cannabis sales. One of the properties, in Whittier, owes over $850,000 in taxes to the state which the CDTFA hopes to recover from its...
Claim Your 2018 Tax Refund before it’s Too Late
Have you filed your 2018 federal tax return? If not, you could be one of the estimated 1.5 million taxpayers who did not file for 2018 and could be owed a tax refund. The IRS released a reminder today stating there is almost $1.5 billion in unclaimed tax refunds due,...
IRS Hopes To Hire 5,000 in 2022
As the IRS continues to catch up with its backlog of processing 2020 income tax returns, and in an effort to more efficiently serve taxpayers this tax season, the IRS has announced they will be hiring for more than 5,000 open positions. These new customer service...
What Triggers an IRS Audit?
The Wall Street Journal listed 10 Red Flags that the IRS looks out for. Tax credits for children, healthcare premiums, earned income, and now pandemic related grants, loans, and credits make up a majority of their list. Other red flags are small business, especially...
From Gig to Crypto – the IRS Reminds Taxpayers to Report
With the tax filing deadline approaching, the IRS is reminding taxpayers of their obligation to report income and assets from any gig economy, virtual transactions, and/or foreign countries. Many taxpayers earn income through the gig economy due to advances in...
New Department of Justice National Cryptocurrency Enforcement Team
With the increased popularity of cryptocurrency, comes the rise of cybercrimes. Cryptocurrency can and is being exploited by criminals using ransomware, hacking tools, and extortion schemes. The Justice Department has created the National Cryptocurrency Enforcement...
Under Report Your Tax Liability? The IRS’ Voluntary Disclosure Program May Be a Good Option For You!
For a variety of reasons, taxpayers sometimes understate tax liabilities to the IRS. The IRS knows this. Tax evasion is a crime. Fortunately for the taxpayer who begins to lose sleep over the misdeed, the IRS has a Voluntary Disclosure program that will let...
