The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has designed a reporting requirement to increase transparency of cash transactions in real estate, which will aid in deterring money laundering through real estate transactions. The reporting...
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Rat Out Tax Cheats with New IRS Online Portal and Receive Reward
As long as people have been cheating on their taxes, other people have turned the tax cheats into the IRS. In 2007, the IRS launched a program to provide a portion of the proceeds to the whistleblowers. To date, the IRS has paid out over $1.4 billion to...
New Tax Benefits for Health Savings Account Participants
The IRS recently provided guidance for participants of health savings accounts (HSAs) for new tax benefits they may receive. The changes expand eligibility which allows more people to pay for healthcare costs through tax-free, ultimately saving them money. To learn...
The IRS Issues Guidance on Trump Accounts for Children Born in 2025-2028
Children born between January 1, 2025 through December 31, 2028 have the opportunity to elect to receive a $1000 investment thanks to the Trump Accounts under the Working Families Tax Cuts. To learn which children qualify, how to elect to receive the payment, what...
IRS Helps Taxpayers Prepare for Filing 2025 Tax Returns
The IRS knows many taxpayers will want to file their 2025 income tax returns as soon as possible to get any expected refunds. Other may delay a while for a variety of reasons. Either way, there are actions taxpayers can take in 2025 to be best prepared. Getting...
FinCEN Proposes to Sever Access to the U.S. Financial System if Foreign Banks do Business With 10 Gambling Establishments Tied to Laundering Money From Narcotics Trafficking With the Sinaloa Cartel
This week the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed to sever the access to the U.S. financial system by 10 gambling establishments in Mexico, by prohibiting financial institutions from opening or maintaining a...
Anticipating Confusion, the IRS Provides Penalty Relief for 2025 Errors on Tips and Overtime
Employers calculating overtime and tip income can breathe a sigh of relief if they make errors on their 2025 new information reporting requirements related to cash tips and qualified overtime compensation, or on providing the correct information on payee statements....
Taxpayer Obligations and IRS Access During Closure
The IRS issued a statement regarding service details during the government shutdown. All tax deadlines remain in effect. Taxpayers must continue to file and make payments on time, however refunds will only be issued to individual taxpayers, and only if the tax return...
If It Says “Tax Shelter” in the Title, Be Leery
Michael Moore promoted a tax avoidance scheme called the “Special Tax Shelter Strategy” in Nevada for 10 years, from 2015 through 2025. Moore would create entities for his clients, that Moore himself controlled, and would falsely report that the client sustained large...
The IRS’ Regulation will Save Me $1
The IRS proudly announced the reduction of the user fee imposed on tax preparers who apply for a preparer tax identification number (PTIN). The IRS conducted its review and issued interim final regulations, complete with the history of the PTIN fee, two legal...
