The Treasury Inspector General for Tax Administration (TIGTA) recently issued several reports regarding the work of the IRS over the 2025 fiscal year, and recommendations necessary for improvement. TIGTA ultimately concluded that IRS failed to follow procedures...
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Tax-Free Tips – The IRS Issues Guidance by Industry
This week the IRS issued guidance while we await the final rules regarding tax-free tips. Nearly 70 different occupations qualify, including that qualify as tax-free income, including from nearly 70 different types of occupations, including bartenders, taxi and...
Don’t be Fooled Again!
The IRS has alerted taxpayers to fraudulent tax schemes on social media promoting Fuel Tax Credits and the Sick and Family Leave Credits. These posts have caused thousands of taxpayers to wrongly claim such credits which can result in large penalties to taxpayers. To...
Security Summit Offers Important Tools for Various Security Methods
The annual Security Summit has commenced, and per the “Protect Your Clients, Protect Yourself" summer series, they are reminding taxpayers and tax professionals alike how to best protect themselves and their clients. Some of the key issues discussed in this forum are...
IRS Gets Mixed Reviews in Puerto Rico
The Treasury Inspector General for Tax Administration (TIGTA) inspected IRS facilities in Puerto Rico, with mixed results. On the positive side, the IRS has improved its ability to continue operations when Puerto Rico is affected by natural disasters, and the IRS has...
DOJ Convicts Man for $13 Million in PPP Loan Fraud and Other Fraud Schemes
Carl Delano Torjagbo was convicted last week by a federal jury of bank fraud, wire fraud, and money laundering involving $9.6 million in Paycheck Protection Program (PPP) loan funds available during the COVID-19 pandemic, and another $3.4 million as a false tax refund...
IRS Whistleblower Appreciation Day!
Hallmark may not have a card for it, but July 30th is the day the IRS celebrates its whistleblower program and appreciation for whistleblowers who, since its inception in 2007, have earned over $1.3 billion in awards! Read the full article here, and learn how to...
IRS Plans to Reduce Time in Corporate Audits with Increased Efficiency
The IRS has identified actions it will take to decrease the time involved in large business and international audits by making the process more customer-driven, increasing consistency and efficiency. The IRS is going to phase out the “Acknowledgement of Facts”...
Increased Audits on Wealthy Taxpayers
The Treasury Inspector General for Tax Administration (TIGTA) analyzed the IRS’ compliance with its promise to increase enforcement on taxpayers with high incomes. TIGTA found that for fiscal year 2024, taxpayers earning more than $400,000 were audited 2.5 times more...
Compliance for No Tax on Tips, Overtime, and the Car Loan Interest Deduction
Taxpayers who receive tip income, overtime pay, and make car loan payments with interest will have relief from 2025 through 2028, thanks to President Trump’s Big Beautiful Bill Act. Individuals can earn up to $25,000 in qualified tips and up to $12,500 in qualified...
