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...
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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...
Treasury Inspector General Reports on IRS Failures
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...
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...
