A tax return preparer in Southern California pled guilty to operating a tax return preparation business that prepared over 11,000 tax returns, demanding refunds totaling over $38 million from the IRS beginning in 2013. Salvador Gonzalez, owner of Grace’s Lighthouse...
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Cannabis Tax Revenue of $259.9 Million in Q1 2024
The CDTFA reports that $259.9 million has been collected in the first quarter of 2024 in sales and excise tax. In California, over $6 billion has been collected in tax from cannabis businesses since 2018. These taxes are used to fund childcare and early development...
IRS Warns of Scams Targeting Older Adults
Among the different scams individuals potentially face, a new scam is emerging where fraudsters pose as IRS or other government agents to defraud older adults. They use fear and intimidation tactics to convince older adults that they owe taxes or are due a refund....
IRS Warns: Don’t Believe Social Media Tax Advice
The IRS is encouraging taxpayers to ignore tax advice on social media in the wake of individuals falling for scams that claimed to get them a large refund. These scams are generally related to encouraging taxpayers to claim one of three specific tax credits that they...
IRS releases 2023 Data Book describing agency’s transformation through statistics
The Results Are In! The IRS issued its annual Data Book with numerical data on a variety of topics related to tax assessments, collections, audits, and criminal cases. For the 2023 fiscal year, the IRS collected about $4.7 trillion, which represents 96% of the total...
Over $1 Billion Due to Taxpayers for 2020 and the Deadline to File is May 17, 2024
The IRS is encouraging taxpayers who haven’t filed their 2020 tax returns to file by the May 17, 2024, deadline, otherwise, they risk not receiving their refund. According to the IRS’ estimate, over $1 billion in refunds are due to the United States taxpayers who have...
TIGTA REVIEWS THE IRS’ GHOST EMPLOYER PROJECT
Ghost Employers are those nefarious employers who withhold payroll taxes from their employees’ paychecks but fail to submit the withheld payroll taxes to the IRS as required. These employers are dubbed Ghost Employers and use the funds instead for their company or for...
Treasury Reports $159 Million Ordered in Restitution
In a report from the Treasury Inspector General for Tax Administration (TIGTA) concerning its COVID-19 Fraud Enforcement Task Force, the agency reported that $159 million has been ordered in restitution related to fraud connected to programs offered during the...
Lawyers Benefit from Minimum Wage Hike
Thanks to the complexity of our labor laws, attorneys and accountants stand to benefit from Assembly Bill 1228 which went into effect April 1st. (link to AB1228 - https://legiscan.com/CA/text/AB1228/id/2843232) Nothing is ever as straightforward as it seems when it...
Online Options for Paying Taxes and Payment Plans
The IRS has several online options to assist taxpayers with timely payments to reduce or eliminate late fees and penalties. Once the taxpayer creates an online account through the IRS’ online portal, the taxpayer can choose among options to pay including Direct Pay,...
