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...
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IRS
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,...
THE IRS ADVISES ON CRYPTO, GIG ECONOMY, AND OFFSHORE ACCOUNT REPORTING
Several federal tax returns now have a “yes” or “no” question regarding cryptocurrency transactions. The IRS has provided information to remind taxpayers what must be reported, and when the taxpayer may answer “no” to the question. Similarly, the IRS reminds taxpayers...
IRS GOES AFTER HIGH INCOME TAX EARNERS
The IRS is after some 125,000 taxpayers with financial activity over $100 billion! The individuals will first receive a letter asking that they file a tax return for all years between 2017 through 2021 for which no tax return has been filed to date. Additional...
KNOW BEFORE FILING – IRS PRACTICAL TIPS
The IRS reminds taxpayers to wait until they have all of their tax documents to file their tax return each year. And to carefully review those records for any errors. As a tax attorney, I have seen numerous documents prepared with errors resulting in significant...
IRS WARNS PREPARERS OF NEW EFIN SCAM
The IRS has announced upcoming training and other information for tax preparers to warn them of recent scams including fraudsters impersonating various software companies in an attempt to steal Electronic Filing Identification Numbers (EFINs). To read the complete IRS...
HOW THE IRS IS SPENDING THE $78 BILLION FROM CONGRESS
The Treasury Inspector General for Tax Administration has submitted a report on IRS spending. The largest amount by far is the $44 billion spent on tax enforcement, followed by nearly $26 billion on operations support. Taxpayer support is near the end of the list, at...
NEW IRS CRIMINAL INVESTIGATION EDUCATIONAL SESSIONS REGARDING VPD – DEADLINE LOOMS
The Internal Revenue Service continues to work on reviewing all claims regarding the Employee Retention Credit (ERC). The IRS strongly encourages businesses to utilize the Voluntary Disclosure Program (VDP) if they incorrectly claimed ERC but did not meet the...
IRS Suspends Crypto Reporting Rules, Exempting Transactions Over $10,000
On January 16, 2024, the Treasury Department and Internal Revenue Service issued an announcement informing businesses that they do not have to report the receipt of digital assets the same way as they must report the receipt of cash until the Treasury Department and...
National Taxpayer Advocate Finds IRS Insufficiently Responsive to Taxpayers and Identifies Other Shortcomings.
Our National Taxpayer Advocate, Erin Collins, released her 2023 annual report to congress this week, describing the most serious problems facing taxpayers. She addressed the IRS’ backlog of 1.9 million unprocessed amended returns, and the fact that more than 4.3...
