The IRS reminds taxpayers to report all of their worldwide income and ownership of some assets or transactions including cash payments, income from goods and services earned through the gig economy, transactions involving cryptocurrency, and ownership of certain...
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TIGTA Reports on IRS Employment Tax Examination Processes
The Treasury Inspector General for Tax Administration (TIGTA) performed an audit of the IRS’ employment tax examination processes, and concluded in its February 13, 2023 report that improvements are necessary. Specifically, the classification process (classifying...
Chose Your Tax Preparer Carefully!
The IRS reminds taxpayers that it is important to make sure you have a preparer with the level of skill required based on the complexity of your tax return. While most tax preparers are ethical, some are not. The IRS warns of scams to avoid when choosing a tax...
File Information Returns Electronically; Save a Tree!
The IRS is urging businesses to file their information returns electronically on its new free portal, estimating this will reduce millions of paper Forms 1099! For details on the IRS’ newly launched Information Returns Intake System (IRIS), click here.
IRS National Taxpayer Advocate Identifies Top 10 Problems Affecting Taxpayers
In her 2022 Annual Report to Congress, National Taxpayer Advocate, Erin Collins, names the top problems and possible administrative and legislative changes to address those problems most affecting taxpayers, which in turn affect taxpayer representatives and tax...
Tax Filing and Payment Extensions for California Storm Victims
The IRS is offering a filing extension for federal individual and business tax returns for Californians affected by the recent storms. For taxpayers residing in certain California counties (click here for the complete list), the filing deadline is now May 15, 2023....
Private Collection Agencies Collect $1 Billion, TIGTA Recommends Relief to Low-Income Taxpayers
The Treasury Inspector General for Tax Administration (TIGTA) released its Fiscal Year 2023 Biannual Independent Assessment of Private Collection Agency Performance last week. TIGTA’s report shows that private collection agencies (PCAs) have collected over $1 billion...
IRS Releases Fiscal Year Report – Financial Summary and Strategic Goals
The IRS recently presented it’s 2022 fiscal year agency financial report summarizing that it received more than $4.9 trillion in tax revenue, some $72.4 billion was collected through enforced collections, and that they distributed $642 in federal refunds and other...
A Warning to Taxpayers: Major Online Filing Services May Be Selling Your Data!
Last week, investigative journal, The Markup, published their investigation into H&R Block, Tax Act, and TaxSlayer and concluded they have been “quietly transmitting” taxpayers’ data to Facebook. Sensitive information, including income, refund amounts, and even...
IRS Estimates Nearly $500 Billion Tax Gap
For the years 2014 through 2016 alone, the IRS estimates $496 billion in taxes due to the IRS went unreported, or unpaid. This amount is about 85% of the amount of taxes paid voluntarily and on time. Imagine if all taxes were reported and paid. This astonishing...
