This Saturday, October 15th, marks the extended deadline to file your annual Report of Foreign Bank and Financial Accounts (FBAR)! If you have a financial interest or authority over any financial account located outside of the United States, and at any time during...
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IRS
IRS Awards $41 Million in Grants
Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) programs received a total of $41 million in grants from the IRS this year. Nearly all (348 out of 413 total) grant TCE and VITA applicants received awards! TCE programs provide free tax...
IRS Forms K-2 and K-3 Could Be For You
It isn’t too late to get it right in filing your 2021 tax return if you are a partnership, S corporation, or stakeholder in a foreign partnership, by reporting items of “international tax relevance” on IRS Forms K-2 and K-3. This can even include the requirement to...
IRS Warns of Texting Scams
The IRS has reported that in the last few weeks there has been a huge increase in texting scams (also known as “smishing”). These text messages appear to come from the IRS, and promise COVID-19 relief and other tax credits. The text messages lure unsuspecting...
TIGTA Evaluated the Effectiveness of the IRS’ IT Plan for Use of $1.2 Billion
The Treasury Inspector General for Tax Administration (TIGTA) is closely watching the $1.2 billion of the approximate $1.8 billion the IRS will receive as part of the American Rescue Plan Act (ARPA). The funds are part of the series of COVID 19-related relief and...
The IRS Grants Penalty Relief for Most 2019 and 2020 Late Filers
If you were unable to file your federal tax returns on time in 2019 and/or 2020, good news! The IRS has agreed to voluntarily abate penalties for the failure to timely file due to the COVID-19 pandemic. The relief will apply to the most common forms for individuals...
Treasury Inspector General for Tax Administration (TIGTA) Recommends Theft Detection Measures for Fraudulent Businesses
The IRS has measures in place to try to detect fraudulent returns by individuals, as well as businesses. Although the IRS has paid out millions in fraudulent refunds, the IRS reported it has protected nearly $3.8 billion in fraudulent refund claims since 2016. The...
IRS Calls and Texts are Likely Fraudulent
There can never been enough reminders about how to avoid scams, as fraudsters get more sophisticated every year. The IRS has joined the effort to let people know important ways to avoid scams involving the IRS. While it is possible that the IRS will call or visit a...
Know a Tax Cheat? Turn Them In For a Possible Whistleblower Reward!
Our federal tax system is one of voluntary compliance: each taxpayer is expected to correctly report and pay their tax liabilities to the IRS. For a variety of reasons, this plan often fails. The IRS has many ways to find taxpayers who either fail to report their...
IRS Issues Five-Year Plan to Improve Service and Tax Administration
The IRS has issued an aggressive five-year strategic plan to improve taxpayer service and tax administration, focusing on four goals: Service – Provide quality and accessible services to enhance the taxpayer experience. Enforcement – Enforce the tax law fairly and...
