Change is inevitable but when it is beneficial to taxpayers, it is also good news. The IRS has extended certain tax provisions for individuals, including the above-the-line qualified tuition and related expenses deduction, mortgage insurance premiums treated as...
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High-Income Earners a Target for the IRS
Money may buy a lot of things, but it won’t buy time with the IRS. In an effort to ensure compliance and fairness, the IRS stated it will increase efforts concerning high-income taxpayers who have filed to timely file one or more years of tax returns. Read more...
Avoid “Ghost” Tax Return Preparers
The IRS recently warned taxpayers about a trend that could ultimately leave taxpayers spooked. Whenever taxpayers pay a professional to prepare their tax return, the tax professional must sign the tax return and include their PTIN number on the return. A “ghost” tax...
Gig Economy and Other Worker Classification May Differ for Federal and California Purposes
Nearly a year ago, the U.S. Department of Labor issued an opinion that most "gig economy" workers are properly classified as independent contractors.The gig economy labor market is made up of individuals who complete short-term contracts or freelance work, rather than...
IRS 2019 Annual Report – Putting Taxpayers First
The IRS issued its 2019 Report with an opening message that, "Our people are the strength of the IRS and we want to do more!" The report provides insight into the extent of the IRS' efforts in helping people throughout the country, and plans to increase efforts in...
IRS Warns Risks of Identity Theft to Business Owners
We are used to the IRS advising individuals of how to protect against identity theft, but now businesses are a target of the same threat. As a result, the IRS has increased efforts in cybersecurity to protect the latest targets on business owners. It is crucial that...
IRS Issues Annual Criminal Investigation Report
The IRS issued its Criminal Investigation Division's annual report regarding its activities and successes in thwarting tax crimes over the past year. Primary areas of investigation included cybercrimes involving cryptocurrency, employment tax, international tax...
IRS Announces 2020 Annual Inflation Adjustments For Over 60 Tax Provisions
The Internal Revenue Service (IRS) recently announced changes to tax rate schedules and certain tax provisions to adjust for inflation in tax year 2020. The standard deduction for taxpayers who are married filing jointly will increase to $24,800; for taxpayers who are...
IRS Issues Guidance on Taxation of Virtual Currency Blockchain Transactions
The Internal Revenue Service (IRS) recently issued guidance for taxpayers who transact in virtual currency. Revenue Ruling 2019-24 (available here) addresses when distributions of new currency following a soft or hard fork will be a taxable event to the holder of the...
New IRS Data Estimates Federal Tax Gap At $441 Billion
The Internal Revenue Service (IRS) recently released new estimates for tax years 2011, 2012, and 2013, revealing a relatively steady tax gap of about 84 percent since 2008 between the true federal tax liability and the amount of tax that was paid on time. For the...
