This week the IRS issued guidance while we await the final rules regarding tax-free tips. Nearly 70 different occupations qualify, including that qualify as tax-free income, including from nearly 70 different types of occupations, including bartenders, taxi and...
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IRS
Don’t be Fooled Again!
The IRS has alerted taxpayers to fraudulent tax schemes on social media promoting Fuel Tax Credits and the Sick and Family Leave Credits. These posts have caused thousands of taxpayers to wrongly claim such credits which can result in large penalties to taxpayers. To...
Security Summit Offers Important Tools for Various Security Methods
The annual Security Summit has commenced, and per the “Protect Your Clients, Protect Yourself" summer series, they are reminding taxpayers and tax professionals alike how to best protect themselves and their clients. Some of the key issues discussed in this forum are...
IRS Gets Mixed Reviews in Puerto Rico
The Treasury Inspector General for Tax Administration (TIGTA) inspected IRS facilities in Puerto Rico, with mixed results. On the positive side, the IRS has improved its ability to continue operations when Puerto Rico is affected by natural disasters, and the IRS has...
IRS Whistleblower Appreciation Day!
Hallmark may not have a card for it, but July 30th is the day the IRS celebrates its whistleblower program and appreciation for whistleblowers who, since its inception in 2007, have earned over $1.3 billion in awards! Read the full article here, and learn how to...
IRS Plans to Reduce Time in Corporate Audits with Increased Efficiency
The IRS has identified actions it will take to decrease the time involved in large business and international audits by making the process more customer-driven, increasing consistency and efficiency. The IRS is going to phase out the “Acknowledgement of Facts”...
National Taxpayer Advocate Recommends Three Taxpayer-Focused IT Projects
In her mid-year report to Congress, National Taxpayer Advocate, Erin Collins, recommends three IT projects that would directly benefit taxpayers. Noting the IRS’ longstanding issues in managing outdated technology, while recommending general ongoing upgrades, Ms....
IRS Fraud Investigation Trends Show a 32% Increase
The Treasury Inspector General for Tax Administration (TIGTA) recently reviewed the IRS’ Criminal Investigation Division’s activity following significant budget increases from 2019 through 2023. TIGA confirmed that the division’s special agency staffing has been...
Large Businesses and International Taxpayers Gain Assurances through the IRS’ Pre-Filing Agreement Program!
The IRS has recently made upgrades to its Pre-Filing Agreement (PFA) program, making it easier for large businesses and international taxpayers to voluntarily comply with reporting requirements. Through the PFA program, taxpayers can feel more certain that they will...
A Fresh Reminder from the IRS for Individuals and Small Businesses to Avoid Scams
In honor of National Small Business Week, the IRS reminds us of the relentless and sophisticated fraudsters just waiting to take advantage of unsuspecting taxpayers, particularly when they are vulnerable such as during a disaster. The IRS publishes its “Dirty Dozen”...
