This week we recognize small business everywhere! To help celebrate, the IRS has provided advice to new businesses so they may take advantage of tax benefits including credits for things like investing in solar power and energy efficiency improvements and vehicles,...
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Tax Court Rules IRS Has No Authority to Assess or Collect Certain Tax Penalties
Earlier this month the Tax Court issued its Opinion in Alon Farhy v. Commissioner of Internal Revenue, 160 T.C. No. 6 (T.C. April 3, 2023), holding that the IRS lacks statutory authority to assess penalties under IRC section 6038(b)(1) or (2) against the petitioner in...
Extension to File Does Not Mean Extension to Pay
The IRS reminds taxpayers that just because a taxpayer is granted an extension of time to file a tax return, the deadline to pay the tax is not extended. Tax payments are due April 18, 2023 for tax year 2022. Taxpayers should file their returns as soon as possible...
How the IRS Will Spend $80 Billion
More than half of the $80 billion granted by Congress under the Inflation Reduction Act (IRA) was reserved by Congress for tax compliance enforcement. That means the IRS will use $45.6 billion of the funds to focus on those who are not in tax compliance, specifically...
Additional IRS Extensions for Disaster Zones
The IRS is providing an additional automatic filing and payment extension to taxpayers in disaster zones. If your address on file with the IRS (the address from your most recently-filed tax return) is in one of these California counties, you will now have until...
IRS is On the Lookout for Employee Retention Credit Schemes
The IRS issued a warning this week for those claiming Employee Retention Credits (ERCs), as third parties continue to promote these credits to ineligible people. Online and radio advertisements by promotors promising huge tax savings should be taken with caution, as...
In-person Tax Assistance Available This Saturday
This Saturday, March 11th, the IRS will be holding open Taxpayer Assistance Centers across the nation to provide in-person help without any appointment necessary. Additional upcoming Saturdays are planned to remain open as well. The IRS is working to improve its...
Income and Dividends and Assets, Oh My!
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...
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...
