Planning for retirement is a critical aspect of looking towards the future, and the IRS recently announced that the contribution limits for 401(k), 403(b), governmental 457, and the federal government’s Thrift Savings Plan will increase from $23,000 to $23,500 in...
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New Tool for Taxpayer Protection Offered by the IRS – Enroll Today!
The IRS has released a new tool in the fight against felonious filing: the Identity Protection Personal Identification Number (IP PIN) system. Taxpayers can now enroll in the IP PIN program and will receive a unique number only known by themselves and the IRS....
California Tax Preparer Sentenced to Six Years – Cost the IRS at Least $28 Million in Unpaid Taxes
A California tax preparer was sentenced to six years in federal prison and to pay nearly $500,000 in restitution for costing the IRS over $28 million in taxes by filing false tax returns for his clients. Salvador Gonzalez operated Grace’s Lighthouse Resource Center,...
The Tax Gap is Nearly $700 Billion Despite 85% Taxpayer Compliance
The estimated tax gap calculates the difference between the amount of taxes collected and paid on time and the true tax liability. The projected tax gap for 2022 is $696 billion; $200 billion more than in 2014 through 2016. The tax gap looks at three main areas:...
Predatory “Mills” Are Scamming Individuals Using the IRS’ Offer in Compromise Program
Despite the IRS offering numerous tools to assist taxpayers with their tax woes, Offer in Compromise (OIC) “mills” are preying on individuals in tax debt by promising “pennies-on-the-dollar” settlements. The OIC program is in place to help taxpayers settle their tax...
AI to Help the IRS Identify Tax Cheats!
The U.S. Government Accountability Office (GAO) reported recently on how Artificial Intelligence (AI) may help the IRS close its tax gap. The tax gap represents the hundreds of millions of dollars in tax that goes unreported and unpaid each year. The GAO reported...
IRS Recovers $1.3 Billion in Taxes!
Due to the Inflation Reduction Act, within the first six months of two new initiatives focusing on high-income taxpayers, the IRS has been paid over $1.1 billion from these high earners. In addition to the initiatives concentrated on collecting the tax due from...
TIGTA Reports Prosecution of 642 IRS Employees!
Imagine how tempting it would be if you had access to the federal income tax information of your neighbors, your boss, or an old boyfriend! The IRS implemented the Unauthorized Access, Attempted Access, or Inspection of Taxpayer Records (UNAX) program to help monitor...
Know a Tax Cheat? Turn them in for a Whistleblower Reward!
There may not be a Hallmark card for National Whistleblower Day, but it has been a day celebrated by the IRS since the whistleblower reward program began in 2007. Since then, the IRS has collected $7 billion from non-compliant taxpayers and has paid over $1.2 billion...
Tax Compliance Efforts on a Trillion Dollar Industry: Virtual Currency
Through an audit of the IRS, the Treasury Inspector General for Tax Administration (TIGTA) found that despite the IRS Criminal Investigation unit investigating 390 cases and recommending 224 for prosecution between 2018 and 2023, the prevalence of virtual currency...
