The IRS has announced upcoming training and other information for tax preparers to warn them of recent scams including fraudsters impersonating various software companies in an attempt to steal Electronic Filing Identification Numbers (EFINs). To read the complete IRS...
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HOW THE IRS IS SPENDING THE $78 BILLION FROM CONGRESS
The Treasury Inspector General for Tax Administration has submitted a report on IRS spending. The largest amount by far is the $44 billion spent on tax enforcement, followed by nearly $26 billion on operations support. Taxpayer support is near the end of the list, at...
NEW IRS CRIMINAL INVESTIGATION EDUCATIONAL SESSIONS REGARDING VPD – DEADLINE LOOMS
The Internal Revenue Service continues to work on reviewing all claims regarding the Employee Retention Credit (ERC). The IRS strongly encourages businesses to utilize the Voluntary Disclosure Program (VDP) if they incorrectly claimed ERC but did not meet the...
IRS Suspends Crypto Reporting Rules, Exempting Transactions Over $10,000
On January 16, 2024, the Treasury Department and Internal Revenue Service issued an announcement informing businesses that they do not have to report the receipt of digital assets the same way as they must report the receipt of cash until the Treasury Department and...
National Taxpayer Advocate Finds IRS Insufficiently Responsive to Taxpayers and Identifies Other Shortcomings.
Our National Taxpayer Advocate, Erin Collins, released her 2023 annual report to congress this week, describing the most serious problems facing taxpayers. She addressed the IRS’ backlog of 1.9 million unprocessed amended returns, and the fact that more than 4.3...
IRS Helps Taxpayers Prepare to File for 2023
The IRS issued its third in a series of helpful reminders to taxpayers preparing to file their 2023 income tax returns. The IRS has an interactive assistant online that taxpayers can use to confirm whether they need to file, who qualifies as a dependent, and whether...
IRS Provides Free Tax Filing Services
The IRS has a new free tax filing service for eligible taxpayers allowing them to file online, beginning in 2024. To ensure the program is successful, the IRS is limiting participation to certain states (including California), and who receive income from specific...
$1 Billion Gift from the IRS
For 4.7 million taxpayers, the IRS has agreed to abate late filing penalties for tax returns filed late for tax years 2020 and 2021. Although the IRS plans to return to normal post-pandemic collection procedures, the IRS is beginning by granting this relief to help...
IRS Appeals to Improve Taxpayer Service
The IRS’ Independent Office of Appeals has released a Focus Guide for fiscal year 2024, highlighting improvements to taxpayer services. Notably, the guide relays the improvements taxpayers can expect over the next year, including digital platforms for communicating...
IRS Denies 20,000 ERC Credits
The IRS is battling false Employer Retention Credits by denying more than 20,000 claims and by initiating a voluntary program for those who may have received the credit in error and who want to come forward to correct their claim and get into compliance. For full...
