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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...
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...
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...
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...
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...
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...
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...
Cyberattacks aimed at stealing taxpayer information are on the rise, so practitioners need to be mindful and affirmatively protect client data. Businesses are encouraged to follow these best practices: Set security software to update automatically. Back up important...
Like every year, the IRS spends one week close to the year’s end to remind taxpayers and practitioners of the latest scams of which to be aware. This year is no different. The 2023 National Tax Security Awareness Week focuses on holiday scams and protecting personal...
Although the IRS commonly provides information regarding domestic scams for which taxpayers should be aware, most recently the IRS has alerted taxpayers to recent international scams of concern. Understanding the “red flags” of these sophisticated scams is crucial. ...
