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The Internal Revenue Service released new tax gap projections for tax years 2020 and 2021 showing the projected gross tax gap increased to $688 billion in tax year 2021, a significant increase from previous estimates. The tax gap is the amount of estimated tax due,...
Two tax shelter promoters were found guilty of conspiracy to commit wire fraud, aiding and assisting the filing of false tax returns and subscribing to false returns, and one was also convicted of money laundering. The defendants, Jack Fisher and James Sinnott,...
Employers considering hiring workers from one of several qualified categories can receive tax credits as a result of hires that comply with the requirements. The group of candidates can be certain veterans, ex-felons, certain individuals receiving assistance under a...
Recently a wave of unscrupulous promotors have encouraged taxpayers in the high-income brackets to purchase various types of art at what they allege to be discounted prices. The promotors may offer to store the art and arrange for an appraisal for the art before...
In a further warning to individuals and businesses who may be tempted by too-good-to-be-true marketing, the Internal Revenue Service added the widely-circulating promoter claims involving Employee Retention Credits (ERCs) to its annual list of Dirty Dozen tax scams....
The Internal Revenue Service continues to warn businesses to watch out for aggressive marketing by nefarious actors involving the Employee Retention Credit (ERC) and urges people to watch out for red flags that can signal trouble. The ERC is a legitimate pandemic-era...
The IRS recommends that consumers planning to purchase an electric vehicle understand several recent changes to the Clean Vehicle Credit for qualified electric vehicles, such as The Inflation Reduction Act (IRA). In 2022, the IRS made several changes to the new Clean...
The estimated amount of unpaid taxes (the “tax gap”) from 2014 through 2016 is nearly $500 billion. More than half of this amount is due to taxpayers who underreport their income and therefore underpay their tax liabilities. In fact, nearly 80% of the tax gap is made...
Despite the requirement for the IRS to conduct annual inventories of microfilm backup cartridges containing sensitive taxpayer account information, the Treasury Inspector General for Tax Administration (TIGTA) found that the IRS has not only failed to meet this...
A Private Letter Ruling (PLR) is a coveted letter issued by the IRS to a specific taxpayer concerning the tax law and application to one or more specific set of facts represented by the taxpayer, that are unclear. Although the PLR may only be relied upon by the...
