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The IRS has answered more than 3 million calls through its new electronic voice bot since January 2022, and anticipates many more, as it expands the services provided to eligible taxpayers. Now an individual can verify their identity to set up or even modify a...
Guy Ficco is the new Deputy Chief at the IRS who will oversee approximately 2,000 special agents seeking to thwart tax fraud and financial crimes. Ficco is well-versed in tax crimes having served as the IRS Criminal Investigation Division’s Executive Director of...
While micro-captive insurance policies may be about as clear as mud to many people, what is crystal clear is that a U.S. Court of Appeals affirmed the IRS’ position that abusive micro-captive insurance transactions are sham transactions resulting in a disallowance of...
Now that filing season is done, many tax professionals are taking a well-deserved break – but the IRS warns that tax scammers work all year long. Spear phishing was featured on this year’s “Dirty Dozen” list of common scams for tax professionals to be aware of. Spear...
For more than a decade, two owners of Tony Luke’s Philadelphia Cheesesteak Restaurant paid employees partially in cash in order to defraud the IRS by reporting and paying lower payroll taxes. They were also charged with conspiracy to defraud the government by...
In December 2000, Robin J. McPherson, formerly of San Diego, plead guilty of conspiring to defraud the IRS, and for tax evasion. McPherson was the President, CEO, and co-owner of Continental Wireless Cable, Inc., a telemarketing company that sold more than $30...
This Saturday, May 14th, the IRS is offering special “office hours” at their Taxpayer Assistance Centers (TACs) to assist taxpayers! The IRS is recognizing that not everyone can take time off during the weekday’s normal business hours, or even secure an appointment at...
The IRS has provided updated advice that may be useful to business owners who have business meal expenses or who work from home. Be sure to read the fine print, however, because exceptions apply… Typically, only 50% of business-related purchases can be deducted. For...
President Biden recently released his FY2023 Budget, and the U.S. Treasury provided details regarding the related revenue provisions. The proposal includes increased income tax for individuals from a top rate of 37% to 39.6%, and for C corporations from 21% to 28%....
Last month the California Department of Tax and Fee Administration (CDTFA) auctioned off two properties seized due to illegal cannabis sales. One of the properties, in Whittier, owes over $850,000 in taxes to the state which the CDTFA hopes to recover from its...
