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The IRS has recently announced that in zones declared by the Federal Emergency Management Agency (FEMA), any payment or filing deadlines between January 7, 2025, and October 15, 2025, will be postponed until October 15, 2025. The postponement includes any individual...
Erin Collins, National Taxpayer Advocate, has issued her annual report to congress noting the IRS has made significant progress over the past two years improving the taxpayer experience. She cites continued funding as a critical need to continue its service to...
With tax season quickly approaching, the IRS has compiled some important information and resources to help taxpayers with filing. Various tools the IRS has implemented such as an IRS Online Account and an Identity Protection Personal Identification Number (IP PIN) are...
Any payments individuals received from 2020-2025 for wildfires which occurred after 2014 are not subject to federal income tax. Taxpayers are allowed to amend returns for a year after the date of enactment (which was December 12, 2024) even if the statute of...
Now is the time for businesses to review their tax returns to make sure they did not claim the Employee Retention Credit (ERC) in error. The ERC was a focal point for many scammers spreading misinformation in the 2021 tax season, leading businesses to believe they...
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...
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....
Public Law 86-272 has long been used to protect out-of-state businesses from being taxed on net income earned in other states if the only business activity of the company within the other states consists of the solicitation of orders for sales of tangible personal...
The FTB has once again issued letters to targeted taxpayers with large Schedule A itemized deductions or large Schedule C expenses, this time for tax year 2021. The FTB successfully used this strategy two years ago for tax returns filed for 2019. The benefit to...
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,...
