The Treasury Inspector General for Tax Administration (TIGTA) released its Fiscal Year 2023 Biannual Independent Assessment of Private Collection Agency Performance last week. TIGTA’s report shows that private collection agencies (PCAs) have collected over $1 billion...
The IRS recently presented it’s 2022 fiscal year agency financial report summarizing that it received more than $4.9 trillion in tax revenue, some $72.4 billion was collected through enforced collections, and that they distributed $642 in federal refunds and other...
Last week, investigative journal, The Markup, published their investigation into H&R Block, Tax Act, and TaxSlayer and concluded they have been “quietly transmitting” taxpayers’ data to Facebook. Sensitive information, including income, refund amounts, and even...
For the years 2014 through 2016 alone, the IRS estimates $496 billion in taxes due to the IRS went unreported, or unpaid. This amount is about 85% of the amount of taxes paid voluntarily and on time. Imagine if all taxes were reported and paid. This astonishing...
4,000 new customer service representatives have been hired by the IRS to assist with the 2023 tax filing season. These new representatives are being trained to answer questions, to provide technical account management, and to understand taxpayer rights. IRS...
President Biden’s Student Loan Debt Relief Plan will cancel up to $20,000 of debt to Pell Grant recipients, and up to $10,000 to non-Pell Grant recipients. The California Franchise Tax Board is reminding those eligible for the relief (those with individual income less...
This Saturday, October 15th, marks the extended deadline to file your annual Report of Foreign Bank and Financial Accounts (FBAR)! If you have a financial interest or authority over any financial account located outside of the United States, and at any time during...
Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) programs received a total of $41 million in grants from the IRS this year. Nearly all (348 out of 413 total) grant TCE and VITA applicants received awards! TCE programs provide free tax...
It isn’t too late to get it right in filing your 2021 tax return if you are a partnership, S corporation, or stakeholder in a foreign partnership, by reporting items of “international tax relevance” on IRS Forms K-2 and K-3. This can even include the requirement to...
The IRS has reported that in the last few weeks there has been a huge increase in texting scams (also known as “smishing”). These text messages appear to come from the IRS, and promise COVID-19 relief and other tax credits. The text messages lure unsuspecting...
