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Through an audit of the IRS, the Treasury Inspector General for Tax Administration (TIGTA) found that despite the IRS Criminal Investigation unit investigating 390 cases and recommending 224 for prosecution between 2018 and 2023, the prevalence of virtual currency...
The IRS and Security Summit are issuing warnings to tax professionals and individuals to be wary of the various schemes scammers use to obtain business and taxpayer information. While many of these schemes have been around for a while, scammers are becoming more...
The Inflation Reduction Act has assisted the IRS in funding programs to identify and collect taxes from high-income earners. The IRS specifically identified 1,600 taxpayers who earn more than $1 million per year and owe the IRS more than $250,000. From these...
In her mid-year report, IRS Taxpayer Advocate, Erin Collins, identified three crucial areas where the IRS needs improvement to facilitate smoother and more efficient processing of returns. First, Ms. Collins emphasized how delays in resolving cases of identity theft...
A tax return preparer in Southern California pled guilty to operating a tax return preparation business that prepared over 11,000 tax returns, demanding refunds totaling over $38 million from the IRS beginning in 2013. Salvador Gonzalez, owner of Grace’s Lighthouse...
The CDTFA reports that $259.9 million has been collected in the first quarter of 2024 in sales and excise tax. In California, over $6 billion has been collected in tax from cannabis businesses since 2018. These taxes are used to fund childcare and early development...
Among the different scams individuals potentially face, a new scam is emerging where fraudsters pose as IRS or other government agents to defraud older adults. They use fear and intimidation tactics to convince older adults that they owe taxes or are due a refund....
The IRS is encouraging taxpayers to ignore tax advice on social media in the wake of individuals falling for scams that claimed to get them a large refund. These scams are generally related to encouraging taxpayers to claim one of three specific tax credits that they...
The Results Are In! The IRS issued its annual Data Book with numerical data on a variety of topics related to tax assessments, collections, audits, and criminal cases. For the 2023 fiscal year, the IRS collected about $4.7 trillion, which represents 96% of the total...
The IRS is encouraging taxpayers who haven’t filed their 2020 tax returns to file by the May 17, 2024, deadline, otherwise, they risk not receiving their refund. According to the IRS’ estimate, over $1 billion in refunds are due to the United States taxpayers who have...
