The IRS issues a “dirty dozen” list each year. The list is comprised of twelve common scams the IRS wants to warn the public about. This year’s list includes: Hidden offshore accounts and digital assets The U.S. requires its citizens to report income from any source...
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HOW TO STOP THE IRS FROM CHARGING EXCESSIVE INTEREST ON TAXES OWED
Here is a heads up on IRS interest rate increases coming this summer. See https://www.irs.gov/newsroom/irs-interest-rates-increase-for-the-third-quarter-of-2022. One of the surprises many of our client’s experience is how quickly interest accumulates on amounts owed...
The New “Taxpayer Experience Office” Lays the Foundation For a New and Enhanced IRS of the 21st Century
The IRS is about to spend $1.2 billion on yet another reorganization of an already muscle-bound, top heavy agency, with the launch of its Taxpayer Experience Office. Don’t laugh. Look it up. Get ready for a new program which promises to “rethink the way” the IRS...
IRS To Receive $80 Billion For Enforcement: Time to Get Right with the IRS?
IRS To Receive $80 Billion For Enforcement: Time to Get Right with the IRS? The Administration’s recent announcement that it wants to spend $80 billion on the IRS to beef-up enforcement should make some folks wonder if now is a good time or bad time to pay attention...
PRESSURE GROWS TO EXTEND THE 2020 FILING DEADLINE WHILE IRS STRUGGLES TO COMPLETE ITS WORK ON 2019
In a letter to the Commissioner and Treasury dated March 4, 2021, the prestigious AICPA has urged the government to move the upcoming filing date of April 15, 2021, back two months to June 15. The reasons for the requested extension are compelling: · Many IRS...
NATIONAL TAXPAYER ADVOCATE: IRS ASSESSMENT OF SOME INTERNATIONAL INFORMATION RETURN PENALTIES MAY BE ILLEGAL
It has been a year since Erin Collins’ appointment as Nina Olsen’s replacement as the National Taxpayer Advocate. The NTA reports directly to the Commissioner and reports to Congress on areas of the tax law that impose significant burdens on taxpayers or the IRS,...
Tax Court Moves Quickly to Make Virtual Proceedings a Reality
On May 29, 2020, Chief Judge Maurice Foley announced new procedures for conducting Tax Court proceedings remotely, in light of the COVID-19 national emergency. In so doing, Judge Foley noted that with trial sessions held in 74 cities throughout the country, the...
Paycheck Protection Program Loan: Tax Implications
The CARES Act created the Paycheck Protection Program (“PPP”). Under the program, small businesses can take a loan to cover expenses to help get through the COVID-19 pandemic. The funding for the loan quickly ran out leaving many struggling business without the help...
Living in the World of COVID-19: You May Want to Check in with the IRS to Make Sure They Know Where to Find You!
No one can predict the future, but it is possible there will be another round of direct payments to American households. One legislative proposal is for a $2,000 per month payment for each household for a six month period. It’s not possible to say what additional...
State of IRS Operations Amid COVID-19 Pandemic
The IRS issued an evacuation order on March 30, 2020, to minimize the spread of COVID-19 and protect both its employees and the public. The IRS provided an update on its operations in IR-2020-68. The IRS is still on the job and adapting to the current situation along with the rest of us. The notice encourages taxpayers to use electronic…