Firm News

What should you do if you discover a mistake in your tax return after it is filed? There are a couple of options available to make corrections depending on when the error is discovered. Most taxpayers know that a tax return can be amended. The lesser-known and better...

The National Taxpayer Advocate released her 2022 annual report this week, which describes the many challenges facing the IRS. High on the list, to no surprise, is the very poor quality of customer service provided to taxpayers. The report states “The main focus of...

The Corporate Transparency Act (“CTA”) passed by Congress in January of 2021, will add yet another disclosure filing requirement for small businesses. The Financial Crimes Enforcement Network, also known as FinCEN, which processes FBAR filings, is now tasked with...

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...

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 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? 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...

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...

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,...

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...