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Tag Archives: IRS

IRS Amping Up Its Battle Against Tax Cheats

Wealthy Americans who choose to cheat on their taxes are facing the biggest threat from the IRS that they have seen in years. In recent weeks, we have seen increased efforts by certain members of Congress to put a stop … Continue reading

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Crypto Crash; Investors May Need to Act Fast to Reduce Tax Bill

It has been a bad week for cryptocurrencies following the collapse of the offshore exchange FTX. The recent decline in bitcoin in 2022 must-have caused many crypto investors to give up on digital assets, at least for the time being. … Continue reading

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IRS Adds 4,000 Employees to Assist With Next Tax Season

The Internal Revenue Service is already making headway on its initiative to hire add an additional 10,000 employees. So far, the IRS has hired 4,000 new workers that will serve as customer service representatives, this is part of the IRS’s … Continue reading

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IRS Raises Tax Brackets Due to Inflation

The IRS recently made some adjustments to some key tax code parameters for 2023.  Inflation will drive up more than 60 various tax provisions including, but not limited to the standard deduction amount and the income threshold where tax rates … Continue reading

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You Could Be Missing Out on Thousands in 2021 Tax Credits, The IRS Reminds Taxpayers

Over 9 million individual taxpayers and their families could be leaving thousands on the table for not filing their 2021 federal tax return. The agency announced last week that it began sending letters to taxpayers they identified who could be … Continue reading

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IRS to Begin Targeting Abusive ERTC Claims

There has been an ongoing discussion between the IRS, Congress, and the AICPA regarding the millions of businesses that have been a target of tax credit companies trying to help them claim the employee retention tax credit. There is a … Continue reading

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Former IRS Workers Accused of Defrauding Federal Covid Loans

The U.S. Department of Justice announced on Tuesday that five former IRS employees from the mid-south have been accused of defrauding numerous federal COVID-19 relief programs. Multiple court documents showed that several employees obtained funds under the Paycheck Protection Program Continue reading

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U.S. Senator Introduces Bills to Help Prevent IRS Overreach after the IRS’s Expansion

Kansas State Senator Roger Marshall has recently introduced a bill called “ The Preventing Frivolous Actions by IRS Agents Act”. The goal of this legislation is to compensate U.S. taxpayers who are incorrectly targeted by a failed IRS audit. … Continue reading

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IRS Mistakenly Sends Over $1 Billion in Child Tax Credit

An audit this past Tuesday found that the IRS sent over $1 billion to ineligible taxpayers in child tax credit payments last year. 3.3 million incorrectly sent payments were found between July and November of last year, as well as … Continue reading

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IRS Extends Time to Fix Up R&D Tax Credit Claims

For companies and tax professionals alike, the IRS is granting a one-year extension to fix up their claims for the research and development tax credit. On Friday, the agency announced an extra year extension through Jan. 10, 2024, the transition … Continue reading

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