Tag Archives: IRS
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
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
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
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
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
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
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
IRS Ramps Up Efforts on Noncompliant Crypto Taxpayers
The IRS continues its efforts of tracking down taxpayers for their unreported and unpaid taxes. This comes following a new court order allowing the IRS to summon customer records from M.Y. Safra Bank. This isn’t the first summons from the … Continue reading
Improperly Forgiven PPP Loans Can Be Taxed, Says The IRS
This past Wednesday, the Internal Revenue Service made a statement saying that improperly forgiven Paycheck Protection Program (PPP) loans are taxable. The statement was made after federal investigators uncovered billions of dollars in fraud related to several pandemic relief programs … Continue reading
Increase Audit Chance from IRS with New Budget Hike?
The Inflation Reduction Act is jam-packed with new provisions regarding many things, from climate change to energy usage, and what is most concerning for the public, the new $80 billion funding to the IRS. With this new funding, the IRS … Continue reading