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2021 Tax Season Begins 1/24: IRS says it has updated its programming to accommodate recipients of advance child tax credit (CTC) payments and those eligible for “recovery rebate credit.” (IR 2022-8, 1/10/22) US Supreme Court & Timing of USTC Petition: Petitioner...
Tax evasion has been a prevalent problem for the Internal Revenue Service, leading to limited revenue collection in the United States. As a result, the IRS has resulted in aggressive tax collection measures to ensure maximum tax compliance among all high-value...
No doubt, the pandemic had an unfortunate economic impact on individuals and businesses alike, causing them to struggle to pay taxes owed to the The People First Initiative did provide relief for about 3 ½ months as the IRS paused enforcement pursuits, such as filing...
The IRS may decide to audit your small business to check whether the reported taxable loss, income, deductions, and expenses comply with the federal tax laws. If there was a mistake, your business could be liable for interest or penalty. Most business owners and...
Tax Professionals & Data Safeguards. It is part of Circular 230 and in a Tax Tip, the IRS restates that data security measures should be reviewed before year end and provides a data security check list with basic steps they to be taken for their and their client’s...
Corporations pay various taxes, including income taxes, sales and use taxes and payroll taxes. Failure to pay or delayed payment will have the IRS knocking on their doors. Therefore, it could lead to hefty penalties and fines. First, the IRS will design a suitable...
While most U.S. citizens are tax compliant, a minority of taxpayers do not adhere to the U.S. tax law. The Internal Revenue Service(IRS), however, exists primarily to ensure that those who don't conform to the tax system remit their tax payments fairly. The IRS...
According to the U.S. Government Accountability Office, the IRS shut down most office activities between March and July 2020 to protect its employees from COVID19. It also halted all in-person enforcement activities, including the mail service. Over several months,...
Sales and use tax fraud includes willful or intentional filing of false sales returns and failing to remit use taxes. It involves either underreporting the sales worth or the value of the items you are using in another state. Sales and use tax fraud can lead to severe...
Advanced Tax Institute: Current Tax Issues and Business Tax Update (Day 1) – November 8, 2021 11:00 am – IRS Procedure Update Bar Association of Montgomery County – Immigration Section November 18, 2021 at 12:00 pm Strafford Publications CLE Webinar: Substantially...
