Bipartisan Bill Takes Up Taxpayer Advocate Recommendations to Streamline Filings 3 fixes to the US Tax code to streamline the filing process introduced. They include applying the mailbox rule to electronic submissions, updating the estimated tax payment schedule,...
Learn about the potential consequences of failing to comply with offshore financial disclosure requirements, including FBAR penalties, and discover why understanding these regulations is crucial.
IR-2024-138, May 9, 2024 — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024 Home Improvements & Previously Owned Clean Vehicle Energy Credits: IR-2024-137 —making certain energy...
Learn how to minimize your taxes legally! Explore the distinctions between tax avoidance and tax evasion, learning what actions are legal and what can lead to serious consequences.
Learn how to avoid common employment tax mistakes and stay compliant with IRS regulations to save time, money, and stress.
2024-2025 IRS Priority Guidance—Want to Opine? Per Notice 2024-28, 2024-13 IRB, the IRS invites the public to submit recommendations for items to be included on the 2024-2025 Priority Guidance Plan. This document is used by the IRS to identify and prioritize tax...
In the recent past, the IRS was not aggressively pursuing taxpayers who failed to file returns, including high income taxpayers, because of a lack of funding. This is all now changing. On February 29, 2024. the IRS announced in IR-2024-56, a new initiative focusing...
Installment agreements offer an alternative for taxpayers to pay off their tax debt. Instead of paying in a lump sum, those who qualify for an installment agreement can make smaller, more manageable monthly payments. There are different types which can include a...
IRS Tax Exempt/Government Entity Division focuses on its Operational Improvements in its 2023 Accomplishments Letter which runs through the agency’s Sep. 30, 2023, fiscal year-end. The Achievements Highlighted Include: The hiring of 197 new employees: 113 Revenue...
Worried about the possibility of an employment tax audit for your business? Here are specific areas the IRS may scrutinize closely.