Offer in Compromise

What happens if taxpayers can’t pay the taxes the IRS says they owe? An “offer in compromise” (OIC) may allow them to settle their tax debts for less than full liability. It can be difficult to get an OIC accepted, but individuals are eligible to apply if they’ve filed all required tax returns, made required […]

How inflation could affect your financial statements

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services […]

Crypto-Asset reporting proposal

Earlier this year, the Organization for Economic Co-operation and Development (OECD) released a public consultation document proposing amendments to its crypto-asset reporting regime. The document outlines due diligence procedures and describes the assets involved and the reporting nexus. But crypto and banking industry leaders are pushing back. They disagree with how the new framework defines […]

An Exclusive Preview of the New World War I Memorial

On Memorial Day we take an Exclusive Preview of the New World War I Memorial https://bit.ly/3a73fUg

Happy Memorial Day

To the brave men and women we have lost: You are forever in our hearts and minds. Your service and sacrifice will never be forgotten. We remember…. Have a happy Memorial Day, and take a moment to reflect and thank the soldiers who gave their lives. We are free because they were brave.

IRS backlog – cause and effect

The Treasury Inspector General for Tax Administration (TIGTA) has issued an audit that evaluates whether the IRS timely and accurately processed individual paper and e-filed tax returns during the 2022 filing season. As of March 4, 2022, the IRS received 54.7 million tax returns and issued $129.2 billion in refunds. The audit found that “significant […]

Add it up: Deducting medical expenses

How Does Your State Rank on Sales Taxes?

Ranking Sales Taxes on the 2022 State Business Tax Climate Index https://bit.ly/3GuChSn

Improper use of taxpayer data

The IRS closed nearly 1,700 cases in which agency employees may have improperly accessed taxpayer data between 2012 and 2021, according to a recent report. The Government Accountability Office (GAO) found 27.3% of the incidents were substantiated as misconduct. The IRS established that misconduct occurred in 462 cases involving unauthorized information access, from among 1,694 […]

IRS audits

U.S. House Democrats held a hearing questioning the fairness of IRS audit rates. A recent GAO report found IRS audits of high-income Americans have dropped while audits of those claiming the Earned Income Tax Credit (EITC) remain high. The audit rate for EITC taxpayers is 0.77%, compared with 0.25% for all taxpayers. A taxpayer with […]