Frustration and Delays as the 2023 Tax Filing Season Begins

Frustration and Delays as the 2023 Tax Filing Season Begins https://bit.ly/3WmPvXG

Filing Season Opens Soon

Get ready to file your 2022 tax return! The IRS has announced that the 2023 tax season begins on Monday, Jan. 23. As always, taxpayers are encouraged to file well in advance of the April 18, 2023, deadline to beat the last-minute rush and help prevent tax identity theft. The IRS is expecting more than […]

CBO revenue projections on the mark?

How accurate are the Congressional Budget Office’s (CBO’s) revenue projections? To answer that question, the CBO annually assesses the quality of its past projections and identifies factors that might have led to under- or overestimates of revenues. In a report, the CBO said its projected $4.4 trillion for federal revenues in 2022 was too low, […]

Employers should be wary of ERC claims that are too good to be true

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 […]

Americans Moved to Low-Tax States in 2022

Americans Moved to Low-Tax States in 2022 https://bit.ly/3iL61Dl

Update on the IRS and the 2023 filing season

The National Taxpayer Advocate, Erin Collins, says that, while the IRS continues to be plagued by the same problems, she is hopeful for its future. In her “2022 Annual Report to Congress,” Collins noted issues the IRS has faced since the beginning of the COVID-19 pandemic, such as paper return processing delays and customer service […]

House votes to rescind IRS funding infusion

On Jan. 10, the U.S. House of Representatives passed a bill that would rescind most of the $80 billion provided by Congress for the IRS to step up enforcement, update antiquated technology systems and make other changes. However, the Family and Small Business Taxpayer Protection Act is destined to die in the Senate, where Democrats […]

Whistleblower Awards

Taxpayers who give the IRS Whistleblower Office (WBO) information about unpaid federal taxes may qualify for cash awards. To be eligible, tips must be credible and specific, relate to tax underpayments or violations of tax laws, and be used to collect proceeds. In one case, the manager-shareholder of a family business provided the WBO details […]

California Storm victim relief

Victims of California storms that began Jan. 8, 2023, have been granted tax relief, the IRS announced. Relief is available to those who live or have a business in the disaster area, giving them until May 15, 2023, to file various individual and business tax returns and make tax payments. Also extended are the deadlines […]

Tax-wise ways to save for college

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities when used to finance college […]