FIRE: If you’re burning to retire early

Jay Ashcroft proposes slashing state budget to eliminate Missouri income tax

Jay Ashcroft proposes slashing state budget to eliminate Missouri income tax • Missouri Independent – Missouri Independent https://bit.ly/3TLydWg

Tax Fraud

While most taxpayers strive to file honest tax returns, a few try to outsmart the IRS. One man was charged by the IRS with filing false returns for a fictitious company, listing himself as the sole owner. He obtained an employer tax ID number and claimed that the business paid him significant wages, but he […]

I.R.S. Stepping Up Efforts to Squash Fraud in Tax Credit Program

I.R.S. Stepping Up Efforts to Squash Fraud in Tax Credit Program – The New York Times https://bit.ly/4a6v60J

ERC Audit Flags

In advance of the March 22 deadline to apply for the IRS’s Voluntary Disclosure Program to correct improper Employee Retention Tax Credit (ERTC) claims, the agency has issued seven red flags of a bad claim. Indeed, to combat a wave of dubious ERTC claims, the IRS has sharply increased compliance action through audits and criminal […]

Offer in Compromise may help settle old tax debt

Taxpayers who can’t pay their full federal tax bill may seek an Offer in Compromise (OIC) with the IRS. An OIC allows a taxpayer to settle a debt for less than owed or to enter an agreement for more time to pay if paying the total would cause financial hardship. Applying for an OIC requires […]

Yes, you can receive your refund in US Savings Bonds

If you’re owed a tax refund this year, you might want to consider receiving it in U.S. Series I savings bonds. Under an IRS program, you’re allowed to use any amount of your refund divisible by $50, up to $5,000 per year to buy the bonds. These low-risk investments can accrue interest for up to […]

A job loss is bad but the tax implications could make it worse

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances. Depending […]

ERC Voluntary Disclosure Progam closing

The IRS is reminding certain businesses that a March 22, 2024, deadline is looming. The businesses must review guidelines for the Employer Retention Credit (ERC) and, if they’ve claimed it improperly, remedy their errors. The IRS has offered two fixes: 1) the Voluntary Disclosure Program (https://bit.ly/49g2Pnr), in which businesses can repay any incorrect ERC amount, […]

Budget deficit continues to grow

The federal budget deficit is slowly creeping toward $1 trillion, according to the Congressional Budget Office (CBO). In its February Monthly Budget Review, the CBO reports that for the first five months of fiscal year 2024, the federal budget deficit hit $830 billion. That amount is $108 billion more than the deficit recorded during the […]