What has the IRS spent IRA funding on?

The Treasury Inspector General for Tax Administration (TIGTA) issued a report updating how the IRS has spent funding provided by the Inflation Reduction Act (IRA). Of the approximate $78 billion, the agency expended nearly $4.4 billion (5.6%) through Dec. 31, 2023. Breaking the numbers down further, of the $4.4 billion, the IRS spent nearly $2 […]

Did you receive a letter from the IRS?

Receiving a letter from the IRS may make you go weak in the knees. Don’t panic, but do read the letter, the tax agency says. The IRS may simply have a question about your return or inform you of a change to your account or the letter may request payment. Don’t ignore it. Instead, read […]

When must you obtain an appraisal for a charitable donation you want to deduct?

Test your Knowledge: When must you obtain an appraisal for a charitable donation you want to deduct?

Data Breach? What should I do?

Could your business become a victim of a data security breach? Most businesses store sensitive data about employees and customers, including names, addresses and Social Security numbers (SSNs). If lost or stolen, this data could put individuals at risk for identity theft and other types of damage. Depending on the situation, the IRS advises: 1) […]

Where’s my refund?

If you’re waiting for a tax refund and relying on the IRS’s Where’s My Refund (WMR) tool (https://bit.ly/3xJoEi1), listen up. WMR generally provides current information about your refund status and amount and typically is updated every 24 hours (usually overnight). If you think WMR is displaying inaccurate data, keep in mind that a letter may […]

IRS reports Refunds increased 2.7%

Taxpayers received more refund dollars in fiscal year (FY) 2023 than they did the previous year, according to the latest IRS Data Book. The IRS issued approximately $659 million in refunds, a 2.7% increase over FY 2022. Overall, individuals and estates and trusts paid close to $2.6 trillion, which is down from $2.9 trillion in […]

What is a work-life referral (WLR) program?

A work-life referral (WLR) program is an employer-funded benefit that provides WLR services to eligible employees. WLR services (also referred to as caregiver or caretaker navigation services) assist employees with identifying life-management resources for solutions to personal or work challenges. Under certain circumstances, the value of such referral services can be excluded from gross income […]

IRS issues it’s annual Data Book

The IRS has issued its annual Data Book detailing its activities during fiscal year 2023. As the publication’s name implies, it’s packed with statistics. For example, during FY 2023, the IRS collected approximately $4.7 trillion in gross taxes. This amount accounts for about 96% of the funding that supports the federal government’s operations. In addition, […]

RMD guidance issued

The IRS just issued guidance that includes relief with respect to certain required minimum distributions (RMDs) that aren’t made in 2024. This relief is provided with respect to some RMDs in 2021, 2022 and 2023. Specifically, Notice 2024-35 states that if certain requirements are met in 2024, a plan won’t fail to be qualified for […]

IRS Issues Warning on Data Security

IRS Issues Warning on Data Security – Newsweek https://bit.ly/3ycvxIE