Recently, a new Federal Trade Commission (FTC) rule went into effect to better protect individuals from fraud, particularly impersonation scams. For example, the rule makes it easier for the FTC to file federal court cases to recover funds for victims and impose penalties on perpetrators. According to the FTC, consumer losses to fraudsters falsely claiming […]

IRS will deny most claims for Employee Retention Credit program – The Washington Post https://bit.ly/3zdo4tx 

I.R.S. Extends Freeze of Pandemic-Era Tax Credit Amid Widespread Fraud – The New York Times https://bit.ly/3xiAEat 

The IRS is continuing to work toward achieving its digital transformation goals. IRS Chief Transformation and Strategy Officer David Padrino recently said that the IRS commissioner has “roughly a 10-year vision” for taxpayers to be able to satisfy all their tax obligations and communicate with the IRS online. The IRS’s modernization goals include creating electronic […]

The Inflation Reduction Act established a corporate alternative minimum tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement income of large corporations. The CAMT generally applies to large corporations with average annual financial statement income exceeding $1 billion. In April, the IRS waived the estimated tax penalty imposed on corporations to […]

Leaving a job? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary. You can dodge it by arranging for a direct trustee-to-trustee transfer from the plan to your IRA. Why a direct transfer? If you receive a 401(k) plan check […]

The IRS has issued a warning about the rising threat of impersonation scams targeting older adults. In these scams, criminals pretend to be government officials with the goal of stealing sensitive personal information and money. They may pose as representatives from the IRS or other agencies and try to extract information through phone calls, emails […]