IRS Commissioner comments on increased audits of high income taxpayers

In recent comments, IRS Commissioner Danny Werfel explained that the agency doesn’t make sweeping assumptions that any taxpayer making more than $400,000 is automatically assumed to be a tax cheat and should expect an audit. Instead, Werfel stressed that the IRS is using funding provided by the Inflation Reduction Act to better leverage data to […]

Treasury chief Yellen defends Biden budget against Republican senators’ fears of tax increases

Treasury chief Yellen defends Biden budget against Republican senators’ fears of tax increases – CNBC https://bit.ly/4at06bd

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 […]