IRS granted extension to meet electronic recordkeeping

An Office of Management and Budget / National Archives and Records Administration directive requires all federal agencies to adopt electronic recordkeeping by June 30, 2024. According to a Treasury Inspector General for Tax Administration (TIGTA) audit, the IRS won’t be able to meet the deadline. “Due to delayed efforts to digitalize records, the IRS was […]

Choosing a pass-through business entity

Extension Deadline 2023

Extension Deadline 2023 https://bit.ly/48uI4Fh

Survey focuses on Public Trust of tax systems

Distrust in tax authorities and governments is a global problem, according to a 2023 survey conducted by the Assoc. of Chartered Certified Accountants. The survey included responses of 7,700 members of the G20 intergovernmental forum. Of those, 67.8% agreed that paying taxes is needed for “sustainable development,” but 53.8% said that their attitudes toward tax […]

Do you owe past due taxes?

Taxpayers that owe more taxes than they can currently pay can request a Collection Due Process (CDP) hearing, but they must follow instructions. One successful rapper owed past-due taxes of $2,319,678 on which he made monthly payments. When his income fell, he requested a CDP hearing to reduce the payments. At the hearing, he was […]

IRS cannot find millions of backup tax records

IRS cannot find millions of backup tax records, watchdog says – CNN https://bit.ly/3PE7G9Q

As Budget Deadline approaches How will it impact due dates?

As an Oct. 1 deadline approaches for Congress to broker a deal and keep the government from shutting down, taxpayers may be wondering how a shutdown will affect upcoming tax filing deadlines. Individual taxpayers who filed for a six-month extension must still file their 2022 income tax returns (Forms 1040 or Forms 1040-SR) and pay […]

TIGTA reports on How to Report Taxpayer Assaults and Threats

Around the country, civil servants have reported increased personal threats and even physical attacks while doing their jobs. Such acts perpetrated against government employees performing official duties are federal crimes. Recently, the Treasury Inspector General for Tax Administration (TIGTA) reviewed the IRS’s response to its workers’ reports of threats and assaults. TIGTA wanted to ensure […]

What Is the Real Value of $100 in Metropolitan Areas?

What Is the Real Value of $100 in Metropolitan Areas? https://bit.ly/3EWwYv9

IRS asks Congress for help in battle against fraud

The IRS is asking Congress for help in battling widespread Employee Retention Tax Credit (ERTC) fraud. The agency has already temporarily stopped accepting new ERTC claims. And in a letter to Senate Finance Committee Chairman Ron Wyden (D-OR), the tax agency made two requests: 1) that Congress will give the IRS authority to regulate paid […]