Happy Labor Day

“I’m a greater believer in luck, and I find the harder I work the more I have of it.” ― Thomas Jefferson Wishing you a Happy Labor Day!

How to build a fence around your assets

IRS asks for feedback on notices

These days, it seems as though every service provider wants customer feedback. The IRS is no different. As part of its 2023 Strategic Operating Plan, the agency is updating the notices and letters it sends taxpayers. It’s asking people who’ve recently received these communications to suggest changes that would make them easier to understand and […]

Cook County Illinois receives storm relief

Cook County, Ill. residents and businesses affected by severe storms and tornados that started March 31, 2023, now have until Oct. 31 to file most federal tax returns that were due on or after June 29. This relief includes extra time to make payments. In addition, taxpayers can claim disaster-related casualty losses on their 2022 […]

IRS reminds educators about unreimbursed expense deduction

It’s time to face facts: Summer is winding down and “back to school” is in the air. Teachers and other educators have been working hard ahead of the school year to prepare their classrooms. The IRS is reminding qualified educators that they may deduct up to $300 of unreimbursed expenses on their 2023 tax returns. […]

IRS reports improvements since receiving IRA funding

It’s been one year since the Inflation Reduction Act (IRA) became law. Among other provisions, the IRA provided the IRS with an additional $80 billion in funding. The Fiscal Responsibility Act, enacted in June, rescinded $1.39 billion of that amount and pared back the funding by about $10 billion each year for 2024 and 2025. […]

PBGC reports positive outlook for pension programs

There’s “good news for the defined benefit pension system overall,” says a report from the Pension Benefit Guaranty Corp. (PBGC). The PBGC protects private sector defined benefit pension plans for more than 33.5 million workers. The PBGC report shows “a continuing positive outlook” for its two pension insurance programs, the Single-Employer Program and the Multi-Employer […]

FINCEN reports increased employment-related crimes

The Financial Crimes Enforcement Network (FinCEN) recently reported a rise in certain employment-related crimes. The crimes involved workers’ compensation fraud and state and federal payroll tax evasion in the U.S. residential and commercial real estate construction industries. “FinCEN is committed to combating fraud,” said the acting FinCEN director in a statement where he highlighted how […]

The tax consequences of employer-provided life insurance

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term […]

IRS revenue agent vs IRS revenue officer, What’s the difference?

What’s the difference between an IRS revenue agent and an IRS revenue officer? Agents are unarmed auditors who may conduct in-person field audits to review taxpayers’ records. Officers, on the other hand, are responsible for collecting delinquent taxes and securing overdue tax returns. To do so, these unarmed federal employees may visit homes and businesses […]