Tax relief is being provided for victims of Hurricane Nicole, which began hitting Florida on Nov. 7, 2022. Individuals qualify for relief if they reside in, or have a business in, affected counties in the covered disaster area. This gives them until March 15, 2023, to file certain individual and business tax returns, including quarterly […]

Employers that withhold taxes from employees and don’t pay them over to the IRS can face severe penalties. They may even wind up in jail. In one case, a Maryland man was sentenced to three years in prison for not paying employment taxes to the IRS on behalf of his companies’ employees. According to court […]

The deadline to make a final estimated quarterly tax payment for 2022 is Jan. 17, 2023. Many taxpayers who should be paying taxes this way overlook this important task. That’s why the IRS is urging those who paid too little in 2022 to not miss this deadline and possibly avoid a surprise tax bill or […]

A contested new requirement related to uncertain tax positions (UTPs), or how tax positions affect corporations’ income tax liability, will largely remain intact. In October, the IRS announced changes to UTP reporting. But many affected taxpayers and tax professionals objected to the requirement that they would have to cite “authoritative sources” contrary to the positions […]

Few places suffered more from destructive storms during the 2022 holiday season than Erie and Genesee counties in New York. The IRS has announced tax relief for residents and businesses affected by the storm that began Dec. 23, 2022. They now have until April 18, 2023, to file quarterly excise and payroll tax returns that […]

Ransomware attacks are skyrocketing. In the first half of 2022, there were 236.1 million such attacks reported worldwide, according to Statista. In a recent audit, the Treasury Inspector General for Tax Administration (TIGTA) found that the IRS is doing a good job preventing ransomware attacks against the tax agency. The audit measured the effectiveness of […]