Puerto Rico disaster relief

The IRS is providing disaster tax relief to victims of severe storms in Puerto Rico. This includes those hit by storms, flooding and landslides that started on Feb. 4, 2022, in the Puerto Rico municipalities of Catano, Dorado, Toa Baja, Vega Alta and Vega Baja. Affected individuals and businesses now have until June 15, 2022, […]

What to do with an overfunded 529 plan on graduation day

State and Local Tax Burdens, Calendar Year 2022

From the Tax Foundation : State and Local Tax Burdens, Calendar Year 2022 https://bit.ly/3x5F16a How does your state rank?

Do you have a profit motive?

Taxpayers who are in business to make a profit can generally deduct related expenses on their tax returns. If the IRS doubts a profit motive exists, it may deem an activity to be a hobby with a limited ability to deduct costs. The burden to prove there’s a profit motive is on the taxpayer. In […]

IRS backlog of unprocessed returns is “unprecedented”

The magnitude of the IRS backlog of unprocessed returns is “unprecedented,” said the National Taxpayer Advocate, Erin Collins. Since the start of the pandemic, millions of taxpayers have seen their refunds delayed. To rectify the problem, Collins wants to see the IRS’s “antiquated” system modernized, including the use of scanning technology such as 2-D barcoding […]

Survey finds Majority of crypto investors still aren’t ready to file their taxes

From CNBC; Majority of crypto investors still aren’t ready to file their taxes, survey finds – CNBC https://cnb.cx/3JcManv

Report on Recovery Rebate Credit payments

The good news is that the IRS correctly calculated and issued advance Recovery Rebate Credit payments (authorized by the American Rescue Plan Act of 2021) to more than 166.6 million Americans by Sept. 16, 2021. That’s according to an audit by the Treasury Inspector General for Tax Administration. But despite a 99.48% success rate, the […]

IRS’s Office of Fraud Enforcement update

Bad actors, beware! As the director of the IRS’s new Office of Fraud Enforcement (OFE) explained to an American Bar Association audience, the tax agency is aggressively pursuing emerging fraud threats. For example, OFE is training IRS agents and officers to look for fraud when conducting civil audits and training some to become experts on […]

Social Security Offices Re-Open Today!

Social Security Administration to Resume In-Person Services at Local Social Security Offices https://bit.ly/3DFnyTm

FBAR deadline coming

If your assets include foreign bank and financial accounts, you must annually file a Report of Foreign Bank and Financial Account (FBAR). The IRS is reminding affected taxpayers that the deadline to file an FBAR generally is April 15. Specifically, taxpayers must file FBARs if they have financial interest in or signature authority over bank […]