Fact sheet released on clean fuel production credit

The IRS has released a new fact sheet (https://bit.ly/3XUv7BN ) to help businesses that produce clean transportation fuel apply for registration for the clean fuel production credit. The fact sheet clarifies such issues as which entities must apply for registration and what actions disregarded entities should take. This credit (under Code Sec. 45Z) was made […]

Bill Introduced to extend and enhance Paid Family and Medical Leave Credit

In the U.S. House of Representatives, a bill was recently introduced that would extend and enhance the Paid Family and Medical Leave Credit (under IRC Section 45S). The bill proposes, among other things, to expand eligibility by reducing the minimum employment period for qualifying employees from one year to six months. The bill has broad […]

IRS reports collections from High-Income taxpayers

Through an expanded enforcement initiative launched last year, the IRS reports it has collected more than $1 billion in past-due taxes from “high-income, high-wealth” individuals. As part of larger efforts taking place, the tax agency stepped up activity on 1,600 individuals whose incomes were more than $1 million per year and who each owed more […]

Don’t ignore notices from the IRS

Ignoring the IRS doesn’t make it go away. While the tax agency is generally willing to work with taxpayers who dispute their tax bills or need more time to pay, cooperation is key. In one case, the owner of a boat and RV storage facility owed unpaid federal income and self-employment taxes, as well as […]

Another scam warning from the IRS

The IRS continues to warn the public about tax-related scams and myths making the rounds on social media. The scams involve the Fuel Tax Credit, a COVID-19-related employer credit for employees taking sick and family leave during the pandemic, household employment taxes and overstated withholding. These scams are aimed at helping taxpayers use false and […]

Did you file? Alaska, Maine and Rhode Island extended deadline passes

Another filing deadline recently arrived for certain taxpayers. Monday, July 15, 2024, was the 2023 federal tax return and payment due date for individuals and businesses affected by 2024 storms in Alaska, Maine and Rhode Island. The IRS typically provides tax relief to taxpayers if the Federal Emergency Management Agency declares a disaster in their […]

US Supreme Court ruling impacts Whistleblower Claim

The U.S. Supreme Court’s recent ruling in Loper Bright Enterprises v. Raimondo, which overturned “Chevron deference,” has changed the fate of an IRS whistleblower case. An appeals court had rejected a whistleblower’s claim that he was owed an award for a tip that didn’t directly help the IRS recover funds. The court cited the IRS’s […]

TIGTA report states that the IRS needs to perform better

A Treasury Inspector General for Tax Administration (TIGTA) report states that the IRS needs to perform better in underserved markets. TIGTA said “The IRS has made improvements to increase the accessibility and availability of customer service in underserved and rural communities.” However, “additional efforts are needed to improve the geographic outreach efforts in these communities.” […]

IRS warns on clean energy tax credit scam

The IRS is warning taxpayers of a scam involving clean energy tax credits. Under the Inflation Reduction Act (IRA), taxpayers can purchase tax credits for eligible investments in clean energy to offset income tax liability. The IRS has seen an increase in Forms 1040 filed by unscrupulous tax return preparers with purchased clean energy credits […]

Is my business travel tax deductible?

Before traveling for business, it’s important to know what’s tax deductible. To qualify, travel must take a taxpayer away from home or the main place of work for business reasons, and the demands of the work must be such that the taxpayer must sleep away from home. The expense must be ordinary, necessary, not lavish […]